UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): July 30, 2007
American Home Mortgage Investment Corp.
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(Exact Name of Registrant as Specified in Its Charter)
Maryland 001-31916 20-0103914
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
538 Broadhollow Road, Melville, New York 11747
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (516) 396-7700
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(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 (see General Instruction A.2. below):
|_| 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))
Item 1.02 Termination of a Material Definitive Agreement.
(a) On July 31, 2007, Deutsche Bank AG provided the Company with notice of its
intent to terminate the ISDA Master Agreement, dated as of December 4, 2003,
between the Company and Deutsche Bank AG. Deutsche Bank AG alleged a continuing
Event of Default under the ISDA Master Agreement. The Company has disputed the
notice, but in the event of termination, the Company's financial obligation
under the ISDA Master Agreement may be accelerated, it may be subject to
penalties and it may suffer cross-default claims from its other lenders.
On August 1, 2007, UBS AG provided the Company with notice of its intent to
terminate the ISDA Master Agreement, dated as of November 26, 2003, between the
Company and UBS AG. UBS AG alleged one or more Events of Default under the ISDA
Master Agreement. The Company has disputed the notice, but in the event of
termination, the Company's financial obligation under the ISDA Master Agreement
will be accelerated, it may be subject to penalties and it may suffer
cross-default claims from its other lenders.
On August 1, 2007, Lehman Brothers Special Financing Inc. provided the Company
with notice of its intent to terminate the ISDA Master Agreement, dated as of
September 29, 2003, between the Company and Lehman Brothers Special Financing
Inc. Lehman Brothers Special Financing Inc. alleged an Event of Default under
the ISDA Master Agreement. The Company has disputed the notice, but in the event
of termination, the Company's financial obligation under the ISDA Master
Agreement will be accelerated, it may be subject to penalties and it may suffer
cross-default claims from its other lenders.
On August 1, 2007, ABN AMRO Bank N.V. provided the Company with notice of its
intent to terminate the Master Repurchase Agreement dated February 28, 2007,
among the Company, American Home Mortgage Corp., American Home Mortgage
Servicing, Inc. and American Home Mortgage Investment Corp. ABN AMRO Bank N.V.
alleged certain Events of Default under the Master Repurchase Agreement. The
Company has disputed the notice, but in the event of termination, the Company's
financial obligation under the Master Repurchase Agreement will be accelerated,
it may be subject to penalties and it may suffer cross-default claims from its
other lenders.
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement.
(a) See Item 1.02.
On July 30, 2007, Deutsche Bank Securities Inc. provided the Company with notice
of an Event of Default resulting in the acceleration of the Repurchase Date
under the Master Repurchase Agreement, dated as of September 22, 2003, between
the Company and Deutsche Bank Securities Inc. Deutsche Bank Securities Inc.
alleged failure to comply with margin maintenance provisions under the Master
Repurchase Agreement. The Company has disputed the notice, but in an Event of
Default, the Company's financial obligation under the Master Repurchase
Agreement will be accelerated, it may be subject to penalties and it may suffer
cross-default claims from its other lenders.
On August 1, 2007, Liquid Funding, Ltd. provided the Company with notice of an
Event of Default resulting in the acceleration of the Repurchase Date under the
Master Repurchase Agreement, dated as of March 18, 2005, between the Company and
Liquid Funding, Ltd. Liquid Funding, Ltd. alleged failure to make margin
transfer required under the Master Repurchase Agreement. The Company has
disputed the notice, but in an Event of Default, the Company's financial
obligation under the Master Repurchase Agreement will be accelerated, it may be
subject to penalties and it may suffer cross-default claims from its other
lenders.
On August 1, 2007, Lehman Brothers Inc. provided the Company with notice of an
Event of Default resulting in the acceleration of the Repurchase Date under the
Master Repurchase Agreement, dated as of November 4, 2004, between the Company
and Lehman Brothers Inc. Lehman Brothers Inc. alleged failure to meet the margin
obligations under the Master Repurchase Agreement. The Company has disputed the
notice, but in an Event of Default, the Company's financial obligation under the
Master Repurchase Agreement will be accelerated, it may be subject to penalties
and it may suffer cross-default claims from its other lenders.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Effective August 3, 2007, John A. Johnston has resigned from his position as
President of Western Division.
Item 8.01 Other Events.
On August 2, 2007, the Company issued a press release announcing that the
Company has determined to significantly reduce its operating structure as it
seeks the most appropriate course of resolution to preserve the value of its
remaining assets. A copy of the press release is attached as Exhibit 99.1 hereto
and is incorporated into this Current Report on Form 8-K by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
99.1 Press Release, dated August 2, 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date: August 3, 2007 AMERICAN HOME MORTGAGE INVESTMENT CORP.
By: /s/ Michael Strauss
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Name: Michael Strauss
Title: Chief Executive Officer
EXHIBIT INDEX
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EXHIBIT NUMBER DESCRIPTION
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99.1 Press Release, dated August 2, 2007.