GCG Provides October 14, 2014 Notice Regarding the Proposed RMBS Settlement
(Thomson Reuters ONE) -
LAKE SUCCESS, N.Y., Oct. 24, 2014 (GLOBE NEWSWIRE) -- The following statement is
being issued by GCG regarding the proposed RMBS Settlement.
NOTICE OF A JUDICIAL INSTRUCTION PROCEEDING IN CONNECTION WITH THE ACCEPTANCE OF THE
SETTLEMENT AGREEMENT WITH JPMORGAN
NOTICE IS HEREBY GIVEN TO THE HOLDERS OF CERTIFICATES, NOTES OR OTHER SECURITIES OF
THE RESIDENTIAL MORTGAGE-BACKED SECURITIZATION TRUSTS AND LOAN GROUPS (THE
"CERTIFICATEHOLDERS") IDENTIFIED IN EXHIBIT A HERETO (THE "OCTOBER 1 ACCEPTING
TRUSTS") AND OTHER PERSONS POTENTIALLY INTERESTED IN THE OCTOBER 1 ACCEPTING TRUSTS.
THE ACCEPTANCE OF THE SETTLEMENT AGREEMENT COULD MATERIALLY AFFECT THE INTERESTS OF
THE CERTIFICATEHOLDERS.
NOTICE IS HEREBY GIVEN TO THE CERTIFICATEHOLDERS BY:
LAW DEBENTURE TRUST COMPANY OF NEW YORK
U.S. BANK NATIONAL ASSOCIATION
WELLS FARGO BANK, NATIONAL ASSOCIATION
WILMINGTON TRUST, NATIONAL ASSOCIATION
EACH, IN ITS CAPACITY AS TRUSTEE, SEPARATE TRUSTEE, AND/OR SUCCESSOR TRUSTEE OF THE
OCTOBER 1 ACCEPTING TRUSTS (THE "OCTOBER 1 ACCEPTING TRUSTEES"). CUSIP NUMBERS TO
WHICH THIS NOTICE RELATES MAY BE FOUND AT:
HTTP://WWW.RMBSTRUSTEESETTLEMENT.COM/LIST_OF_RMBS_TRUSTS.PDF.
Dated: October 14, 2014
This notice ("Notice") is given to you by the October 1 Accepting Trustees and
relates to the RMBS Trust Settlement Agreement entered into as of November 15, 2013
and modified as of July 29, 2014 (the "Settlement" or "Settlement Agreement"), by a
group of twenty-one (21) institutional investors and JPMorgan Chase & Co. and its
direct and indirect subsidiaries, which is available at:
http://www.rmbstrusteesettlement.com/docs/Modified_Proposed_Settlement_Agreement.pdf.
Capitalized terms used in this Notice and not otherwise defined have the meanings
assigned to them in the Settlement Agreement.
On August 1, 2014, certain of the Accepting Trustees (the "August 1 Accepting
Trustees") accepted the Settlement on behalf of certain residential mortgage-backed
securitization trusts and loan groups within such trusts (the "August 1 Accepting
Trusts") for which they respectively serve as trustee, indenture trustee, separate
trustee, and/or successor trustee, subject to Final Court Approval. On August
3, 2014, the August 1 Accepting Trustees filed a petition seeking judicial approval
of their decision to accept the Settlement on behalf of the August 1 Accepting Trusts
and commenced a judicial instruction proceeding pursuant to CPLR § 7701, In the
matter of the application of U.S. Bank National Association, et al. (Index No.
652382/2014) (the "Article 77 Proceeding"), in the Supreme Court of the State of New
York, County of New York (the "Court").
On October 1, 2014, the October 1 Accepting Trustees accepted the Settlement on
behalf of the October 1 Accepting Trusts, subject to Final Court Approval. Under the
terms of the Settlement, the October 1 Accepting Trustees are now Accepting Trustees
with respect to the October 1 Accepting Trusts.
