Bankrupt Hard-Money Lender Sold

Two weeks after filing for bankruptcy protection, hard-money lender Quality Home Loans has been sold to hedge fund manager and entrepreneur Michael Klein for an undisclosed amount.Mr. Klein, according to a statement released by QHL, is a senior credit analyst at Pacificor LLC, a hedge fund. As part of the sale, QHL chief executive John Gaiser will resign, but remains as a consultant. Alim Kassam, a former investment banker at Lehman Brothers, was named to replace Mr. Gaiser. "I embrace the challenge that lies before me and am extremely excited about the opportunity that Quality has to aggregate market share at a time when the entire industry is redefining itself," Mr. Kassam said in a statement. Quality filed for bankruptcy protection on Aug. 21. The sale to Mr. Klein is subject to bankruptcy court approval.