The two companies had originally agreed on a sale price of $26 million, but because ECC sold some loans for less than expected, it owed $33 million to Bear Stearns, which had lent money to ECC to fund the loans. In the end, ECC paid Bear Stearns a net $7 million. ECC had said it would pay an 80-cents-per-share dividend to investors within 30 days of the sale, but the company now says the timeline for the dividend is unclear.
Unbelievable. This some merger.
I do believe the timeline for the dividend is never.
