BALTIMORE, March 17, 2014 /PRNewswire/ -- Municipal
Mortgage & Equity, LLC (OTCQB: MMAB) ("MuniMae" or "the
Company,") today announced the retirement of its Chairman,
Mark Joseph and long time Board
members Doug McGregor and
Fred Pratt.
Mr. Joseph said "this a good time for a changing of the guard. I
thank everyone for their support during my long tenure and wish the
company well in the future." On behalf of the employees and
continuing members of the Board, Michael
Falcone, Chief Executive Officer, stated "MuniMae is
extraordinarily grateful to these men for their many years of
service to the Company. Literally without them MuniMae would
not exist today. Mark was a founder, with his former partner
Garrett G. Carlson, of the
predecessor company to MuniMae in 1986 and the long tenure of most
of senior management is a testament to his guiding vision for the
Company and the integrity of his leadership. After 28 years
at the helm, we certainly understand his desire to step down.
Along with Mark, Fred and Doug provided extraordinary leadership
throughout the financial crisis and were instrumental in
positioning MuniMae for future growth. We understand
completely their decision to not stand for reelection to the Board
and appreciate the extraordinary effort that they have made on
behalf of our shareholders and the service they have provided to
the Company for more than a decade."
As part of the transition, the Board elected current director
Francis X. Gallagher, Jr. as
Chairman effective upon Mr. Joseph's retirement earlier
today. Current director J.P. Grant,
III will replace Mr. Gallagher as chairman of the Governance
Committee. Steven S. Bloom will
continue as chairman of the Audit Committee and Frederick W. Puddester will succeed Mr. McGregor
as chairman of the Compensation Committee upon Mr. McGregor's
retirement at the end of his current term. Also, effective
immediately, all continuing independent members of the Board,
consisting of Messrs. Bloom, Gallagher, Grant and Puddester, will
be members of each of the three committees.
Mr. Falcone further stated "beginning in 2011 we started
increasing the size of the Board in anticipation of these
departures. The remaining board members represent a diverse
cross section of real estate, management and financing
experience. Collectively this talented group of individuals
will help guide the Company in our evaluation of future
opportunities and our ongoing efforts to improve shareholder
value."
Both Mr. McGregor and Mr. Pratt were scheduled to conclude their
current terms as directors at the 2014 annual meeting and recently
informed the Company that they would not stand for
reelection. Mr. Pratt retired effective March 14, 2014 and Mr. McGregor will retire
upon the conclusion of his term at the upcoming annual
meeting. Although his current term was to expire at the 2015
annual meeting, Mr. Joseph decided to retire effective
today.
Cautionary Statement Regarding Forward-Looking
Statements
This Release contains forward-looking statements intended to
qualify for the safe harbor contained in Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements often include words such as "may," "will," "should,"
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," "seek," "would," "could," and similar words or are made
in connection with discussions of future operating or financial
performance.
Forward-looking statements reflect our management's
expectations at the date of this Release regarding future
conditions, events or results. They are not guarantees of future
performance. By their nature, forward-looking statements are
subject to risks and uncertainties. Our actual results and
financial condition may differ materially from what is anticipated
in the forward-looking statements. There are many factors that
could cause actual conditions, events or results to differ from
those anticipated by the forward-looking statements contained in
this Release. These factors include changes in market conditions
that affect the willingness of potential investors or lenders to
provide us with debt or equity, changes in market conditions that
affect the value or marketability of assets we own, changes in
market conditions or other factors that affect our access to cash
that we may need to meet our commitments to other persons, changes
in interest rates or other conditions that affect the value of
mortgage loans we have made, changes in interest rates that affect
our cost of funds, tax laws, environmental laws or other conditions
that affect the value of the real estate underlying mortgage loans
we own, and changes in tax laws or other things beyond our control
that affect the tax benefits available to us and our investors.
Readers are cautioned not to place undue reliance on
forward-looking statements. We have not undertaken to update any
forward-looking statements in this Release.
MUNIMAE: INTEGRITY. INNOVATION. SERVICE.
www.MuniMae.com
SOURCE Municipal Mortgage & Equity, LLC