Consideration Offered for Certain Securities
Insured by Financial Guaranty Insurance
Company (“FGIC”) Revised; Results as of August
10, 2010; Expiration Date Extended to September
14, 2010; Withdrawal Rights Reopened until
August 24, 2010
August 11, 2010 09:23 AM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Sharps SP I LLC (the "Offeror") today announced that the
consideration offered in its offer to exchange residential mortgage-backed securities and asset-backed securities
insured by Financial Guaranty Insurance Company ("FGIC") (collectively, the “Eligible Insured Securities”) has been
revised in significant ways. As under the terms of the original offer, the Offeror is offering to exchange the Eligible
Insured Securities for a combination of cash and certificates generally representing the right to receive distributions of
an amount equal to the principal and interest distributions made on the underlying Eligible Insured Securities without
the benefit of the related existing FGIC insurance policy.
However, under the revised offer, the holders of the certificates also will have the right to a portion of certain
potential litigation and dispute recoveries and certain reimbursement amounts if and when received. In addition,
FGIC will issue a new financial guaranty insurance policy for the benefit of the holders of the certificates guaranteeing
the payment of certain principal and interest shortfalls with respect to the related certificates, subject to certain
conditions and limitations. The policy replaces the surplus notes previously offered, effective immediately.
In conjunction with the revised offer, the Offeror today has issued an amended and restated offer to exchange (the
“Revised Offer to Exchange”). Holders of Eligible Insured Securities should refer to the Revised Offer to Exchange
for the revised terms of the offer and any updated disclosure regarding FGIC. Holders that validly tender their
Eligible Insured Securities prior to the expiration date (includin