Enterprising Investor
11 months ago
Altisource Asset Management Corporation Repurchases Preferred Shares in Global Settlement With Luxor Capital (1/16/24)
Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) announces that it has settled litigation with Luxor Capital Group, LP and related entities (collectively “Luxor”) in respect of the Company’s Series A Convertible Preferred Stock (the “Preferred Shares”), as well as separate litigation with former AAMC director Nathanel Redleaf.
Settlement Highlights
Luxor surrenders all 144,212 of its Preferred Shares, thereby extinguishing all rights under the related Securities Purchase Agreement and Certificate of Designations.
The Company provides the following consideration to Luxor:
A $1,000,000 cash payment now, plus
Three Promissory Notes in the following amounts and durations:
$2,000,000 due in three years;
$3,000,000 due in five years; and
$6,000,000 due in eight years
Each Note bears annual interest at either 7.5% on a cash basis or 10% paid-in-kind (“PIK”) basis, at the election of AAMC. The Company shall refrain from making common stock repurchases or issuing dividends at any time the PIK option is in effect and is subject to certain other covenants.
AAMC shall also pay Luxor 50% of any proceeds received in respect of the Company’s damage claims in litigation brought by Erbey Holding Corporation pending in USVI Superior Court with case number SX-2018-CV-146, up to a cumulative payout cap of $50,000,000.
The Parties agree to dismissals of their litigation with prejudice and exchange mutual releases of all claims with no admission by any Party of liability, violation of law or wrongdoing.
As a result of the settlement, which has the effect of increasing the Company’s Stockholders’ Equity to an amount exceeding $6,000,000, the New York Stock Exchange informed the Company that its November 30, 2023 notice of intent to delist the Company’s common stock would be rescinded.
“We are pleased to announce AAMC’s global resolution of these matters relating to Luxor,” said William Erbey, Chairman and CEO of AAMC. “This represents a positive start to 2024 as we continue to focus and work hard on initiatives to enhance shareholder value going forward.”
About AAMC
AAMC is a private credit provider that originates alternative assets to provide liquidity and capital to under-served markets. Additional information is available at www.altisourceamc.com.
Enterprising Investor
1 year ago
Altisource Asset Management Corporation Reports Key Ruling in Blackrock and PIMCO Litigation (12/06/23)
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/
Enterprising Investor
1 year ago
Altisource Asset Management Corporation Announces Departure of COO and Interim CEO Danya Sawyer (12/05/23)
CHRISTIANSTED, U.S. Virgin Islands--(BUSINESS WIRE)--Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) announces the resignation of Danya Sawyer, Chief Operating Officer of Alternative Lending Group, the Company’s principal operating subsidiary. Ms. Sawyer, whose departure was effective December 1, 2023, also served as AAMC’s interim Chief Executive Officer during the recent restructuring of the Company’s loan business.
“We appreciate Danya’s excellent service and contributions to the Company,” said Chairman of the Board Ricardo Byrd. “We wish her well in her future endeavors.” A successor CEO is expected to be announced within 30 days.
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/20231205539269/en/
Enterprising Investor
2 years ago
Altisource Asset Management Corporation Announces Favorable Ruling from New York Appellate Court (6/13/23)
CHRISTIANSTED, U.S. Virgin Islands--(BUSINESS WIRE)--Altisource Asset Management Corporation (NYSE: AAMC) announced today that the Supreme Court of the State of New York, Appellate Division, First Judicial Department issued a ruling in favor of the company that it did not breach any contractual obligation to redeem preferred shares held by Luxor Capital Group.
The appellate court held that AAMC, "established its entitlement to summary judgment dismissing the complaint. In opposition [Luxor] failed to raise a triable issue of fact, and also failed to establish their entitlement to summary judgment on their own motion."
The court further directed the Clerk to enter judgment dismissing Luxor's complaint.
For inquiries, please reach out to IR@altisourceamc.com.
About AAMC
AAMC is a private credit provider that originates alternative assets to provide liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders. Additional information is available at www.altisourceamc.com.
https://www.businesswire.com/news/home/20230613866524/en/Altisource-Asset-Management-Corporation-Announces-Favorable-Ruling-from-New-York-Appellate-Court
Enterprising Investor
2 years ago
AAMC Issues Statement Regarding JPMorgan Chase Settlement Involving Jeffrey Epstein (6/12/23)
CHRISTIANSTED, U.S. Virgin Islands--(BUSINESS WIRE)--In light of today’s litigation settlement by JPMorgan Chase & Co. and given that AAMC is based in the U.S. Virgin Islands, the company issued the following statement:
Altisource Asset Management Corporation (NYSE: AAMC) has had no known personal, financial or business interactions with the late Jeffrey Epstein, his estate, or business entities.
