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
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, will discuss how given the magnitude of today's applicati...
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
What is the best strategy for selecting the right offshore company for your business? In his session at 21st Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, will discuss the things to look for - positive and negative - in evaluating your options. He will also discuss how to maximize productivity with your offshore developers. Before you start your search, clearly understand your business needs and how that impacts software choices.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
SYS-CON Events announced today that Avere Systems, a leading provider of hybrid cloud enablement solutions, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere Systems was created by file systems experts determined to reinvent storage by changing the way enterprises thought about and bought storage resources. With decades of experience behind the company’s founders, Avere got its ...
Microsoft Azure Container Services can be used for container deployment in a variety of ways including support for Orchestrators like Kubernetes, Docker Swarm and Mesos. However, the abstraction for app development that support application self-healing, scaling and so on may not be at the right level. Helm and Draft makes this a lot easier. In this primarily demo-driven session at @DevOpsSummit at 21st Cloud Expo, Raghavan "Rags" Srinivas, a Cloud Solutions Architect/Evangelist at Microsoft, wi...
Containers are rapidly finding their way into enterprise data centers, but change is difficult. How do enterprises transform their architecture with technologies like containers without losing the reliable components of their current solutions? In his session at @DevOpsSummit at 21st Cloud Expo, Tony Campbell, Director, Educational Services at CoreOS, will explore the challenges organizations are facing today as they move to containers and go over how Kubernetes applications can deploy with lega...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...