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 cwheeler@theseaportgroup.com 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
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee A...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
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 & ...
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.