John P. de Jongh, Jr., former AAMC chairman, last week voluntarily resigned from the company’s board of directors. Due to de Jongh’s former position as governor of the U.S. Virgin Islands, he made the decision to resign as AAMC chairman to avoid any distractions from the operations of the company.
Please direct any media inquiries to IR@altisourceamc.com.
About AAMC
AAMC is a private credit provider that originates alternative assets to provide liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders. Additional information is available at www.altisourceamc.com.
https://www.businesswire.com/news/home/20230612094599/en/
Enterprising Investor
2 years ago
AAMC Files Lawsuit Against Former Board Member Nathaniel Redleaf for Improperly Disclosing Confidential Information for Financial Gain (10/31/22)
Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) today filed a complaint in the Superior Court of the U.S. Virgin Islands, Division of St. Croix, against former AAMC board member Nathaniel Redleaf, who improperly disclosed confidential information of the firm to financially benefit himself and his current employer, New York-based hedge fund Luxor Capital Group (Luxor).
As outlined in the complaint, Redleaf engaged in a secret scheme to illegally use AAMC’s confidential information to benefit Luxor, a $12 billion hedge fund founded by Christian Leone, a former Goldman Sachs analyst. Luxor acquired 19.7 percent of AAMC and then had its partner, Redleaf, join the AAMC board as part of a plan to funnel confidential information back to Leone and Luxor.
One aspect of the scheme involved Luxor’s $150 million investment into AAMC preferred stock. The proceeds of that investment were used to buyback AAMC’s common stock, thereby increasing the value of Luxor’s stake in AAMC’s common stock, which at the time was valued at more than $350 million. The nonpublic information that Redleaf was privy to as an AAMC board member was illegally used by himself and Leone to make investment and trading decisions.
Instead of adhering to the well-established compliance practice of setting up an ethical wall to ensure that material nonpublic information is not disclosed to a hedge fund that employs a director of a public company, Redleaf improperly disclosed the information to Luxor as noted in the complaint. Luxor anticipated making hundreds of millions of dollars on the position it built.
Redleaf’s actions harmed AAMC and its shareholders. AAMC is seeking to recoup any of Luxor and Redleaf’s ill-gotten gains through this litigation.
About AAMC
AAMC is an alternative lending company that provides liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders such as Crypto-ATMs.
Additional information is available at www.altisourceamc.com.
https://www.globenewswire.com/news-release/2022/10/31/2545017/24694/en/AAMC-Files-Lawsuit-Against-Former-Board-Member-Nathaniel-Redleaf-for-Improperly-Disclosing-Confidential-Information-for-Financial-Gain.html
Enterprising Investor
2 years ago
Altisource Asset Management Corporation Reports Second Quarter 2022 Results (8/10/22)
Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) today announced financial and operating results for the second quarter of 2022.
Second Quarter 2022 Highlights and Recent Developments
- The Company has purchased more than $40 million in loans held for investment and has earned $0.5 million from loan interest during the second quarter of 2022.
- As of June 30, 2022, AAMC’s cash position was $31.3 million, which is net of the $32.0 million at quarter end for loans held for investment at fair value.
- Jason Kopcak has been appointed Chief Executive Officer by the Board of Directors.
- The Company has entered into a $50 million line of credit agreement with Flagstar Bank FSB ("Flagstar"). As of August 8, 2022, the Company has drawn $40.2 million on the line of Credit.
- The Company repurchased 286,873 shares of its common stock from Putnam Focused Equity Fund, a series of Putnam Trust, at $10.00 per share in July 2022.
- The Company has hired a Head of Sales and leased approximately 7,000 square feet of office space in Tampa, Florida for its Alternative Lending Group and has begun adding staff to originate loans.
“Since AAMC's announcement of starting its Alternative Lending Group in March 2022, the entire management team has been focused on getting the lending operations off the ground," said Jason Kopcak, Chief Executive Officer. "We believe we are headed in the right direction and the line of credit with Flagstar is an integral component of our business plan."
Second Quarter 2022 Financial Results
AAMC’s net loss to common shareholders for the second quarter of 2022 was $(4.1) million compared to net income of $2.2 million for the same period in 2021. Diluted earnings per share was $(2.00) for the quarter, compared to $1.01 for the same period in 2021.
