Opinion ID: 147653
Heading Depth: 3
Heading Rank: 1

Heading: Market Street’s Purchase of Major Mortgage

Text: In 1995, WERCS, a Wyoming company, approached McBride about starting a mortgage banking company on its behalf. McBride agreed and started Major Mortgage in 1996. Eight years later, WERCS decided to sell Major Mortgage, which at that time had thirty-five offices in ten states and was originating $800 million in loans annually. Market Street submitted a letter of intent to purchase Major Mortgage, which also offered employment to Major Mortgage’s existing management team—McBride, Terry Mott, Kip Clark, Steve Carver and Julie Zeiler. Market Street agreed to pay a total of $1.5 million in bonuses to these individuals within the first year of the acquisition. -2- WERCS sold Major Mortgage to Market Street in July 2005.