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Fir Tree amends offer for some residential mortgage-backed securities
By Jennifer Chiou
New York, Feb. 5 - Fir Tree Partners, through its affiliate FT RMBS, LLC, announced changes to its previously announced cash tender offer for some residential mortgage-backed securities that are subject to the proposed $4.5 billion JPMorgan Chase/institutional investor RMBS settlement reported in November.
As noted, the following RMBS trusts are subject to the offer:
• SACO 2006-3;
• SACO 2006-5;
• SACO 2006-6;
• SACO 2007-2;
• BSMF 2006-SL1; and
• JPMAC 2006-WMC4.
The offer will end at 11:59 p.m. ET on Feb. 19. It began on Jan. 22.
According to a press release, all of the RMBS trusts in Fir Tree's tender offer are involved in active litigations against JPMorgan for breaches of representations and warranties made by JPMorgan regarding the credit quality and characteristics of the loans it sold to these trusts.
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 that there are now minimum participation thresholds for each RMBS trust.
Holders may contact Chip Wheeler of Sea Port Group Securities, LLC, the dealer-manager (305 695-2000; cwheeler@theseaportgroup.com).
The private investment firm has locations in New York and Miami.
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