Welcome!

News Feed Item

MuniMae Discusses Notice of SEC Orders and Suspension of Trading

BALTIMORE, Sept. 21, 2013 /PRNewswire/ -- Municipal Mortgage & Equity, LLC (OTC: MMAB) ("MuniMae", "the Company," "we", or "our") filed a Form 8-K  with the Securities and Exchange Commission ("SEC") on September 19, 2013 disclosing two orders (the "Orders") issued by the SEC on September 18, 2013 that affect the Company and the trading of its securities. Under its Order of Suspension of Trading, the SEC temporarily suspended trading in the Company's securities from 9:30 a.m., Eastern Time, on September 18, 2013 until 11:59 p.m., Eastern Time, on October 1, 2013. Under the Order Instituting Administrative Proceedings, the SEC commenced an administrative proceeding to determine whether to suspend or revoke the registration of the Company's common shares under Section 12(g) of the Securities Exchange Act of 1934.

Mike Falcone, Chief Executive Officer of the Company, stated "we are working with our attorneys to vigorously address the actions taken by the SEC.  We did not have any forewarning that the Orders were going to be issued by the SEC, although we have known that action by the SEC was a possibility and provided disclosure in that regard in our three most recent annual reports. We have worked diligently and expended significant resources during the peak of the financial crisis to ensure that current, accurate and relevant financial information was provided to shareholders as soon as possible.  Beginning with the filing of our annual report in March 2011, we have been providing timely and accurate information to our shareholders, including filing all required reports, holding annual shareholder meetings, hosting quarterly earnings calls and providing major event updates. Most importantly, we have filed with the SEC in a timely and compliant manner all required annual, quarterly and current reports for 2011, 2012 and 2013, and the SEC's Orders do not take issue with these reports. As a result of our 2011-2013 filing history, we believe that shareholders and other market participants have information about the Company that is current, accurate and reliable in all material respects. 

Although we do not control the timing of any resolution with the SEC, we are actively pursuing a timely and favorable resolution. As significant shareholders ourselves, the senior management and board of directors of the Company share with our shareholders a sense of urgency and purpose to resolve these actions and resume active market trading in our shares."  

Next Steps

The Trading Suspension Order will remain in effect for the ten business day period ending at 11:59 p.m., Eastern Time, on October 1, 2013. Accordingly, our shares should be eligible to resume trading on October 2, 2013. Before such date, we intend to reach out to market makers in order to assist them in satisfying regulatory requirements necessary to resume making a market in our common shares.  Notwithstanding these efforts, when trading resumes it is reasonable to expect the volume and bid/ask spreads to remain outside of recent norms until a sufficient number of market makers re-establish a market in our shares.

The Company will vigorously pursue a favorable disposition of the Order Instituting Administrative Proceedings. As this is an active case, the Company cannot announce an expected result or range of outcomes at this time, but we are seeking a resolution in the best interests of our shareholders. As a reminder, we cannot provide any additional information through direct phone calls to either investor relations or management beyond that which is provided in our public disclosures. 

We have heard from a number of shareholders in the past few days and the Company continues to appreciate the support of our shareholders as we endeavor to resolve this action with the SEC. It is through the collective efforts of the Company, our shareholders and our market makers that we will weather these events and continue to operate and grow the Company for the benefit of shareholders.

Impact on Buyback Plan and Current Financial Information

Upon the resumption of trading on October 2, 2013 the Company will itself continue to be a buyer of shares through our existing 10b5-1 Plan ("Buyback Plan"). Our Buyback Plan allows the Company to purchase shares up to a share price of $1.53 per share, subject to market forces and volume and pricing limitations under Rule 10b-18.  The maximum price limit will automatically change as of the date we file our Form 10-Q for the quarter ending September 30, 2013, to reflect any changes in the reported common shareholders' equity per share of the Company reflected in that filing.  Please refer to our Form 10-Q for the period ended June 30, 2013 and the related earnings call information included in the August 15, 2013 press release for our most recent financial information.  At this time, we do not believe that these events will have a significant impact on the Company's outlook or near-term common shareholders' equity per share.  There can, of course, be no assurances as to what the resolution of the current proceedings will be, but given the cash position of the Company, the current actions should have limited impact on our near-term financial health and neither the institution of the proceedings nor the suspension of trading have any impact any existing debt covenants.

Conference Call Information

The Company plans to host a conference call as soon as we have more information to share, but no later than Monday, October 1, 2013 at 9:30 a.m.  The purpose of the call will be to provide an update to our shareholders and to describe the process of how trading will resume on Tuesday, October 2, 2013.

Cautionary Statement Regarding Forward-Looking Statements

This Release contains forward-looking statements intended to qualify for the safe harbor contained in Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as "may," "will," "should," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "seek," "would," "could," and similar words or are made in connection with discussions of future operating or financial performance.

Forward-looking statements reflect our management's expectations at the date of this Release regarding future conditions, events or results. They are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. Our actual results and financial condition may differ materially from what is anticipated in the forward-looking statements. There are many factors that could cause actual conditions, events or results to differ from those anticipated by the forward-looking statements contained in this Release. These factors include changes in market conditions that affect the willingness of potential investors or lenders to provide us with debt or equity, changes in market conditions that affect the value or marketability of assets we own, changes in market conditions or other factors that affect our access to cash that we may need to meet our commitments to other persons, changes in interest rates or other conditions that affect the value of mortgage loans we have made, changes in interest rates that affect our cost of funds, tax laws, environmental laws or other conditions that affect the value of the real estate underlying mortgage loans we own, changes in tax laws or other things beyond our control that affect the tax benefits available to us and our investors, and the outcome of certain legal proceedings, including the matters addressed in the Orders. Readers are cautioned not to place undue reliance on forward-looking statements. We have not undertaken to update any forward-looking statements in this Release.

MUNIMAE: INTEGRITY. INNOVATION. SERVICE. 
www.MuniMae.com

SOURCE Municipal Mortgage & Equity, LLC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software sec...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...