NEW YORK, Sept. 28, 2012 /PRNewswire/ -- Fir Tree Partners, an $8 billion private investment firm that has been a major policyholder of the Financial Guaranty Insurance Company ("FGIC") since 2008, praised the company's Plan of Rehabilitation that was filed today by the Superintendent of Financial Services of the State of New York.
"The Superintendent, the New York StateDepartment of Financial Services, and the company deserve full credit for working together to submit a Plan that provides fair and equitable treatment of FGIC's policyholders," said James Walker III, a Managing Partner of the firm. "This is a landmark day for the company and its policyholders."
Clinton Biondo, a Managing Director at Fir Tree said, "By working together we have developed a unique and innovative structure to settle current and future claims, and we have insured that once the Plan becomes effective FGIC will emerge as a stronger insurance company."
Walker and Biondo led the activist efforts at Fir Tree over the past three years that helped create an innovative and strategic alternative that required the support of a diverse number of parties.
On June 28, 2012, Benjamin M. Lawsky, Superintendent of Financial Services of the State of New York, was appointed as the Rehabilitator of FGIC. Yesterday evening, the Rehabilitator filed a proposed Plan of Rehabilitation for FGIC with the Court. The filing of the Plan represents an instrumental public step for the restructuring of FGIC.
About Fir Tree PartnersFir Tree Partners, founded in 1994 and located in New York, NY (HQ) and Miami, FL, is a value-oriented investment manager that manages private investment funds for endowments, charitable and philanthropic foundations, pension funds and other institutional and private investors. Fir Tree manages approximately $8 billion, invested worldwide in public and private companies and real estate across a wide variety of sectors and security types.
SOURCE Fir Tree Partners