Finantra Capital, Inc. (Finantra) is a consumer finance company specializing in mortgage lending and servicing delivered through traditional and online processing systems, and consumer finance, billing and collection services offered through its Travelers Investment Corporation (TIC) subsidiary. On May 11, 2001, BHC Interim Funding L.P. (BHC), an entity unrelated to Finantra, acting in accordance with certain remedies granted to it upon the occurrence and continuance of events of default under a BHC loan to Finantra, foreclosed upon and sold at public sale all of the issued and outstanding capital stock of TIC and Travelers Acquisition Corporation (TAC). TIC was a wholly owned subsidiary of TAC, which in turn, was a wholly owned subsidiary of Finantra. As a consequence of the foregoing, Finantra no longer has any equity interest in TIC (or TAC), and is currently evaluating all of its alternatives, including a potential liquidation of its remaining assets.
