Sherman Management Pays $519 million for 37% of Firm

The management of debt purchasing firm Sherman Financial Corp. paid $518.8 million to buy part of the stakes of the company held by two large shareholders and take majority control of the company.

Sherman paid Radian Group LLC $278 million for common and preferred shares of Sherman representing about 21 percent of the company. Sherman paid MGIC Investment Corp. $240.8 million for common and preferred shares that represented about 16 percent of Sherman.