About AAMC
AAMC is an alternative lending company that provides liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders such as Crypto-ATMs.
Additional information is available at www.altisourceamc.com.
Enterprising Investor
2 years ago
Altisource Asset Management Corporation Announces Investor Call (8/08/22)
CHRISTIANSTED, U.S. Virgin Islands, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation (NYSE: AAMC) (the “Company”) announced today that it would hold a conference call on Thursday, August 11, 2022 at 8:30 a.m. EST to discuss the firm’s business plan and outlook in a presentation to be issued at approximately 7:30 a.m. EST. The presentation will also be available on the firm's website, https://www.altisourceamc.com.
Members of the public who would like to listen to the conference call should dial 1-888-221-3881 (in the U.S.) and +1 646-828-8193 (outside the U.S.) and reference confirmation passcode number 4941688. Listeners should call at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company’s website, https://www.altisourceamc.com. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the Company’s website or by dialing +1 888-203-1112 (in the U.S.) or +647-436-0148 (outside the U.S.) passcode number 4941688 beginning approximately two hours after the event.
Please direct any questions regarding obtaining access to the conference call to AAMC Investor Relations, via email, at IR@AltisourceAMC.com.
About AAMC
AAMC is an alternative lending company that provides liquidity and capital to under-served markets. The Company also continue to assess opportunities of potential long-term benefit to shareholders such as Crypto-ATMs. Additional information is available at www.altisourceamc.com.
https://www.globenewswire.com/news-release/2022/08/08/2493886/24694/en/Altisource-Asset-Management-Corporation-Announces-Investor-Call.html
Enterprising Investor
2 years ago
Altisource Asset Management Corporation Announces Line of Credit (8/04/22)
Altisource Asset Management Corporation (NYSE: AAMC) announced today that it entered into an agreement for a $50 million line of credit with Flagstar Bank FSB, a federal savings bank.
“This line of credit gives the Company access to capital to continue to grow and develop our alternative lending platform,” said Chief Executive Officer, Jason Kopcak. “The management team’s efforts in building the company’s operations will be greatly enhanced as we proceed with our ongoing correspondent loan acquisitions and the launch of our new origination platform from a 7,000 square foot office space in Tampa, Florida.”
About AAMC
AAMC is an alternative lending company that provides liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders such as Crypto-ATMs. Additional information is available at www.altisourceamc.com.
Enterprising Investor
2 years ago
Altisource Asset Management Corporation Announces Repurchase of Common Stock (7/22/22)
CHRISTIANSTED, U.S. Virgin Islands, July 22, 2022 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation (NYSE: AAMC) announced today that it purchased 286,873 shares of its common stock from Putnam Focused Equity Fund, a series of Putnam Funds Trust, at $10 per share.
"This is a unique opportunity for the company to purchase its common stock below its trading price, which we believe provides excellent value to our shareholders," said Chief Executive Officer Jason Kopcak. "This transaction reflects our confidence in the new direction of the firm and we look forward to updating our shareholders and the market on recent developments in our business."
About AAMC
AAMC is an alternative lending company that provides liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders such as our Crypto-ATMs. Additional information is available at www.altisourceamc.com.
https://www.globenewswire.com/news-release/2022/07/22/2484444/0/en/Altisource-Asset-Management-Corporation-Announces-Repurchase-of-Common-Stock.html
Enterprising Investor
2 years ago
Altisource Asset Management Corporation Announces Appointment of CEO (7/06/22)
CHRISTIANSTED, U.S. Virgin Islands, July 06, 2022 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) today announced that the Board of Directors (the “Board”) has appointed Jason Kopcak as the Chief Executive Officer of the Company and as a member of the Board. Prior to his appointment, Mr. Kopcak had been the President and Chief Operating Officer of the Company. The Board also appointed current director John P. de Jongh, Jr. as Chairman of the Board. Mr. de Jongh, Jr. had previously been interim Chairman of the Board.
“The Board is pleased to announce the appointment of Jason as Chief Executive Officer and as a member of the Board. Jason’s vision of a new AAMC has impressed the Board and we look forward to he and the senior management team continuing to build out our new alternative lending business and assess other opportunities,” said John P. de Jongh, Jr., Chairman of the Board of AAMC.
