Franklin Credit Holding Corp. agreed to spin off 80% stake in Franklin Credit Management Corporation to its shareholders on June 4, 2012. The record date was revised from July 6, 2012 to August 2, 2012. The transaction was approved by bankruptcy court on July 18, 2012. Peter J. Lucas of Appel & Lucas, P.C. acted as legal advisor to Franklin Credit Management Corporation. Lisa S. Bonsall and Scott H. Bernstein of Mccarter & English, LLP acted as legal advisor to Franklin Credit Holding Corp.