FBR Group's (FBR) Mortgage Unit First NLC Files for Chapter 11
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Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) today announced that, as expected, First NLC Financial Services, LLC ("FNLC"), FBR Group's mortgage origination subsidiary, has filed a voluntary petition for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in order to effectuate an orderly liquidation of FNLC's assets. FNLC's intent to file for Chapter 11 was announced on January 11, 2008. The filing was made in the United States Bankruptcy Court for the Southern District of Florida, West Palm Beach Division.
Paul Steven Singerman of Berger Singerman serves as lead bankruptcy counsel to FNLC. Peter Partee of Hunton & Williams LLP serves as lead counsel to FBR Group in connection with FNLC's bankruptcy.
Friedman, Billings, Ramsey Group, Inc. invests in mortgage-related assets, merchant banking opportunities and is the majority owner of FBR Capital Market Corporation, a separate publicly traded company.
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