On October 2, 2014, the Accepting Trustees (including the August 1 Accepting Trustees
and the October 1 Accepting Trustees) filed with the Court an amended petition
("Amended Petition") adding the October 1 Accepting Trusts (together with the August
1 Accepting Trusts, the "Accepting Trusts") to the Article 77 Proceeding. In the
Article 77 Proceeding, the Accepting Trustees are seeking a judgment that the
Accepting Trustees' acceptance of the Settlement on behalf of the Accepting Trusts
was a reasonable and good faith exercise of the Accepting Trustees' authority under
the applicable transaction documents governing the Accepting Trusts, and barring
holders of certificates, notes or other securities of the Accepting Trusts from
asserting claims against the Accepting Trustees with respect to the Accepting
Trustees' evaluation and acceptance of the Settlement and implementation of the
Settlement in accordance with its terms.
The Court has issued an order providing, among other things, that anyone having an
interest in the Accepting Trusts (including the October 1 Accepting Trusts) show
cause before the Court at IAS Part 60, to be held at the Courthouse, 60 Centre
Street, New York, New York, on the 16th day of December, 2014, at 10:00 a.m., or as
soon thereafter as counsel may be heard, why an order should not be issued, pursuant
to CPLR § 7701, granting judgment in favor of the Accepting Trustees (including the
October 1 Accepting Trustees) in their respective capacities as trustees, indenture
trustees, separate trustees, and/or successor trustees for the Accepting Trusts
(including the October 1 Accepting Trusts), on the Amended Petition. The Court's
order further provides that, except for good cause shown, no person shall be heard
and nothing submitted by any person shall be considered by the Court in objection to
the Settlement unless a written notice of intention to appear along with a statement
of such person's objection to any matters before the Court and the grounds therefor,
as well as all documents such person desires the Court to consider, shall be filed
with the Court and served upon counsel for the Accepting Trustees (including the
October 1 Accepting Trustees) and counsel for any other petitioner(s) or person who
has been granted leave to intervene, on or before November 3, 2014.
Additional details regarding the Article 77 Proceeding, as well as a longer form of
this Notice and certain other relevant notices and information, are available at:
http://www.rmbstrusteesettlement.com/index.php.
EXHIBIT A
List of October 1 Accepting Trusts
Accepted subject to Final Court Approval in a judicial instruction proceeding as set
forth in Section 2.03(c) of the Settlement Agreement.
Unless otherwise indicated, acceptance is with respect to all loan groups or sub-loan
groups, if applicable, of a particular trust.
U.S. Bank National Association, as Trustee
BSABS 2007-HE4, Loan Group I only
BSMF 2006-SL2
BSMF 2006-SL3
BSMF 2006-SL4
BSMF 2006-SL6
BSMF 2007-SL1, Group 2 only
BSMF 2007-SL2
JPMAC 2006-HE3, Group 2 only
JPMAC 2006-WF1
Wells Fargo Bank, National Association, as Trustee
Law Debenture Trust Company of New York, as Separate Trustee
BSMF 2007-AR1, Loan Group II
Wilmington Trust, National Association
BALTA 2006-5, Group I
BALTA 2006-8, Groups I & II
BALTA 2007-1, Group I
BSAAT 2007-1, Groups I & II
SACO 2006-9
SACO 2006-10
SACO 2006-12, Group I
SAMI 2007-AR7, Groups I & II
CONTACT: Media Contact(s): Lael Dowd, GCG, 703.447.4920
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: GCG via GlobeNewswire
[HUG#1864677]
Unternehmensinformation / Kurzprofil:
Datum: 24.10.2014 - 15:00 Uhr
Sprache: Deutsch
News-ID 346809
Anzahl Zeichen: 7886
contact information:
Town:
Lake Oswego, OR
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 214 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"GCG Provides October 14, 2014 Notice Regarding the Proposed RMBS Settlement"
steht unter der journalistisch-redaktionellen Verantwortung von
GCG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
