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Exhibit 4.8    
    


 
 

LIBERTÉ INVESTORS INC.
  
  SHARES COMMON STOCK
  
  OFFERED PURSUANT TO RIGHTS DISTRIBUTED TO RECORD
  STOCKHOLDERS OF LIBERTÉ INVESTORS INC.    
    


,
2004 


TO OUR CLIENTS: 



        Enclosed
for your consideration are a Joint Proxy Statement/Prospectus, dated            , 2004 (the "Prospectus"), and the "Instructions as to Use of Liberté
Investors Inc. Subscription Rights Certificates" relating to the offering (the "Rights Offering") by Liberté Investors Inc., a Delaware corporation
("Liberté") of shares of its common stock, par value $0.01 (the "Common Stock") pursuant to subscription rights (the "Rights") distributed to all holders of record of shares of its
Common Stock, at 5:00 p.m., New York City time, on            , 2004 (the "Record Date"). The Rights and the Common Stock are described in Liberté's Prospectus. 



        In
the Rights Offering, Liberté is offering an aggregate of 12,559,552 shares of its Common Stock (the "Underlying Shares"), as described in the Prospectus. 


        The
Rights will expire, if not exercised, at 5:00 p.m., New York City time, on                        , 2004, unless extended in
the sole discretion of Liberté (as it may
be extended, the "Expiration Date"). 


        As
described in the accompanying Prospectus, you will receive one Right for each shares of Common Stock carried by us in your account as of the Record Date. Each Right will allow you to
subscribe for 0.61 shares of Common Stock (the "Subscription Privilege") at the cash price of $4.00 per share (the "Subscription Price"). No fractional shares of Common Stock will be issued in the
Rights Offering. Instead, the number of shares of Common Shares distributed will be rounded down and in such case, any excess funds paid will be returned to you without interest soon as practicable
following the Expiration Date. 


        The
Rights will be evidenced by certificates and may not be assigned gifted, purchased or sold to anyone else. 


        THE
MATERIALS ENCLOSED ARE BEING FORWARDED TO YOU AS THE BENEFICIAL OWNER OF COMMON STOCK CARRIED BY US IN YOUR ACCOUNT BUT NOT REGISTERED IN YOUR NAME. EXERCISES OF RIGHTS MAY BE MADE
ONLY BY US AS THE RECORD OWNER AND PURSUANT TO YOUR INSTRUCTIONS. Accordingly, we request instructions as to whether you wish us to elect to subscribe for any shares of Common Stock to which you are
entitled pursuant to the terms and subject to the conditions set forth in the enclosed Prospectus. However, we urge you to read the Prospectus and other enclosed materials carefully before instructing
us to exercise your Rights. 


        Your
instructions to us should be forwarded as promptly as possible in order to permit us to exercise Rights on your behalf in accordance with the provisions of the Rights Offering. The
Rights Offering will expire at 5:00 p.m., New York City time, on the Expiration Date. Once you have exercised your Subscription Privilege, such exercise may not be revoked. 



        If
you wish to have us, on your behalf, exercise the Rights for any shares of Common Stock to which you are entitled such Rights, please so instruct us by completing, executing and
returning to us the instruction form on the reverse side of this letter. 


        ANY
QUESTIONS OR REQUESTS FOR ASSISTANCE CONCERNING THE RIGHTS OFFERING SHOULD BE DIRECTED TO ELLEN V. BILLINGS, SECRETARY OF LIBERTÉ, AT
(214) 871-5935. 



	

 	
 	

Very truly yours,









 
 

BENEFICIAL OWNER ELECTION FORM
  
  INSTRUCTIONS    
    



        The undersigned acknowledge(s) receipt of your letter and the enclosed materials referred to therein relating to the offering of shares of Common Stock of
Liberté Investors Inc. ("Liberté"). 


        This
will instruct you whether to exercise Rights to purchase shares of Liberté's Common Stock distributed with respect to the shares of Liberté's Common
Stock held by you for the account of the undersigned, pursuant to the terms and subject to the conditions set forth in the Prospectus and the related "Instructions as to Use of Liberté
Investors Inc. Subscription Rights Certificates." 


        Box
1.    o    Please DO NOT EXERCISE RIGHTS for shares of Common Stock. 


        Box
2.    o    Please EXERCISE RIGHTS for shares of Common Stock as set forth below. 


        The
undersigned may elect to exercise a portion of their Rights; however, the number of Rights for which the undersigned gives instructions for exercise under the Subscription Privilege
should not exceed the number of Rights that the undersigned is entitled to exercise. 



	 
	 	Number of

Shares
	 	Subscription Price
	 	Payment

	Subscription Privilege:	 	x	 	=	 	$
	 	 	 	 	 	 	$    (must equal total of amounts in
	 	 	Total Payment Required	 	=	 	Boxes 3 and 4.)





        Box
3.    o    Payment in the following amount is enclosed $                . 


        Box
4.    o    Please deduct payment from the following account maintained by you as follows: 



	

 	
 	

 
	
 Type of Account	 	
 Account No.
	

Amount to be deducted:	
 	

$    

	

 	
 	


	

 	
 	

 Signature(s)
	

 	
 	

Please type or print name(s) below:
	

 	
 	


	

 	
 	







Date:                        ,
2004 











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Exhibit 4.8


LIBERTÉ INVESTORS INC. SHARES COMMON STOCK OFFERED PURSUANT TO RIGHTS DISTRIBUTED TO RECORD STOCKHOLDERS OF LIBERTÉ INVESTORS INC.



BENEFICIAL OWNER ELECTION FORM INSTRUCTIONS