“I appreciate the Board’s confidence in appointing me Chief Executive Officer and a member of the Board. I look forward to working with the Board even more closely in the future as we develop the Company’s alternative lending platform. The Board and I are excited about the new businesses for AAMC and believe we are in a strong position to succeed in these areas and provide value to our shareholders,” said Jason Kopcak, Chief Executive Officer.
About AAMC
AAMC is an alternative lending company that provides liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders such as our Crypto-ATMs. Additional information is available at www.altisourceamc.com.
https://www.globenewswire.com/news-release/2022/07/06/2475466/24694/en/Altisource-Asset-Management-Corporation-Announces-Appointment-of-CEO.html
Enterprising Investor
3 years ago
Altisource Asset Management Corporation Reports First Quarter 2022 Result (4/22/22)
Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) today announced financial and operating results for the first quarter of 2022.
First Quarter 2022 Highlights and Recent Developments
The Company announced the creation of the Alternative Lending Group (“ALG”) and approved an initial equity capital commitment of up to $40 million for the purchase and origination of alternative mortgage loans. The Company acquired a total commitment amount of $18.5 million in loans, of which $17.8 million was outstanding at March 31, 2022.
As of March 31, 2022, AAMC’s cash position was $54.3 million, which is net of the $17.8 million spent for the acquired loans.
The Company intends to bring a lawsuit against our former director, Nathaniel Redleaf, and Luxor Capital Group, LP and certain of its funds and managed accounts (collectively, “Luxor”), for among other things, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and breach of contract. The Company has taken steps to facilitate the filing of this lawsuit.
The Company has hired Jason Kopcak as President and Chief Operating Officer to lead ALG, among other responsibilities and is expected to join AAMC in May 2022. Mr. Kopcak was most recently at Morgan Stanley, joining in September 2018 as an Executive Director with Morgan Stanley’s residential mortgage team within Global Capital Markets. Prior to Morgan Stanley, Mr. Kopcak worked at Nomura, a global financial services group, from May 2012 until September 2018 in a similar capacity.
The Company also secured a right of first refusal with the technology company, ForumPay, to deploy crypto-enabled ATMs/Kiosks worldwide. AAMC has earmarked up to $2.0 million initially to fund both the acquisition of ATMs and build the operational capabilities of the business line.
The Company entered into a settlement agreement with two institutional investors of its Series A preferred shares. The Company paid the institutional investors approximately $665 thousand in cash in exchange for 5,788 Series A shares ($5.79 million of liquidation preference) and recognized a gain of approximately $5.1 million to Additional paid in capital in the first quarter of 2022.
“After a challenging 2021, management of the Company has established a strong foundation for its future growth,” stated Thomas K. McCarthy, Interim Chief Executive Officer, “and we are extremely fortunate to have hired Mr. Kopcak and expect with his expertise that we can execute on the ALG business plan in the form of bottom line profits while managing risk.”
First Quarter 2022 Financial Results
AAMC’s net loss to common shareholders for the first quarter of 2022 was $(3.7) million compared to net income of $5.9 million for the same period in 2021. Due to a $5.1 million gain on settlement of preferred shares, which was recorded directly to equity, but is included in the numerator of our earnings per share calculations, diluted earnings per share was $0.66 for the quarter, compared to $37.41 for the same period in 2021 which also included a $71.9 million gain on settlement of preferred shares.
About AAMC
AAMC is an alternative lending company that provides liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders such as our Crypto-ATMs
Additional information is available at www.altisourceamc.com.
https://www.globenewswire.com/news-release/2022/04/22/2427381/0/en/Altisource-Asset-Management-Corporation-Reports-First-Quarter-2022-Results.html
Enterprising Investor
3 years ago
Altisource Asset Management issues a response to Joshua Horowitz/Palm Global Small Cap Master Fund LP letter (1/26/22)
January 26, 2022
Joshua S. Horowitz
c/o Palm Global Small Cap Master Fund LLC
19 West Elm Street
Greenwich, CT 06830
Dear Mr. Horowitz,
We are in receipt of your letter dated January 24, 2022 and appreciate feedback from our shareholders. As the Company has previously disclosed, we continue to review a number of potential acquisition and merger targets. The Company also engaged the services of an investment bank, Cowen and Company, LLC, and the law firm, Norton Rose Fulbright, LLP, to assist us in identifying and reviewing potential acquisition and merger opportunities. We appreciate the significance of the trading halt to shareholders and we have been in ongoing communication with representatives of the NYSE about the trading halt. Having said that, at this time we are not in a position to provide an update, but rest assured we will provide an update to our shareholders as soon as we can.
