The fate of a planned merger of mortgage insurers MGIC Investment Corp. and The Radian Group Inc. may be settled in court, as both companies try to assess their losses in a subsidiary, C-BASS LLC, which is invested heavily in subprime mortgages. At the end of July, both companies warned they could lose their entire $1 billion investment in Credit-Based Asset Servicing and Securitization LLC, or C-BASS, a limited liability company jointly owned by MGIC, Radian and the management of C-BASS. At the time, C-BASS said it was looking for cash from investors and struggling to meet $260 million in margin calls. On Aug. 7, MGIC announced that because of the potential losses at C-BASS, it had made a preliminary determination that it was not obligated to complete the merger. MGIC said a final decision would be made by its board of directors after further analysis by the company's management. MGIC said it had requested additional information from Radian. Radian maintained MGIC was obligated to go...
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