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Fir Tree scraps offer for some residential mortgage-backed securities
By Susanna Moon
Chicago, Feb. 12 - Fir Tree Partners said it terminated its cash tender offer for some residential mortgage-backed securities through its affiliate, FT RMBS, LLC, as of 6 p.m. ET on Feb. 11.
The tender offer had been set to end at 11:59 p.m. ET on Feb. 19. The offer began on Jan. 22.
All of the RMBS trusts under the offer are involved in litigations against JPMorgan for breaches of representations and warranties, according to a company press release.
On those trusts where Fir Tree is a directing holder, it will continue to vigorously seek to prosecute these RMBS litigations going forward, the company said.
Recent amendments
Fir Tree announced changes on Feb. 5 to the cash tender offer for RMBS trust subject to the proposed $4.5 billion JPMorgan Chase/institutional investor RMBS settlement reported in November.
As noted, the following RMBS trusts were subject to the offer:
• SACO 2006-3;
• SACO 2006-5;
• SACO 2006-6;
• SACO 2007-2;
• BSMF 2006-SL1; and
• JPMAC 2006-WMC4.
Fir Tree already said that it is looking to exclude all of the RMBS subject to its tender offer from the JPMorgan settlement, regardless of the outcome of the tender offer.
The tender offer was amended to include a procedural modification to allow FT RMCS to exercise its right to extend or terminate deadlines and settlement in the offer and to exercise that 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 release added minimum participation thresholds for each RMBS trust.
Chip Wheeler of Sea Port Group Securities, LLC was the dealer-manager (305 695-2000; cwheeler@theseaportgroup.com).
The private investment firm has locations in New York and Miami.
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