Fir Tree Partners Terminates Cash Tender Offer for Certain Residential Mortgage-backed Securities Subject to the Proposed $4.5 Billion JPMorgan Chase RMBS Settlement
Private Investment Firm Plans to Continue Litigation As Path to RMBS Recovery
NEW YORK, Feb. 12, 2014 /PRNewswire/ -- Fir Tree Partners, a private investment firm, today announced that it has terminated its previously announced cash tender offer (the "Offer"), through its affiliate, FT RMBS, LLC, for certain Residential Mortgage-Backed Securities ("RMBS"). The Offer was made pursuant to an offer to purchase dated January 22, 2014, as supplemented, and a related letter of transmittal.
All of the RMBS trusts that were subject to the Offer are involved in active litigations against JPMorgan for breaches of representations and warranties. On those trusts where Fir Tree is acting as a directing holder, it will continue to vigorously seek to prosecute these RMBS litigations going forward.
As a result of the termination, none of the RMBS that have been tendered in the Offer will be accepted for purchase. All RMBS previously tendered and not withdrawn will be promptly returned or credited back to their respective holders.
The termination of the Offer was effective at 6:30 P.M. (Eastern Standard time), February 11, 2014.
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 by this Source
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.