Fir Tree Partners Commences Cash Tender Offer For Certain Residential Mortgage-Backed Securities Subject To The Proposed $4.5

    Fir Tree Partners Commences Cash Tender Offer For Certain Residential
Mortgage-Backed Securities Subject To The Proposed $4.5 Billion JPMorgan Chase
                               RMBS Settlement

PR Newswire

NEW YORK, Jan. 22, 2014

NEW YORK, Jan. 22, 2014 /PRNewswire/ -- Fir Tree Partners, a private
investment firm, through its affiliate FT RMBS, LLC, today commenced a cash
tender offer for certain Residential Mortgage-Backed Securities ("RMBS") that
are subject to the proposed $4.5 billion JPMorgan Chase/Institutional Investor
RMBS Settlement announced last November (the "JPM Settlement").

RMBS Trusts Subject to the Fir Tree Offer
SACO 2006-3 SACO 2006-5   SACO 2006-6
SACO 2007-2 BSMF 2006-SL1 JPMAC 2006-WMC4

"We believe Fir Tree is offering a better recovery with a more certain payment
outcome on a much faster timeline for the RMBS subject to our tender than the
proposed JPM Settlement," said Clinton Biondo, a managing director at Fir Tree
Partners. "Holders will get their money now rather than waiting for the
settlement pay-out, which could potentially take months or years, if it
happens at all."

All of the RMBS trusts subject to Fir Tree's tender offer are involved in
active litigations against JPMorgan for breaches of representations and
warranties made by JPMorgan regarding the credit quality and characteristics
of the loans it sold to these trusts. Fir Tree funds are currently acting as
directing holders in all of these litigations except that involving the JPMAC
2006-WMC4 trust. Fir Tree intends to seek to continue these litigations, and
to exclude all of the RMBS subject to its tender offer from the JPM
Settlement, irrespective of the outcome of the tender offer.

"For the RMBS subject to our tender, our offer is a current, fixed alternative
to the 'to-be-determined' JPM Settlement that may or may not occur at some
future time," Biondo said. "Our offer gives holders an opportunity to
exchange the uncertainty of future actions for the certainty of a fixed
payment that we believe is higher than the recovery under the current proposed
JPM Settlement. We urge holders to make their own decision based on their own
evaluation of available information."

The tender offer is scheduled to expire at 11:59pm EST on February 19, 2014,
unless the offer is extended. The full terms, conditions and other details of
the offer are set forth in the Offer to Purchase. Holders of the RMBS listed
above should contact Chip Wheeler of Sea Port Group Securities, LLC, the
dealer-manager for the offer, at (305) 695-2000 or
cwheeler@theseaportgroup.com for more information and to request a copy of the
Offer to Purchase.

About Fir Tree Partners
Fir Tree Partners, founded in 1994 and located in New York, NY (HQ) and Miami,
FL, is a private investment firm, which manages assets on behalf of leading
endowments, foundations, public and private pension funds and other
institutional and private investors. Fir Tree invests worldwide in public and
private companies and real estate across a wide variety of sectors and
securities.

SOURCE Fir Tree Partners

Contact: Scott Tagliarino or Katrina Allen, ASC Advisors LLC, (203) 992-1230
 
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