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Friday, December 08, 2023 1:00:10 AM
Court Permits AAMC’s Claims to Proceed
CHRISTIANSTED, U.S. Virgin Islands--(BUSINESS WIRE)--Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) reports a key development in its litigation seeking damages from Blackrock and PIMCO pending in the Superior Court of the U.S. Virgin Islands. On December 4, 2023, the trial judge ruled that six of the seven named Defendants are subject to the court’s jurisdiction and that all of the Company’s statutory and tort claims against those defendants are permitted to proceed. In so doing, the trial judge endorsed the 132-page Recommendation previously issued by the Staff Master assigned to review the pending motions in the case.
“We are pleased with this pivotal development in the prosecution of our damage claims against these Blackrock and PIMCO defendants,” said AAMC Chairman Ricardo Byrd. “We look forward to moving the litigation process forward toward trial.” A status conference before the Staff Master is set for January 12, 2024.
About AAMC
AAMC acquires, originates and manages mortgage loans, mortgage-backed securities and equity investments in underserved markets. Additional information is available at www.altisourceamc.com.
AAMC works to employ capital light operating strategies that have historically been implemented across a variety of industry sectors ranging from REIT management and title insurance and reinsurance to private loan acquisition, origination and disposition. AAMC is committed to an investment philosophy of opportunistic deployment of capital in new ventures that we believe will be accretive to shareholder value. We are likewise committed, as a matter of core corporate values, to exemplary environmental, social and governance principles.
https://www.businesswire.com/news/home/20231206256281/en/
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, Founder and CEO of Harwood International
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