Aka, no link but here is the meat of the PR. I noticed FBC was one of the only stocks up for the day so when I checked their news releases this was there. Reading news on FBC, as it possibly relates to THMR, is alot like reading tea leaves but I have to think MP's $1.3B stake in THMR is far too significant not to be part of some form of "masterplan" and evidently they have to get FBC's ducks lined up first to make it all happen...if indeed that's where all of this is heading.
At least that's my hunch/hope.
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Flagstar Notice Regarding Additional MatlinPatterson Investment
Friday 02/13/2009 5:20 PM ET - Pr Newswire
As of 2:55 PM ET 2/17/09
As announced on January 30, 2009, Flagstar Bancorp, Inc. (NYSE: FBC) ("Flagstar") and MP Thrift Investments L.P. ("MatlinPatterson"), an entity formed by MP (Thrift) Global Partners III LLC, an affiliate of MatlinPatterson Global Advisers LLC, entered into a closing agreement pursuant to which MatlinPatterson will purchase $100 million in equity capital from Flagstar, in addition to the $250 million in equity capital purchased by MatlinPatterson on January 30, 2009.
Pursuant to the closing agreement, Flagstar will sell 50,000 shares of convertible participating voting preferred stock to MatlinPatterson for an aggregate purchase price of $50 million. The convertible participating voting preferred stock has a liquidation preference of $1,000 per share and is mandatorily convertible, subject to anti-dilution provisions, into 62,500,000 shares of our common stock, assuming a conversion price of $0.80 per share of common stock. In addition, Flagstar will sell trust preferred securities to MatlinPatterson with an aggregate liquidation preference of $50 million. The trust preferred securities will be convertible into shares of our common stock at the option of the holder on April 1, 2010 at a conversion price equal to 90% of the volume-weighted average price per share of our common stock during the period from February 1, 2009 to April 1, 2010, subject to a per share minimum of $0.80 and a maximum of $2.00. If MatlinPatterson does not convert the trust preferred securities at that time, it will remain outstanding perpetually unless redeemed by Flagstar at any time after January 30, 2011.
The transactions contemplated by the closing agreement would normally require approval of shareholders according to the Shareholder Approval Policy of the New York Stock Exchange ("NYSE"). As disclosed on December 31, 2008, Flagstar had previously relied upon the use of this exception in connection with the original $250 million equity investment, which has been extended to apply to the additional $100 million closing agreement investment.
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