With Few Options Left, Laser Mortgage May be Ready to Shut Down

By remstaff & By Globe Street | October 10, 2000 at 01:01 AM

SHORT HILLS, NJ-Mortgage REIT has been courting potential buyers for two years without striking a deal.

Laser had hired Lehman Brothers a little over two years ago to shop the company around, but the effort has apparently borne no fruit. Lehman was hired shortly after the company's board fired chairman/CEO Michael Smirlock.

Laser officials say no offers were anywhere near what they were looking for. The best offer, $4.30 per share from Ellington Capital Management, was rejected early this year.

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