8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934



 

January 14, 2008

Date of Report (Date of earliest event reported)

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

(Exact Name of Registrant as Specified in its Charter)



 

Virginia

(State or Other Jurisdiction of Incorporation)

000-50230 54-1873198

(Commission File Number)                                                                                                        (IRS Employer Identification No.)

1001 Nineteenth Street North
Arlington, VA 22209

(Address of Principal Executive Office) (Zip Code)

 

(703) 312-9500

(Registrant's Telephone Number, Including Area Code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     Soliciting material pursuant to Rule 14a12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8 .0 1 Other Events.

On January 11, 2008, Friedman, Billings, Ramsey Group, Inc. (“FBR”) issued a press release announcing that First NLC Financial Services, LLC, FBR’s mortgage origination subsidiary, will liquidate its assets and file a voluntary petition for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code. A copy of the press release is furnished herewith and attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

Exhibit.
99.1	Friedman, Billings, Ramsey Group, Inc. Press Release dated January 11, 2008 .

     SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	Friedman, Billings, Ramsey Group, Inc.
Date: January 14, 2008	By:	/s/ Eric F. Billings Eric F. Billings Chairman and Chief Executive Officer

EX-99.1

Contacts:

Investors: Paul Beattie 703.312.9673 or pbeattie@fbr.com

Media: Lauren Burk 703.469.1004 or lburk@fbr.com
 

First NLC to Liquidate

Recapitalization and Sale of FNLC Not to Close

ARLINGTON, VA, January 11, 2008 – Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) ("FBR Group") today announced that First NLC Financial Services, LLC (“FNLC”), FBR Group’s mortgage origination subsidiary, will liquidate its assets as a result of the continued deterioration of the non-prime market. To effectuate its orderly liquidation, First NLC will file a voluntary petition for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code. FNLC’s senior secured lender supports the orderly wind-down of FNLC’s business.
 

In addition, FBR Group announced that it would not close the previously disclosed recapitalization and sale of FNLC. As previously disclosed, FBR Group has taken steps to limit its ongoing exposure to FNLC. In connection with the expected Chapter 11 filing, FBR Group does not expect to recover its remaining $12 million investment in FNLC.

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. (FBR) provides investment banking*, merger and acquisition advisory services*, institutional brokerage*, research*, asset management and private wealth services through majority ownership of FBR Capital Markets Corporation (FBR Capital Markets). FBR Capital Markets focuses capital and financial expertise on eight industry sectors: consumer, diversified industrials, energy & natural resources, financial institutions, healthcare, insurance, real estate, and technology, media & telecom. FBR Group also invests in mortgage-related assets and merchant banking opportunities. FBR is headquartered in the Washington, D.C. metropolitan area with offices in Arlington, VA; Boston; Dallas; Houston; Irvine; New York; San Francisco; London, England; and Sydney, Australia. For more information, please visit www.fbr.com.
 
*Friedman, Billings, Ramsey & Co., Inc.
 

Forward-looking Statements
 
This press release contains forward-looking statements. All statements contained in this press release, which are not historical fact, may be considered forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from these forward-looking statements as a result of the risk factors described in the Company's filings with the Securities and Exchange Commission, on forms 10-K and 10-Q. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will in fact transpire. These forward-looking statements represent the Company's judgment only as of the date of this press release. The Company does not have any intention or obligation to update these forward-looking statements.

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