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Article: Philadelphia Lender American Business Financial Is in Default on Its Own Loans.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- May 14, 2004
CopyrightCOPYRIGHT 2004 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Todd Mason
May 14--American Business Financial Services Inc. lost $33.2 million, or $10.53 a share, in the first quarter, returning the struggling Center City lender to default status on its own loans.
The company secured a temporary waiver from the lender, said Albert W. Mandia, its executive vice president and chief financial officer.
While the company now expects losses through Sept. 30, "we can now see a path to profitability by the quarter ended Dec. 31," Mandia said.
In late 2002, Center City promoters counted American Business Financial as a major coup, luring the lender from Bala Cynwyd with an aid and loan package from ...
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