DealVector in AB Alert – Thanks!

Mike and DealVector were mentioned in the recent Asset-Backed Alert article discussing TruPs holders and the American Bancorporation involuntary bankruptcy. Appreciate also the Broadway mention. Here is our bit:

“’The two sides can have very different views on how distressed the banks are, whether they can pay or are just welshing out on their responsibilities,’ DealVector co-founder Mike Manning said. “This may prove to be a test case of whether putting an institution through bankruptcy is really the best option when it comes to recoveries or whether something else might be possible.’

DealVector, which operates a service that aims to foster connections among various market participants, has been increasing its marketing efforts in recent weeks — telling Trups issuers that it could help them head off legal disputes by contacting and negotiating with investors. On March 4, for example, investors in a First Tennessee CDO called Preferred Term Securities 8 agreed to allow Broadway Financial of Los Angeles to delay the maturities of its Trups by 10 years, to 2024. In exchange, Broadway pledged to raise $6 million of fresh capital and pay some $650,000 of deferred interest and up to 15% of the principal remaining on its securities up-front.”

Thanks ABAlert!