Michael Shustek has offered to purchase all outstanding shares
By MortgageDaily.com staff
12/23/2003

The CEO of a publicly traded Las Vegas commercial mortgage firm has notified the board of directors he intends to take the company private.

Vestin Group Inc.'s chief executive officer and majority shareholder, Michael Shustek, has approached the board with an offer for the outstanding stock of the company that he does not presently own, said a spokesman for the group.

Vestin, which says it is an asset manager and a leader in the commercial mortgage sector, reported a revenue of $3.0 million from loan placement and related fees during the third quarter ended Sept. 30, 2003.

The Las Vegas-based company said the board has appointed a special committee of independent directors that will evaluate and respond to Shustek's proposal, as well as, negotiate the terms if any transaction results.

The outcome will probably not be known for another six to eight weeks, said the spokesman.

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