Aames Files With SEC on Revamp, IPO

Aames Financial Corp., a Los Angeles-based subprime mortgage lender, has reported the filing of two registration statements with the Securities and Exchange Commission regarding the company's proposed conversion into a real estate investment trust and a related initial public offering.The statements were filed by Aames Investment Corp., a wholly owned subsidiary of Aames Financial that would become the parent company and be taxed as a REIT if the registration statements become effective. At the same time, Aames Investment would raise additional capital through an IPO of its common stock. Aames Financial has retained Friedman, Billings, Ramsey & Co. as a financial adviser in connection with the reorganization and as an underwriter in connection with the IPO.