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Hanover Capital Mortgage Holdings Inc. (HCM)

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Last Post: 1/14/2021 9:40:42 AM - Followers: 0 - Board type: Free - Posts Today: 0


 Walter Industries (WLT : NYSE) to spin-off financing businessTampa Bay Business Journal

Walter Industries restructures, closes offices
Walter Industries Inc.’s financing subsidiary, JWH Holding Co., is merging with Hanover Capital Mortgage Holdings Inc. to create a company based in Tampa that will employ 225 people.

Walter Industries Chairman Michael T. Tokarz called the planned spin-off of JWH Holding Co. “a momentous step” forward for the company in transforming itself into primarily a natural resources and energy company.

In addition, the merger with Hanover, a real estate investment trust based in New Jersey, means the Walter residential mortgage portfolio will no longer be reliant on the capital markets for its success, according to a written statement from the company.

JWH and Hanover (AMEX: HCM) will be renamed Walter Investment Management Corp. The new company is expected to trade on the American Stock Exchange.

Mark J. O’Brien, chairman and CEO of JWH, will hold the same positions in Walter Investment Management following the merger. Charles E. Cauthen, who is now president of Walter Mortgage Co., will become president and chief operating officer of the new company.

Walter Industries’ directors will designate six directors, including Tokarz and O'Brien, to Walter Investment Management’s board, and Hanover will designate one.

JWH is presently the parent company of Walter Mortgage Co. and Jim Walter Homes. Jim Walter Homes will be separated from JWH and not part of the deal.

The merger is expected to be completed in early 2009. The transaction is anticipated to occur in three steps: The first, a spin-off of JWH Holding Co., is expected to be a tax-free stock distribution to Walter Industries' shareholders. The second step will be a taxable distribution of stock and cash from JWH to its shareholders, and the third step would be a merger between JWH and Hanover.

The taxable distribution is required to comply with Internal Revenue Service requirements for REITs. After the spin-off, taxable distribution and merger, Walter Industries shareholders will own about 98.5 percent of Walter Investment Management’s publicly traded common stock. Hanover’s shareholders will own the remaining 1.5 percent.

Hanover’s shareholders must approve the merger, which also requires favorable rulings from the Internal Revenue Service as well as the Securities and Exchange Commission.

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#36   HCMC is diluting around 201 billion shares into crowin 01/14/21 09:40:42 AM
#35   News: $HCM Chi-Med's Elunate® (Fruquintinib Capsules) Included in whytestocks 11/28/19 10:15:22 AM
#34   News: $HCM Chi-Med Initiates an International Phase I/Ib whytestocks 10/04/19 08:30:20 AM
#33   News: $HCM Edison Issues ADR Outlook on Hutchison whytestocks 07/05/19 10:34:23 AM
#32   Crazy pump. Patrickwan1 03/15/17 12:31:27 PM
#31   50 for 1 R/S MWM 03/28/09 01:28:48 PM
#30   Form 8-K for WALTER INDUSTRIES INC /NEW/ MWM 02/15/09 04:00:44 PM
#29   I had forgotten about this one thanks! MWM 01/09/09 11:49:46 AM
#28   got another extension and has news today Stock 01/09/09 11:34:32 AM
#27   Not 100% sure but after reading the 8k MWM 10/02/08 09:42:29 AM
#26   The Number 1 % gainer on the AMEX, MWM 10/01/08 03:22:40 PM
#25   Upon separation Walter Investment Management will be well MWM 10/01/08 03:04:42 PM
#24   Moving back to the financing separation, the key MWM 10/01/08 03:00:04 PM
#23   WLT CC transcript MWM 10/01/08 02:57:28 PM
#22   Walter Industries to spin-off financing businessTampa Bay Business Journal MWM 10/01/08 01:04:53 PM
#21   I thought the CC sounded good, if anyone MWM 10/01/08 11:30:13 AM
#20   assets of 40 million are gone and liablities MWM 10/01/08 11:21:55 AM
#19   14 million O/S after the merger... MWM 10/01/08 11:17:58 AM
#18   I might be wrong but I think the MWM 10/01/08 11:16:00 AM
#17   Canceled all prefers... MWM 10/01/08 11:12:13 AM
#16   HCM got a $5 million loan of credit MWM 10/01/08 11:09:48 AM
#15   I see there is a ton of interest MWM 10/01/08 11:03:33 AM
#14   HCM turning up only 9 million O/S... MWM 10/01/08 09:38:04 AM
#13   Note 4—Restructuring and Impairment MWM 10/01/08 09:16:00 AM
#12   Hanover Capital Mortgage Holdings Announces Entry Into Definitive hang ten 09/30/08 07:47:51 PM
#11   One of the few co's with "mortgage" or hang ten 09/15/08 06:09:59 PM
#10   Hanover Capital Mortgage Holdings Announces American Stock Exchange hang ten 09/09/08 08:12:59 PM
#9   Still on radar at my Bottoming Mortgage play board... MWM 09/08/08 11:44:02 PM
#8   Are you still here? hang ten 09/08/08 07:12:32 PM
#7   HCM Looking at 4 year volume high now... MWM 08/07/08 12:08:55 PM
#6   Big volume here for this one... MWM 08/07/08 11:38:22 AM
#5   The Company had a committed line of credit MWM 08/07/08 11:16:20 AM
#4   Big bidder here today, MM AMEX looks like MWM 08/07/08 10:03:09 AM
#3   The registrant had 8,658,562 shares of common stock MWM 08/06/08 10:47:13 AM
#2   this one is ready to go..check the charts fact4 01/29/08 06:44:40 PM
#1   GLTA... game on ultrag 08/14/07 05:40:12 PM
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