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Thursday, February 28 2008 9:00 PM, EST

ECC Capital Corporation Announces Common Stock Cash Distribution of $0.10 Per Share

PR Newswire "US Press Releases "

IRVINE, Calif., Feb. 28 /PRNewswire-FirstCall/ -- ECC Capital Corporation (OTC: ECRO), a mortgage finance real estate investment trust, announced today that its Board of Directors has declared a cash distribution of $0.10 per share of common stock. ECC Capital will make this distribution on Friday, March 21, 2008, to shareholders of record on Friday, March 7, 2008.

ECC Capital recently received approximately $9.5 million from the release of over-collateralization proceeds related to the Encore Credit Receivables Trust 2005-1. The fact that ECC Capital received this distribution is not an indication that it will receive any additional distributions from any of its securitization trusts or, if it does receive a distribution, that those proceeds will be distributed to shareholders. The circumstances of the over-collateralization release from the 2005-1 trust were specific to that trust. These circumstances include, but are not limited to:

-- This trust had more time to season prior to the deterioration of the
lending and housing markets than the Encore Credit Receivables Trust
2005-2, 2005-3 and 2005-4 (the "Remaining Trusts"); and

-- The losses and delinquencies for the 2005-1 trust were lower than the
Remaining Trusts at comparable ages.


ECC Capital continues to experience higher levels of delinquencies and losses on mortgage loans held for investment in its securitization trusts and deterioration in the housing market. Therefore, ECC Capital cannot guaranty it will receive any additional over-collateralization proceeds. The amount and timing of any over-collateralization released from any securitization trusts depends on, among other things, the applicable delinquency and credit loss limits specified in the securitization agreements and loan performance in those trusts. Further, ECC Capital has repeatedly cautioned about the uncertainty of any future distributions to shareholders due to future capital requirements, the adverse, changing and unpredictable environment in which it operates, the continued deterioration of the lending industry and capital markets and the subsequent adverse effects these factors have on ECC Capital's loan portfolio.

Although ECC Capital has issued press releases in the past, in an effort to reduce costs and because of reduced staff and limited operations, ECC Capital limits its use of press releases. Please periodically check ECC Capital's website for information. You may also contact ECC Capital using the toll free number of 866-338-8749 or via email at investorrelations@ecccapital.com.


http://www.otcbb.com/asp/dividend.asp?sym_id=ECRO

ECRO - ECC Capital Corp. comm stock

Declaration Date:
Ex Date: 3/24/2008
Record Date: 3/7/2008
Payment Date: 3/21/2008
Dividend Type: Cash Dividend
Dividend Amount: 0.10
Notes: Due Bill Redeemable Date: 03/26/2008
 

 

ECC Capital Corporation Announces Common Stock Cash Distribution of $0.16 Per Share

Aug 25, 2008 9:19:00 PM

 

IRVINE, Calif., Aug. 25 /PRNewswire-FirstCall/ -- ECC Capital Corporation (Pink Sheets: ECRO), a mortgage finance real estate investment trust, announced today that its Board of Directors has declared a cash distribution of $0.16 per share of common stock. ECC Capital will make this distribution on Monday, September 22, 2008, to shareholders of record on Monday, September 8, 2008. The distribution will have an ex-dividend date of September 23, 2008.

This distribution and the prior distribution on March 21, 2008 were the result of one time events and changes in ECC Capital's perspective. These distributions should in no way be viewed as an indicator of future distributions. Several circumstances have contributed to ECC Capital's ability to make a $0.16 distribution on September 22, 2008. These circumstances include, but are not limited to:

     -- ECC Capital continues to experience higher levels of delinquency and        losses on its mortgage loans held for investment in its securitization        trusts.  Therefore, ECC Capital estimates that the probability and        amount of future cash from over-collateralization has been        significantly reduced.  Consequently, ECC Capital has significantly        reduced the estimate of cash expenditure and investment directed toward        maximizing future over-collateralization releases.      -- ECC Capital has changed its perspective and reduced the amount of        capital that should be retained to invest in its existing and new        business opportunities.  Management has not found any significant        investment opportunities that provide returns that are commensurate        with related risk.  Therefore, a significant portion of ECC Capital's        allocated investment capital will be returned to the shareholders.      -- ECC Capital has settled certain liabilities, claims, contractual        obligations and restrictions.  In addition, ECC Capital sold certain        real estate owned properties and collected on certain loans.        Collectively, these events provided for a reduction in required cash        reserves and an increase in cash.      -- ECC Capital has benefited from reduced operating costs.  

