Remember this press release a few months ago? There are people from the Fremont Capital ordeal now getting investors of LUM stock through several financial websites & boards to form an equity group to petition federal judge to represnt them and go after LUM's corp board and assets to get justice as something is very wrong with PR releases, SEC filings and other info investors relied upon and were lead to believe "other things" and then we see last weeks' events from Ms. Chang & gang occur saying we stockholders are S.O.L...??>>
Luminent Mortgage Capital, Inc. Announces Proposed Restructuring and Files
2007 Form 10-K
PHILADELPHIA, March 31 /PRNewswire-FirstCall/ -- An affiliated company of
Luminent Mortgage Capital, Inc. (NYSE: LUM) filed a Form S-4 registration
statement with the Securities and Exchange Commission on Friday, March 28,
2008 with respect to the Company's proposed conversion to a publicly traded
partnership and other matters. In addition, the Company filed its Form 10-K
for the year ended December 31, 2007 on Friday, March 28, 2008.
The Company believes that maintaining its qualification as a real estate
investment trust, or REIT, is no longer beneficial to it or its stockholders.
Accordingly, the Company's board of directors has approved a restructuring
whereby the Company will convert from a Maryland corporation qualified as a
REIT to a Delaware limited liability company that would be considered a
publicly traded partnership taxable as a partnership, or PTP.
The Company believes that the restructuring is in the best interests of
its stockholders, and that since the PTP will not be required to comply with
the REIT income and asset tests and distribution requirements, it will
significantly enhance its flexibility for investment diversification and cash
management. In addition, following the restructuring, the PTP plans to
diversify and offer fee-based services, including credit risk management,
asset management advisory services and sub-manager services for investment
funds. These fee-based activities generally will be conducted through
corporate subsidiaries that would be subject to corporate income tax.
The restructuring is subject to stockholder approval and, if approved, it
is expected that the restructuring will be completed in the second quarter of
2008.
