Accredited Sues Lone Star

Accredited also said last week that if any of its own lenders decides to execute a so-called margin call -- requiring the company to put up additional cash or collateral in exchange for the funding -- the company could be in deep trouble.

An outside spokesman for Lone Star declined to comment.

So far, about 33% of the shares have currently been tendered to Lone Star, according to Valentin.

Farallon Capital Management, which owns about 7% of Accredited's shares, indicated in a filing that it intends to tender its shares to Lone Star on Monday. This spring, Accredited also received a $200 million loan commitment from Farallon.