Thank you,
/s/ John P. de Jongh, Jr.
John P. de Jongh, Jr.
Interim Chairman of the Board
CC: Ricardo C. Byrd
John A. Engerman
Thomas McCarthy
Altisource Asset Management Corporation, 5100 Tamarind Reef, Christiansted, USVI 00820 www.altisourceamc.com
https://www.sec.gov/Archives/edgar/data/1555074/000155507422000010/ex991aamcshareholderltrres.htm
Enterprising Investor
3 years ago
Additional Proxy Soliciting Materials - Non-management (1/24/22)
Joshua S. Horowitz
c/o Palm Global Small Cap Master Fund LP
19 West Elm Street
Greenwich, CT 06830
Altisource Asset Management Corporation
5100 Tamarind Reef
Christiansted, U.S. Virgin Islands 00820
Attn: The Board of Directors
Mr. John P. de Jongh, Jr.
Mr. Ricardo C. Byrd
Mr. John A. Engerman
January 24, 2022
Dear Mr. de Jongh Jr., Mr. Byrd, and Mr. Engerman,
Together with Palm Global Small Cap Master Fund LP, we are the beneficial holders of 42,200 shares of AAMC (“The Company”).
We have watched AAMC for several years before making our first investment. We were encouraged by many of the changes that we saw at the Company, including the sale of the Front Yard assets and the company’s publicly stated intentions to create an asset management platform. The Company’s recent legal settlements with its Series A Convertible Preferred Stockholders, some of whom are large, sophisticated asset managers, also appeared to be promising. After years of decline in shareholder value, the Company finally looked to be on solid footing.
In light of this progress, we were surprised by the Company’s November 30, 2021 disclosure that the New York Stock Exchange (the “NYSE”) notified the Company that it was halting trading in the Company’s common stock as it had regulatory concerns about the Company’s compliance with the NYSE American’s continued listing standards.
While some public companies fall out of compliance with major exchanges from time to time, we have never experienced a situation quite like this. The lack of investor communication, failure to articulate a plan to regain compliance, and sheer complacency that our securities can go weeks upon weeks without trading is unacceptable. We are prepared and willing to step in, including by adding members to the Company’s Board of Directors, to help in preparing and implementing a plan in order for the Company to regain compliance with the stock exchange listing standards and otherwise help move a plan forward for shareholders.
Warm Regards,
Joshua S. Horowitz
Palm Global Small Cap Master Fund LP
Palm Management (US) LLC and Palm Global Small Cap Master Fund LP (collectively, “Palm Global”) intend to make a filing with the Securities and Exchange Commission (the “SEC”) of a proxy statement and accompanying proxy card to solicit votes for the election of director nominees at the 2022 annual meeting of shareholders of Altisource Asset Management Corporation (“AAMC” or the “Company”).
---
Palm Global Small Cap Master Fund LP directly and beneficially owns 39,500 shares of common stock of the Company. Palm Management (US) LLC, which is the investment manager of Palm Global Small Cap Master Fund LP, Bradley C. Palmer, who is a principal of Palm Management (US) LLC, and Joshua S. Horowitz, who is a portfolio manager at Palm Management (US) LLC, may be deemed to beneficially own these shares. Mr. Horowitz also directly holds 2,700 shares of common stock of the Company.
Palm Management (US) LLC and Palm Global Small Cap Master Fund LP, their control persons and their nominees to the AAMC board will be the participants in this proxy solicitation. Information regarding the participants and their interests in the solicitation will be included in the Palm Global’s proxy statement and other materials filed with the SEC. SHAREHOLDERS OF THE COMPANY SHOULD READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS CAREFULLY AND IN THEIR ENTIRETY AS THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION RELATING TO THE ANNUAL MEETING AND PALM GLOBAL’S NOMINEES TO THE BOARD AND SOLICITATION OF PROXIES. THESE PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE AT WWW.SEC.GOV OR FROM PALM GLOBAL AT (203) 302-7000.
