-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Na+ZopBiBnJjyXEVWXZzYIP4GoNRoxJxyHHBOnAAB2tEstaySRUn3NtlM+nvOxBU LVR9uMIFVsAdUDJpzR8EIg== 0001275477-08-000040.txt : 20080912 0001275477-08-000040.hdr.sgml : 20080912 20080912155028 ACCESSION NUMBER: 0001275477-08-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080912 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Other Events FILED AS OF DATE: 20080912 DATE AS OF CHANGE: 20080912 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIMINI CAPITAL MANAGEMENT, INC. CENTRAL INDEX KEY: 0001275477 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 721571637 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32171 FILM NUMBER: 081069463 BUSINESS ADDRESS: STREET 1: 3305 FLAMINGO DRIVE CITY: VERO BEACH STATE: FL ZIP: 32963 BUSINESS PHONE: 772 231 1400 MAIL ADDRESS: STREET 1: 3305 FLAMINGO DRIVE CITY: VERO BEACH STATE: FL ZIP: 32963 FORMER COMPANY: FORMER CONFORMED NAME: Opteum Inc. DATE OF NAME CHANGE: 20060217 FORMER COMPANY: FORMER CONFORMED NAME: BIMINI MORTGAGE MANAGEMENT INC DATE OF NAME CHANGE: 20040106 8-K 1 bmnm8k09122008.htm BMNM 8K 09-12-2008 bmnm8k09122008.htm

 

 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  September 10, 2008

Bimini Capital Management, Inc.
(Exact Name of Registrant as Specified in Charter)

Maryland
001-32171
72-1571637
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)

3305 Flamingo Drive, Vero Beach, Florida 32963
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code (772) 231-1400

N/A
(Former Name or Former Address, if Changed Since Last Report)


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 14a-12 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))

 
 
 

 
On September 10, 2008, Mr. Kevin L. Bespolka resigned from the Board of Directors (the “Board”) of Bimini Capital Management, Inc. (the “Company”).  Mr. Bespolka resigned due to the pressure of other work commitments and not as a result of any disagreement on any matter relating to the Company’s operations, policies or practices.  As a result of Mr. Bespolka’s resignation, the size of the Board has been reduced to three directors, two of whom are independent directors, and Mr. Robert J. Dwyer has been appointed as a member of and Chair of the Board’s Corporate Governance and Nominating Committee effective September 10, 2008.

ITEM 8.01.                      OTHER EVENTS.

The Company had approximately $400 million of its repurchase agreement financing mature on September 5, 2008.  Of this amount, approximately $144 million was refinanced with maturity dates through December 5, 2008.  Approximately $42 million of the amount refinanced will mature over the course of the next month and the Company has been informed by the lender such funding will not be renewed.  As a result of these events, the Company undertook a series of assets sales that were completed September 11, 2008.  The Company has sold approximately $290 million of its agency mortgage backed securities (“MBS”) portfolio and has approximately $228 million of agency MBS remaining.  As stated, such assets are funded via repurchase agreements maturing through December 5, 2008.  As contemplated in the Company’s most recent Quarterly Report on Form 10-Q released August 11, 2008, the Company has devised an alternative investment strategy to be implemented in the event repurchase agreement funding was not available to fund a portfolio of a size deemed appropriate by the Company’s management.  The strategy will employ agency MBS interest only and inverse interest only derivative securities.  Accordingly, the Company has taken steps to implement such strategy and currently holds a portfolio of agency MBS derivative securities with a combined notional balance of approximately $202 million.  The Company intends to increase the notional balance of its agency MBS derivative portfolio to a point where the combined notional balance of the agency MBS derivative portfolio and the agency MBS pass through portfolio approximates the size of the agency MBS pass through only portfolio that existed at June 30, 2008.





 
 
 




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.


Date: September 12, 2008
BIMINI CAPITAL MANAGEMENT, INC.
   
   
 
By:
/s/ Robert E. Cauley
  
   
Robert E. Cauley
   
Vice Chairman, President and Chief Executive Officer


 
 -----END PRIVACY-ENHANCED MESSAGE-----