Municipal Mortgage Discusses SEC Orders and Suspension of Trading
Municipal Mortgage & Equity, LLC (OTC: MMAB) ("MuniMae", "the Company," "we", or "our") filed a Form 8-K with the Securities and Exchange Commission ("SEC") on September 19, 2013 disclosing two orders (the "Orders") issued by the SEC on September 18, 2013 that affect the Company and the trading of its securities. Under its Order of Suspension of Trading, the SEC temporarily suspended trading in the Company's securities from 9:30 a.m., Eastern Time, on September 18, 2013 until 11:59 p.m., Eastern Time, on October 1, 2013. Under the Order Instituting Administrative Proceedings, the SEC commenced an administrative proceeding to determine whether to suspend or revoke the registration of the Company's common shares under Section 12(g) of the Securities Exchange Act of 1934.
Mike Falcone, Chief Executive Officer of the Company, stated "we are working with our attorneys to vigorously address the actions taken by the SEC. We did not have any forewarning that the Orders were going to be issued by the SEC, although we have known that action by the SEC was a possibility and provided disclosure in that regard in our three most recent annual reports. We have worked diligently and expended significant resources during the peak