Fremont General Corp. of Santa Monica, Calif., announced Thursday that it has terminated its investment agreement with Gerald J. Ford, the billionaire Texan who had agreed in May to buy a minority stake for $80 million.
In a filing with the Securities and Exchange Commission, Fremont said that it "was unable to reach an agreement with Mr. Ford with respect to revised terms," and that the discussions had been terminated.
In addition, Fremont said that it has hired Credit Suisse Securities LLC to explore "strategic alternatives." However, "there can be no assurances as to whether or when" a decision on those alternatives would be reached.
Fremont, which also is in discussions with potential new management teams, said that once a new team is appointed, Louis J. Rampino would step down as its president and chief executive officer, and Wayne R. Bailey would step down as an executive vice president and the chief operating officer.
In addition, Fremont has postponed its annual meeting, which had been scheduled for Dec. 13.