NEW YORK, Aug. 17, 2016 /PRNewswire/ -- On August 17, 2016, HoldCo Asset Management ("HoldCo") sent a letter to Mr. Ashton Joseph Ryan Jr., the Chairman, President and CEO of First NBC Bank Holding Company ("FNBC"). The full text of the letter can be found at the following link:
This letter ("Follow-Up Letter") was a follow-up to a prior letter ("First Letter") previously sent to Mr. Ryan on August 12, 2016. The questions raised in the Follow-Up Letter are independent of the questions raised in the First Letter and relate primarily to the accuracy of FNBC's consolidated and holding company regulatory reports that were filed last Friday, which HoldCo has recently had an opportunity to review. HoldCo understands that FNBC's SEC filings are being restated but assumes that FNBC has attempted to calculate its capital ratios accurately in its regulatory filings based on information assumed to be true at the time of filing. However, HoldCo made great efforts to reconcile certain important numbers related to FNBC's regulatory capital – among others – but was unable to do so. Consequently, HoldCo is seeking clarification from FNBC.
The First Letter, dated August 12, 2016, can be found at http://holdcoam.com/wp-content/uploads/Letter_to_FNBC.pdf. Please note that a few minor comments were added to the First Letter subsequent to its initial publication and the time and date that these comments were added are explicitly noted in the revised letter.
The Second Letter incorporates by reference the First Letter in its entirety and should be read in conjunction with the First Letter. In addition, this press release incorporates by reference the press release dated August 12, 2016 (the "First Press Release"), and should be read in conjunction with the First Press Release.
About HoldCo Asset Management
HoldCo Asset Management is an investment adviser located in New York City. HoldCo was founded by Vik Ghei and Misha Zaitzeff. HoldCo and its affiliates currently have approximately $400 million under management.
As of the publication date of this report, HoldCo Asset Management, LP and its affiliates (collectively "HoldCo"), have a long position in the subordinated debt and a short position in the stock of the company referenced herein. Taken as a whole, HoldCo holds a directionally short position in FNBC that will profit if the price of FNBC's common stock declines. HoldCo may change its views about its investment positions in FNBC at any time, for any reason or no reason, and at any time may change the form or substance of any of its FNBC investment positions. If it does so, it will not be under obligation to inform anyone.
All content in this report represent the opinions of HoldCo. HoldCo has obtained all information herein from publicly available sources they believe to be accurate and reliable. However, such information is presented "as is," without warranty of any kind whether express or implied. HoldCo stresses that the letter linked to in this press release is a highly imperfect, and very rough, attempt to piece together limited public information to formulate answers to some of the most pressing questions that it has about FNBC. HoldCo is working with SEC filings that are outdated and currently being restated and a recent call report that lacks explanatory footnotes.
This document is for informational purposes only and is not intended as an official confirmation of any transaction. All data and other information are not warranted as to completeness or accuracy and reflect HoldCo's views as of this date, all of which are accordingly subject to change without notice.
This document does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein, or any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction.
The information contained in this document may include, or incorporate by reference, forward-looking statements, which would include any statements that are not statements of historical fact. These forward-looking statements may turn out to be wrong and can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, most of which are beyond the HoldCo's control.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/holdco-asset-management-sends-follow-up-public-letter-to-fnbc-with-additional-questions-300314637.html
SOURCE HoldCo Asset Management