For any new offering of securities, a corporation must file a registration statement with the SEC that contains the following information: A description of the corporation. This includes a concise biography of the officers and directors of the corporation.
It involves the financial stakes of all insiders, the directors and officers (control persons) in the corporation, and a list of anyone holding more than 10% of the corporation’s securities. Complete financial statements.
It shall address the securities are being offered for sale, and how will the money be used. Any legal proceedings that may have a material impact on the company.
An SPE is a de novo entity set up by the tax payer corporation under a LLC subsidiary. In this effort to recapitalize stock, for which the loan is lost to a divestiture of assets, critical information is purposely withheld. A closer inspection into the officers and directors of the corporation would show the reality of a Bank f NY repurchase.
The Financial stakes of all insiders, (control persons) in the corporation, are government related and marks the move for commingling private and public sector housing into government-owned housing. The share holders are investors from domestic capital companies made to wait out the term limits set to recapitalize the housing market. Where the government owns holdings of more than 10% of the corporation’s securities, the securities are used to conduct foreclosure by washing assets .
The government has barred release of the complete financial statement holding the borrowers loan. Securities are now offered for sale demand the sponsors account for how will the money be used. This is argued subject to TARP and short t title.
Enclosed is an analysis of how the Bank of New York, Fannie Mae and Freddie Mac are offering modifications while the title to the fee simple estate and home requires a hedge or bet the borrower will not keep their home.
not an attorney and not intended as legal advice