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:

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