Welcome!

News Feed Item

Fir Tree Partners Amends Cash Tender Offer for Certain Residential Mortgage-Backed Securities Subject to the Proposed $4.5 Billion JPMorgan Chase RMBS Settlement

NEW YORK, Feb. 4, 2014 /PRNewswire/ -- Fir Tree Partners, a private investment firm, announced today that its affiliate, FT RMBS, LLC (the "Offeror"), has amended certain terms of its previously announced cash tender offer (the "Offer") for certain Residential Mortgage-Backed Securities ("RMBS") that are subject to the proposed $4.5 billion JPMorgan Chase/Institutional Investor RMBS Settlement announced in November 2013.

The following RMBS trusts are subject to the Offer:

SACO 2006-3

SACO 2006-5

SACO 2006-6

SACO 2007-2

BSMF 2006-SL1

JPMAC 2006-WMC4

The amendments to the Offer were made today pursuant to a supplement (the "Supplement") to the Offer to Purchase, dated January 22, 2014 (the "Offer to Purchase").  The amendments to the Offer include the following:

  • The Offer was amended to include a procedural modification to the Offeror's existing right to extend the withdrawal deadline, the expiration date or the settlement date or to terminate the Offer, to allow the Offeror to exercise any such right, either in whole or in part, on a trust-by-trust or tranche-by-tranche basis, as opposed to in whole but not in part.
  • The Offer was amended to include, on a trust-by-trust basis, a minimum aggregate principal balance (current face) of RMBS required to be tendered as a condition to the closing of the Offer.  The minimum participation thresholds for each RMBS trust subject to the Offer are contained in the Supplement.
  • The Offer was amended to correct an error in the supplemental pricing information table.  Importantly, there was no change in the pricing terms of the Offer.

Holders of RMBS subject to the Offer should refer to the Supplement for the revised terms of the Offer.

Except as set forth in the Supplement, the terms of the Offer remain the same as set forth in the Offer to Purchase and the related letter of transmittal.  Conditions to the Offer may be waived at any time and from time to time by the Offeror in its sole discretion, in whole or in part, on a trust-by-trust basis or tranche-by-tranche basis.

The Offer is scheduled to expire at 11:59pm EST on February 19, 2014, unless the Offer is extended.  The full terms, conditions and other details of the Offer are set forth in the Offer to Purchase, as amended by the Supplement.  Holders of the RMBS listed above should contact Chip Wheeler of Sea Port Group Securities, LLC, the dealer-manager for the offer, at 305 695-2000 or [email protected] for more information and to request a copy of the Offer to Purchase and/or the Supplement.

About Fir Tree Partners

Fir Tree Partners, founded in 1994 and located in New York, NY (HQ) and Miami, FL, is a private investment firm, which manages assets on behalf of leading endowments, foundations, public and private pension funds and other institutional and private investors.  Fir Tree invests worldwide in public and private companies and real estate across a wide variety of sectors and securities.

SOURCE Fir Tree Partners

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
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, will discuss using predictive analytics to ...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...