Robert McLister·Mortgage Broker News·December 22, 2009Abode Finds Potential Buyer Abode Mortgage has found a “Toronto-based financial institution” to possibly purchase the company. Abode closed its doors November 30 when it ran into problems funding its mortgages. (See Abode Mortgage…) In a press release today, the company said: “It has signed a non-binding Letter of Intent with a prospective purchaser…” If the deal is closed, Abode will receive: “Payment to AMC to satisfy immediate working capital requirements” “Payments to the Company on or before closing to pay out the Company’s secured creditor and to cover Company expenses.” “Further payments to the Company over the next 3 years based on a percentage of AMC’s cumulative pre-tax profits.” The transaction hinges on: “The parties signing a binding share sale agreement” “The proposed purchaser being satisfied with AMC’s Approved Lender status with mortgage default insurers” “Obtaining Company shareholder and board approval” ”Obtaining TSX Venture Exchange approval” ”Arriving at a satisfactory wind down arrangement with AMC’s financier.” Abode’s stock last traded at one cent on the TSX Venture exchange. We’ll report additional details as they become available. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.