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Friday, January 07, 2022 10:26:01 AM
CHRISTIANSTED, U.S. Virgin Islands, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) today announced that it had entered into a settlement agreement (the “Settlement Agreement”) with two institutional investors related to the Company’s Series A Convertible Preferred Stock (the “Series A Shares”). Under the Settlement Agreement, the Company has agreed to pay the institutional investors approximately $665 thousand in cash in exchange for $5.79 million of liquidation preference of the Company’s Series A Shares (11.5 cents per dollar liquidation amount of the Series A Shares). As a result of this settlement, the Company estimates that it will recognize a gain of approximately $5.1 million to additional paid in capital in the first quarter of 2022. The resulting outstanding remaining liquidation preference of Series A Shares will be approximately $144.2 million, which represents the entire Luxor Funds position
Mr. Thomas K. McCarthy, Interim Chief Executive Officer, stated, “The Company is pleased to announce another settlement related to our Series A Preferred Stock with institutional investors under similar financial terms as our previous agreements with Putnam and Wellington. The Company has now settled with all holders of our Series A Preferred Stock other than the Luxor Funds. This third settlement agreement reinforces the Company’s position in its ongoing litigation against the Luxor Funds that has been previously disclosed in our public filings.”
About AAMC
AAMC has historically been an asset management company that provides portfolio management and corporate governance services to investment vehicles but given the sale and discontinuance of certain operations the Company is in the process of repositioning itself. Additional information is available at www.altisourceamc.com.
https://www.globenewswire.com/news-release/2022/01/07/2363201/24694/en/Altisource-Asset-Management-Corporation-Announces-Settlement-with-Series-A-Preferred-Stockholders.html
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent AAMC News
- Form 8-K - Current report • Edgar (US Regulatory) • 06/06/2024 08:47:07 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 12/26/2023 09:01:21 PM
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