A Highflier's Troubles... 1985 Cityscape Financial incorporates as a mortgage lender. 1994 It goes public via reverse merger with Mandi of Essex, a shell company. 1995 Company and British partners form Cityscape U.K., known as CMC. Engineers a rapid expansion. JANUARY, 1997 Investor Michael Price acquires 14% of company for about $80 million. JULY Britain's Office of Fair Trading says industry loan practices are ''deceitful and oppressive.'' A group of 600 borrowers who claim they were abused by CMC explore a class action. A member of Parliament calls for CMC's license to be revoked. AUGUST Moody's announces a second 1997 downgrade on company's senior debt, from B1 to B2. Analyst questions high level of delinquent loans and failure to foreclose or charge off overdue loans. DATA: BUSINESS WEEK Return to main story

Updated Aug. 7, 1997 by bwwebmaster
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