Middleburg, VA (PRWEB) May 09, 2012
Stirrup Partners, LLC (Stirrup), which owns Washington Asset Management II, LLC (WAM), an investment adviser registered with the Securities Exchange Commission, entered into a non-binding letter of intent to sell WAM to an investor group led by Paul Dietrich, the CEO of Foxhall Capital Management, Inc. The proposed sale is subject to several conditions including agreement on definitive documents.
WAM had previously agreed to acquire certain client accounts and other assets of Foxhall, subject to satisfaction of certain conditions to sale. Certain issues have prevented the closing. The acquisition proposal is an attempt to restructure the transaction to permit closing of the Foxhall transaction.