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Renee

01/03/08 12:02 PM

#13792 RE: DEMO P2 #13789

I highly doubt a merger of any type would occur with an Industry Leader like GMAC .

Notwithstanding , Hertage could theoretically be acquired by GMAC or any other well funded company and then Heritage would cease being its own entity . *** Shareholders of record would then be paid out at a fixed valuation if Heritage were to be acquired .....by any company .

Heritage clearly states that they want to merge with a conduit lender , which does not imply that they want to be acquired .

IMO .