LASER Mortgage Management, Inc. Board of Directors Unanimously Approves Liquidation and Dissolution of the Company

Apr 25, 2001, 01:00 ET from LASER Mortgage Management, Inc.

    NEW YORK, April 25 /PRNewswire/ -- LASER Mortgage Management, Inc.
 (NYSE:   LMM) announced today that its Board of Directors unanimously approved
 the liquidation and dissolution of the Company.  The Company expects that a
 plan of liquidation and dissolution will be submitted to shareholders for
 approval at the annual meeting scheduled to be held during the next three
 months.  As presently envisioned, the plan of liquidation and dissolution
 would provide for an initial cash distribution, after obtaining approval of
 the Delaware Court of Chancery, of approximately $3.00 per share, with
 additional cash distributions resulting from the disposition of the Company's
 remaining assets expected to occur within the following three years, after
 providing for expenses.
     Mariner Mortgage Management, L.L.C. ("Mariner") will continue to serve as
 the Company's manager pursuant to the existing management agreement.  The term
 of the management agreement ends on November 1, 2001, however, the Company has
 the right to terminate the management agreement with 30 days notice and
 Mariner has the right to terminate the management agreement with 90 days
 notice without cause or penalty.  The Board of Directors' adoption of the
 resolutions approving the liquidation and dissolution of the Company triggered
 the payment of a fee based on the Company's stock price to Mariner under the
 management agreement, which the Company expects to be approximately
 $1.2 million.  Mariner will continue to receive its base fee under the
 management agreement of $50,000 a month until the management agreement ends or
 is terminated.
 
     LASER Mortgage Management, Inc. is a specialty finance company investing
 primarily in mortgage-backed securities and mortgage loans.  The Company has
 elected to be taxed as a real estate investment trust under the Internal
 Revenue Code of 1986, as amended.  As of March 31, 2001, the Company estimates
 that its net asset value per share, after an accrual for the fee payable to
 Mariner, was within the range of approximately $4.35 to $4.40.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: Statements in this press release regarding LASER Mortgage Management,
 Inc.'s business which are not historical facts are "forward-looking"
 statements that involve risk and uncertainties.
 
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SOURCE LASER Mortgage Management, Inc.
    NEW YORK, April 25 /PRNewswire/ -- LASER Mortgage Management, Inc.
 (NYSE:   LMM) announced today that its Board of Directors unanimously approved
 the liquidation and dissolution of the Company.  The Company expects that a
 plan of liquidation and dissolution will be submitted to shareholders for
 approval at the annual meeting scheduled to be held during the next three
 months.  As presently envisioned, the plan of liquidation and dissolution
 would provide for an initial cash distribution, after obtaining approval of
 the Delaware Court of Chancery, of approximately $3.00 per share, with
 additional cash distributions resulting from the disposition of the Company's
 remaining assets expected to occur within the following three years, after
 providing for expenses.
     Mariner Mortgage Management, L.L.C. ("Mariner") will continue to serve as
 the Company's manager pursuant to the existing management agreement.  The term
 of the management agreement ends on November 1, 2001, however, the Company has
 the right to terminate the management agreement with 30 days notice and
 Mariner has the right to terminate the management agreement with 90 days
 notice without cause or penalty.  The Board of Directors' adoption of the
 resolutions approving the liquidation and dissolution of the Company triggered
 the payment of a fee based on the Company's stock price to Mariner under the
 management agreement, which the Company expects to be approximately
 $1.2 million.  Mariner will continue to receive its base fee under the
 management agreement of $50,000 a month until the management agreement ends or
 is terminated.
 
     LASER Mortgage Management, Inc. is a specialty finance company investing
 primarily in mortgage-backed securities and mortgage loans.  The Company has
 elected to be taxed as a real estate investment trust under the Internal
 Revenue Code of 1986, as amended.  As of March 31, 2001, the Company estimates
 that its net asset value per share, after an accrual for the fee payable to
 Mariner, was within the range of approximately $4.35 to $4.40.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: Statements in this press release regarding LASER Mortgage Management,
 Inc.'s business which are not historical facts are "forward-looking"
 statements that involve risk and uncertainties.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X22340366
 
 SOURCE  LASER Mortgage Management, Inc.