https://www.sec.gov/Archives/edgar/data/1555074/000110465922006722/tm224185-1_dfan14a.htm
Enterprising Investor
3 years ago
Altisource Asset Management Corporation Announces Settlement with Series A Preferred Stockholders (1/07/21)
CHRISTIANSTED, U.S. Virgin Islands, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) today announced that it had entered into a settlement agreement (the “Settlement Agreement”) with two institutional investors related to the Company’s Series A Convertible Preferred Stock (the “Series A Shares”). Under the Settlement Agreement, the Company has agreed to pay the institutional investors approximately $665 thousand in cash in exchange for $5.79 million of liquidation preference of the Company’s Series A Shares (11.5 cents per dollar liquidation amount of the Series A Shares). As a result of this settlement, the Company estimates that it will recognize a gain of approximately $5.1 million to additional paid in capital in the first quarter of 2022. The resulting outstanding remaining liquidation preference of Series A Shares will be approximately $144.2 million, which represents the entire Luxor Funds position
Mr. Thomas K. McCarthy, Interim Chief Executive Officer, stated, “The Company is pleased to announce another settlement related to our Series A Preferred Stock with institutional investors under similar financial terms as our previous agreements with Putnam and Wellington. The Company has now settled with all holders of our Series A Preferred Stock other than the Luxor Funds. This third settlement agreement reinforces the Company’s position in its ongoing litigation against the Luxor Funds that has been previously disclosed in our public filings.”
About AAMC
AAMC has historically been an asset management company that provides portfolio management and corporate governance services to investment vehicles but given the sale and discontinuance of certain operations the Company is in the process of repositioning itself. Additional information is available at www.altisourceamc.com.
https://www.globenewswire.com/news-release/2022/01/07/2363201/24694/en/Altisource-Asset-Management-Corporation-Announces-Settlement-with-Series-A-Preferred-Stockholders.html
stocktrademan
9 years ago
$AAMC recent news/filings
bearish 17.50
## source: finance.yahoo.com
Mon, 09 Nov 2015 18:54:15 GMT ~ Edited Transcript of AAMC earnings conference call or presentation 9-Nov-15 3:00pm GMT
read full: http://finance.yahoo.com/news/edited-transcript-aamc-earnings-conference-185415598.html
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Mon, 09 Nov 2015 15:00:00 GMT ~ Altisource Asset Management Corp Earnings Call scheduled for 10:00 am ET today
read full: http://biz.yahoo.com/cc/9/148709.html
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Mon, 09 Nov 2015 14:11:36 GMT ~ Altisource reports 3Q loss
read full: http://sg.finance.yahoo.com/news/altisource-reports-3q-loss-141136586.html
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Mon, 09 Nov 2015 14:11:36 GMT ~ Altisource reports 3Q loss
read full: http://finance.yahoo.com/news/altisource-reports-3q-loss-141136110.html
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Mon, 09 Nov 2015 13:47:03 GMT ~ ALTISOURCE ASSET MANAGEMENT CORP Files SEC form 8-K, Results of Operations and Financial Condition, Financial Stateme
read full: http://biz.yahoo.com/e/151109/aamc8-k.html
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$AAMC charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$AAMC company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/AAMC/company-info
Ticker: $AAMC
OTC Market Place: Not Available
CIK code: 0001555074
Company name: Altisource Asset Management Corp
Company website: http://www.altisourceamc.com
Incorporated In: VI, USA
Business Description: The Company will provide asset management and corporate governance services to Altisource Residential Corporation (\"Residential\"). Residential will be a REIT that was recently formed to acquire and own single-family rental assets. Residential has applied to have its stock listed on the New York Stock Exchange.
$AAMC share structure
## source: otcmarkets.com
Market Value: $38,630,532 a/o Nov 13, 2015
Shares Outstanding: 2,207,459 a/o Jul 31, 2015
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.01
$AAMC extra dd links
Company name: Altisource Asset Management Corp
Company website: http://www.altisourceamc.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=AAMC+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=AAMC+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=AAMC+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/AAMC/news - http://finance.yahoo.com/q/h?s=AAMC+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/AAMC/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/AAMC/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=AAMC+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/AAMC
DTCC (dtcc.com): http://search2.dtcc.com/?q=Altisource+Asset+Management+Corp&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Altisource+Asset+Management+Corp
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Altisource+Asset+Management+Corp&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.altisourceamc.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.altisourceamc.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.altisourceamc.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/AAMC
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001555074&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/AAMC/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/AAMC/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=AAMC&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=AAMC
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/AAMC/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=AAMC+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=AAMC+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=AAMC
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=AAMC
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=AAMC+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/AAMC/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=AAMC+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/AAMC.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=AAMC
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/AAMC/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/AAMC/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/AAMC
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/AAMC
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/AAMC:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=AAMC
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=AAMC
$AAMC DD Notes ~ http://www.ddnotesmaker.com/AAMC
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