by Calculated Risk on 8/03/2007 10:01:00 PM

From Newsday: American Home Mortgage to file for bankruptcy, Strauss sells off shares

American Home is in the process of filing for bankruptcy, senior vice president Tim Neer told about 200 now-former employees around 10:15 a.m. Friday.
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Later Friday, it was revealed in a filing that founder and chief executive Michael Strauss had sold off almost 3 million shares of company stock on Wednesday for $1.17 a share. The same day he reaped almost $3.5 million, employees had been told in a conference call to stay positive and keep processing loan applications.