ORIGEN FINANCIAL, INC.
W. Anderson Geater Han Huie
Chief Financial Officer (312) 981-8542 (248) 746-7010 hhuie@mww.com
a real estate investment trust, announced that the Letter of Intent ("LOI") between Origen and an affiliate of Mack Real Estate Group ("MREG"), for a proposed transaction pursuant to which MREG and other third parties would have invested additional capital into Origen (as previously disclosed in Origen's press release dated January 20, 2015), has expired and the parties have mutually agreed not to pursue the transaction.
In accordance with Origen's previous plan, it will commence the wind down, dissolution and liquidation process as approved by the stockholders, and disclosed in its press release dated November 13, 2014. Origen also will make an initial distribution on April 23, 2015 of $1.50 per share to its stockholders of record as of April 13, 2015, retaining approximately $6.2 million for expected dissolution and wind down costs and expenses and contingencies. Depending on the actual cost of estimated wind down expenses, Origen may make one or more additional interim distributions of excess cash to stockholders prior to completing liquidation. Upon completion of liquidation, Origen will distribute remaining cash, if any, to stockholders.
Origen is an internally managed and internally advised company that has elected to be taxed as a real estate investment trust. Origen is based in Southfield, Michigan.
For more information about Origen, please visit www.origenfinancial.com.
This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Origen intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate" and similar expressions identify these forward-looking statements. These forward- looking statements reflect Origen's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties may cause Origen's actual results or distributions to stockholders to be materially different from any future results or distributions expressed or implied by such forward-looking statements. In addition, as reported in this press release, Origen is undergoing a liquidation, which injects considerable uncertainty beyond risks associated with a continuing business enterprise. The forward-looking statements contained in this press release speak only as of the date hereof and Origen expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in Origen's expectations or future events.
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