- Current report filing (8-K)
March 07 2012 - 9:05AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of
1934
Date of Report (Date of earliest event reported): March 6, 2012
EOS Preferred Corporation
(Exact Name of Registrant as Specified in Charter)
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Massachusetts
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000-25193
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04-3439366
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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1271 Avenue of the Americas
46th Floor
New York, New York
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10020
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(Address of Principal Executive Offices)
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(Zip Code)
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(212) 377-1503
(Registrants telephone number, including area code)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry into a Material Definitive Agreement.
On February 28, 2012, EOS Preferred Corporation (the Company) and Aurora Bank FSB (the Bank) finalized a Commercial Loan and
REO Purchase Agreement (the Agreement) with Dawn LLC (the Purchaser) pursuant to which the Company contracted to sell certain small balance commercial loans and the Bank contracted to sell various commercial loans to the
Purchaser. The total purchase price for all Bank and Company loans is $178,423,127. The Agreement was executed following approval by the Companys Board of Directors by special meeting held on February 28, 2012.
Forward-Looking Statements
This Current
Report on Form 8-K contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Those forward-looking statements include all statements other than those made solely with respect to historical fact, including, without limitation, any
estimates. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. Forward-looking statements should not be unduly relied upon because they involve known
and unknown risks, uncertainties and other factors, some of which are beyond the control of the Corporation.
Such risks, uncertainties and
other factors include, but are not limited to: limitations by regulatory authorities on the Corporations ability to implement its business plan and restrictions on its ability to pay dividends; the risk that the failure of the Corporation to
maintain its status as a REIT would result in the Corporation being subject to federal income tax, including any applicable alternative minimum tax and excise tax; the risk that the Corporation could be disqualified from treatment as a REIT for the
four taxable years following the year during which qualification was lost; further regulatory limitations on the business of the Bank that are applicable to the Corporation; the risk that a decline, or a perceived decline, in the Banks capital
situation may result in the Series D preferred stock being subject to an automatic exchange into preferred shares of the Bank; the effect of the sale or dissolution of the Bank pursuant to the Settlement Agreement entered into in connection with the
bankruptcy of the Banks indirect parent, Lehman Brothers Holdings Inc., on the business, financial condition and results of operations of the Corporation; the risk that the Series D preferred stock will in the future be delisted from The
NASDAQ Stock Market or will otherwise cease to trade on The NASDAQ Stock Market; the risk that the Series D preferred stock may not otherwise retain value and/or liquidity; the risk that the Corporation may not have adequate cash available,
including as a result of the Corporation being subject to federal income tax, to pay dividends with respect to the Series D preferred stock; negative economic conditions that adversely affect the general economy, housing prices, the job market,
consumer confidence and spending habits which may affect, among other things, the credit quality of the Corporations loan portfolios (the degree of the impact of which is dependent upon the duration and severity of these conditions); the level
and volatility of interest rates; changes in consumer, investor and counterparty confidence in, and the related impact on, financial markets and institutions; legislative and regulatory actions which may adversely affect the Corporations
business and economic conditions as a whole; the impact of litigation and regulatory investigations; various monetary and fiscal policies and regulations; changes in accounting standards, rules and interpretations and the impact on the
Corporations financial statements; changes in the nature and quality of the types of loans held by the Corporation; and risks relating to the Corporations business discussed in its filings with the Securities and Exchange Commission.
These risks, uncertainties and other factors may cause the actual results, performance or achievements of the Corporation to be materially different from the anticipated future results, performance or achievements that are expressed or implied by
the forward-looking statements. Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise
after the date the forward-looking statement was made.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EOS Preferred Corporation
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(Registrant)
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Date: March 6, 2012
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By:
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/s/ Brian Kuelbs
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Brian Kuelbs
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President
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Eos Preferred Corp. - Series D Non-Cumulative Exchangeable Preferred Stock (MM) (NASDAQ:EOSPN)
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