ECC Capital has evaluated and will continue evaluating several alternatives to facilitate the realization of any remaining shareholder value, which include, but are not limited to:

     -- A sale of some or all of its assets.     -- A sale of the company.     -- Investment in business opportunities that may defray the cost of its        remaining operations.     -- Use of technology to oversee and maximize the value of its remaining        mortgage portfolio or produce revenue from third parties.     -- Outsourcing of various functions.     -- Partnering and/or joint venturing to reduce cost or increase revenue.  

ECC Capital has retained Milestone Advisors as its banker and advisor to assist in this process. There are no assurances that these efforts will result in additional distributions. In the absence of a transaction that allows otherwise, ECC Capital plans to retain the necessary capital to maintain its reduced ongoing operations in addition to meeting the obligations of creditors. Further, since ECC Capital must retain enough cash to operate and to meet creditor obligations it will continue to look for investments or pursue opportunities that it believes may grow shareholder value. Any remaining shareholder value may be impacted by potential losses on investments, expenses associated with ongoing operations, its existing liabilities, the adverse changing and unpredictable environment in which it operates. Therefore, ECC Capital cautions that there may be no further distributions.

ECC Capital has previously issued press releases in the past to update shareholders. Going forward, in an effort to reduce costs and because of reduced staff and limited operations, ECC Capital will limit its use of press releases. Please periodically check ECC Capital's website for information. You may also contact ECC Capital using the toll free number of 866-338-8749 or via email at investorrelations@ecccapital.com.

Safe Harbor Regarding Forward-Looking Statements

Certain statements contained in this press release, including those regarding future distributions to shareholders and the release of proceeds related to over-collateralization may be deemed forward-looking statements under federal securities laws and ECC Capital intends that those forward-looking statements be subject to the safe-harbor created thereby. These forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties, which could affect ECC Capital's future plans. ECC Capital cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements. These factors include, but are not limited to: (1) the impact of losses and delinquencies from ECC Capital's residual interests in securitizations (2) the tightening of credit standards, (3) the condition of the U.S. economy and financial system, (4) interest rates and the subsequent effect on the business, (5) ECC Capital's ability to obtain quality loan servicing and default management services, (6) the stability of residential property values, (7) the potential effect of new state or federal laws or regulations, (8) ECC Capital's ability to implement successfully its business plan, (9) continued availability of credit facilities and access to the securitization and capital markets or other sources of capital, (10) ECC Capital's ability and the ability of its subsidiaries to operate effectively within the limitations imposed on REITs by federal tax rules, (11) ECC Capital's ability to qualify for exemptions under any SEC registration requirements; (12) ECC Capital's ability to retain qualified personnel, (13) the outcome of various pending litigation, and (14) other factors and risks discussed in ECC Capital's financial report for the year ended December 31, 2007 and the three months ended March 31, 2008 posted on its webpage and its Annual Report on Form 10-K for the year ended December 31, 2006, which is on file with the Securities and Exchange Commission. You should also be aware that, except as otherwise specified, all information in this news release is as of August 25, 2008. ECC Capital undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in ECC Capital's expectations. For Further Information:

      For Further Information:       AT THE COMPANY:      Roque A. Santi      President and Chief Financial Officer      (949) 955-8730      rsanti@ecccapital.com 

SOURCE ECC Capital Corporation

 

ECC Capital Corporation Posts Results for Six Months Ended June 30, 2008

Sep 3, 2008 7:16:00 PM

IRVINE, Calif., Sept. 3 /PRNewswire-FirstCall/ -- ECC Capital Corporation (Pink Sheets: ECRO), a mortgage finance real estate investment trust, today posted financial results for the six months ended June 30, 2008, on its website. You can locate this information at http://www.ecccapital.com under the section titled "Investor Relations". Please thoroughly read this report as it contains important general corporate, financial, operational, strategic and legal information.

As ECC Capital continues to assess its cost structure, it cannot provide assurance that it will post third quarter 2008 financial information. In addition, although ECC Capital has issued press releases in the past, in an effort to reduce costs, ECC Capital does not intend to use press releases if it posts quarterly financial information going forward. Please periodically check ECC Capital's website for new postings and other information. You may also contact ECC Capital using the toll free number of 866-338-8749 or via email at investorrelations@ecccapital.com.

