Company won’t go private

Friday, Feb. 13, 2004 | 11:23 a.m.

Shustek, who owns about 60 percent of the Vestin shares, in December had announced his intention to buy the remainder of the outstanding shares in Vestin, a Las Vegas-based commercial lender. Shustek gave no reason for changing course as he cancelled that plan.

In other news, Vestin announced that Chief Financial Officer John Alderfer has left the company as part of its cost-cutting strategy. He will be replaced by Lance Bradford, who holds a similar position with the company's three lending funds.

Vestin also announced that its new Vestin Fund III has raised $10 million from 380 investors, reaching the threshold needed to release funds from escrow and issue units to investors.

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