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Las Vegas lender trims positions

Thursday, Jan. 22, 2004 | 11:13 a.m.

Vestin Group Inc. -- a Las Vegas-based commercial lender -- has laid off about a dozen employees.

"Vestin did effect some rightsizing based on current business activity, like many companies today," the company said in a statement.

In November Vestin reported a third-quarter loss of $1.2 million compared to net income of $1.9 million a year earlier. The company blamed the sluggish economy for weak loan demand.

A month later Vestin founder Michael Shustek notified the board of directors of his intentions to buy back the company's outstanding shares and take the publicly traded company private.

Also, hearings between Vestin and the state Mortgage Lending Division were delayed again Wednesday. The MLD nearly a year ago alleged that the company mishandled two loans to developer Howard Bulloch. A new date has not been set for the hearing.

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