{"id":3850,"date":"2024-03-06T15:15:44","date_gmt":"2024-03-06T20:15:44","guid":{"rendered":"https:\/\/www.profitless.com\/?p=3850"},"modified":"2024-03-07T17:37:19","modified_gmt":"2024-03-07T22:37:19","slug":"mnuchin-liberty-strategic-capital-come-to-the-rescue-of-nycb","status":"publish","type":"post","link":"https:\/\/www.profitless.com\/?p=3850","title":{"rendered":"Mnuchin &#038; Liberty Strategic Capital come to the rescue of NYCB"},"content":{"rendered":"\n<p>The news on NYCB just keeps coming today, and it appears as if it&#8217;s <a href=\"https:\/\/www.profitless.com\/nycb-stock-tanks-after-wsj-report\/\">fundraising round<\/a> was successful. The cash-strapped bank has just issued a <a href=\"https:\/\/www.prnewswire.com\/news-releases\/new-york-community-bancorp-inc-announces-over-1-billion-equity-investment-anchored-by-former-us-treasury-secretary-steven-mnuchins-liberty-strategic-capital-hudson-bay-and-reverence-capital-302081963.html\" target=\"_blank\" rel=\"noreferrer noopener\">press release<\/a> and it appears Steve Mnuchin and a consortium consisting of Liberty Strategic Capital,&nbsp;Hudson Bay Capital&nbsp;and&nbsp;Reverence Capital Partners has come to the rescue with a $1bil cash infusion.<\/p>\n\n\n\n<p>Some terms of the deal include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reduction of the board size to 9-members (from 15 <a href=\"https:\/\/ir.mynycb.com\/about-us\/officer-and-director-profiles\/default.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">according to its website<\/a>)<\/li>\n\n\n\n<li>Addition of Mnuchin and Joseph Otting to the board<\/li>\n\n\n\n<li>Otting will become CEO (replacing Alessandro DiNello who was installed last week)<\/li>\n<\/ul>\n\n\n\n<p>Shares have rebounded and are now up ~5% on the day, which has to help offset <a href=\"https:\/\/www.profitless.com\/cnbc-talking-head-jenny-harrington-is-holding-the-bag-on-nycb-losses\/\"><em>some<\/em> of Jenny Harrington&#8217;s losses on the stock<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized is-style-default\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"441\" src=\"https:\/\/www.profitless.com\/wp-content\/uploads\/2024\/03\/nycb-chart-1024x441.png\" alt=\"NYCB Chart\" class=\"wp-image-3855\" style=\"width:490px;height:auto\" title=\"NYCB Chart\" srcset=\"https:\/\/www.profitless.com\/wp-content\/uploads\/2024\/03\/nycb-chart-1024x441.png 1024w, https:\/\/www.profitless.com\/wp-content\/uploads\/2024\/03\/nycb-chart-300x129.png 300w, https:\/\/www.profitless.com\/wp-content\/uploads\/2024\/03\/nycb-chart-768x330.png 768w, https:\/\/www.profitless.com\/wp-content\/uploads\/2024\/03\/nycb-chart.png 1134w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The news on NYCB just keeps coming today, and it appears as if it&#8217;s fundraising round was successful. The cash-strapped bank has just issued a press release and it appears Steve Mnuchin and a consortium consisting of Liberty Strategic Capital,&nbsp;Hudson Bay Capital&nbsp;and&nbsp;Reverence Capital Partners has come to the rescue with a $1bil cash infusion. Some [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[91,85],"tags":[94],"class_list":{"0":"post-3850","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-debt","7":"category-mergers-and-acquisitions","8":"tag-nycb"},"acf":{"sources":null},"_links":{"self":[{"href":"https:\/\/www.profitless.com\/index.php?rest_route=\/wp\/v2\/posts\/3850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.profitless.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.profitless.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.profitless.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.profitless.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3850"}],"version-history":[{"count":3,"href":"https:\/\/www.profitless.com\/index.php?rest_route=\/wp\/v2\/posts\/3850\/revisions"}],"predecessor-version":[{"id":3929,"href":"https:\/\/www.profitless.com\/index.php?rest_route=\/wp\/v2\/posts\/3850\/revisions\/3929"}],"wp:attachment":[{"href":"https:\/\/www.profitless.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.profitless.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.profitless.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}