      AT THE COMPANY:      Roque A. Santi      President and Chief Financial Officer      (949) 955-8730      rsanti@ecccapital.com 

SOURCE ECC Capital Corporation

 

 





 

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PostSubject
#287   $ECRO: Looking at some Volume ROLLING in here makinezmoney 03/22/17 10:51:05 AM
#286   I am still holding.... emailjanum 10/11/13 08:13:55 PM
#285   I sold a few months ago. Just saw kittie88 08/20/13 02:35:04 PM
#284   anything going on here...??? emailjanum 08/11/13 05:48:53 PM
#283   Even though the guys says don't buy. Lot kittie88 06/13/11 07:19:20 AM
#282   CORONA DEL MAR, Calif., June 3, 2011 -- S3lfMade 06/04/11 01:10:54 PM
#281   Paying a dividend kittie88 06/03/11 05:28:26 PM
#280   Last year was the first year since 2005 kittie88 03/05/11 06:00:15 PM
#279   so has anyone herd about anything thats going wglasspool5 03/05/11 04:48:39 PM
#278   Well the good thing there is. If we kittie88 12/17/10 10:04:44 AM
#277   No news here. If there is no Dividend, kittie88 12/17/10 10:03:09 AM
#276   yeah i think this company is going under wglasspool5 12/14/10 04:41:26 PM
#275   It is now a couple months past the ECROinfoSeeker 12/14/10 12:38:51 PM
#274   This is around the time when ECRO announced kittie88 08/13/10 12:28:52 AM
#273   I just let it ride. I believe this kittie88 07/28/10 09:28:54 PM
#272   boy it sure would be nice to know wglasspool5 07/28/10 03:07:20 PM
#271   Are insiders selling or buying ECRO ? mahabharata 05/13/10 01:29:45 PM
#270   yeah well i sure hope they get to wglasspool5 05/12/10 09:52:02 PM
#269   Don't know how they do it but since kittie88 05/11/10 08:02:24 PM
#268   yeah it dont look like to much is wglasspool5 05/11/10 07:48:43 PM
#267   Up a penny.40, keep it going ECRO kittie88 05/07/10 06:11:21 PM
#266   Did it again....who is selling? emailjanum 04/13/10 10:13:13 PM
#265   Now it did it again. Sompin brewing? kittie88 03/19/10 04:46:57 PM
#264   ok it was just a fart kittie88 03/19/10 12:23:58 PM
#263   I was driving from 8 to 8 yesterday. kittie88 03/19/10 07:38:10 AM
#262   The good thing there is we're both ahead. kittie88 02/17/10 06:13:22 PM
#261   yeah i know what u mean i dont wglasspool5 02/17/10 04:41:50 PM
#260   As of now I have been paid .09 kittie88 02/17/10 12:22:50 AM
#259   Oh ok, was just wondering because everyone who OCwave 02/16/10 07:04:01 PM
#258   From Harvards "Pump", Mingy 02/16/10 06:59:16 PM
#257   I'm not understanding 70% down from what. OCwave 02/16/10 06:55:55 PM
#256   Nice call, within a month down 70%. Mingy 02/16/10 06:21:00 PM
#255   323,359 this volume is actually normal for this kittie88 01/11/10 03:53:31 PM
#254   yeah i think its up today on big wglasspool5 01/11/10 02:45:00 PM
#253   Up .02. Anyone have an idea why? kittie88 01/11/10 02:34:10 PM
#252   I'm happy either way, all us longs are kittie88 01/06/10 03:01:35 PM
#251   Can't find any news. I think the reason OCwave 01/06/10 09:52:19 AM
#250   It is acting funny. Usually it drops the kittie88 01/05/10 11:49:49 PM
#249   yeah i have been watching it 2 its wglasspool5 01/05/10 07:08:57 PM
#248   You guys notice this thing floated between 2 kittie88 01/05/10 04:13:46 PM
#247   Thats what I did w/ the last one OCwave 12/28/09 03:33:58 PM
#246   Hey as of now I can't argue. I kittie88 12/28/09 02:39:09 PM
#245   Yeah I was hoping to see the div OCwave 12/28/09 02:32:23 PM
#244   That penny has been floating around since last kittie88 12/28/09 02:22:03 PM
#243   Something is going on, up 20%. Haven't seen OCwave 12/28/09 11:17:49 AM
#241   The last one was a special divy because OCwave 12/23/09 10:56:18 AM
#240   yeah im not sure that it will pay wglasspool5 12/22/09 09:53:30 PM
#239   Getting down to the wire hope news comes soon. OCwave 12/22/09 11:21:25 AM
#238   I think they will announce it at the OCwave 12/11/09 10:30:22 PM
#237   We were at .15, paid a .12 dividend kittie88 12/11/09 09:48:19 PM
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