Bill Erbey Calls on Front Yard Residential to Return Capital to Stockholders via an Orderly Liquidation
US VIRGIN ISLANDS, Oct. 7, 2020 /PRNewswire/ -- William C. Erbey recently issued the below open letter to the Chair of the Board of Directors of Front Yard Residential Corporation (NYSE: RESI) ("Front Yard" or the "Company"), a provider of affordable single family housing across America. Front Yard was established as an independent public company following its spin-off from Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) in December 2012.
Source: William C. Erbey
Press Contact:
Sam Garcia
Publicist
Strategic Vantage Marketing & Public Relations
214.762.4457 | SamGarcia@StrategicVantage.com
September 30, 2020
Front Yard Residential Corporation
c/o Altisource Asset Management Corporation
5100 Tamarind Reef
Christiansted, VI 00820
Attn: Rochelle Dobbs, Chair of the Board
Dear Chairwoman Dobbs:
I have been an investor in Front Yard Residential since its inception. And as much as I would like to see the Company continue, the time has come, in the best interests of the shareholders, to liquidate the Company. As far back as May 2018, CFO Robin Lowe stated on the Q1 Earnings call that "But we're solidly in the
The Company has never reversed its guidance of two years ago nor subsequently disclosed anything that would call it into question. To the contrary, given the continued market increase in overall housing values since that time, it would be difficult to support a NAV of less than
The Company's assertion that the cost of liquidating the portfolio is
Adjusting to a more reasonable cost to liquidate the homes, the net liquidation value of the Company is
I call upon the Board to exercise its fiduciary duties and liquidate the Company.
Best regards,
William C. Erbey
View original content:http://www.prnewswire.com/news-releases/bill-erbey-calls-on-front-yard-residential-to-return-capital-to-stockholders-via-an-orderly-liquidation-301148138.html
SOURCE William C. Erbey