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.


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
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, discussed how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technologi...
SYS-CON Events announced today that Streamlyzer 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. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service. 

WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, will discuss the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docke...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...