Altisource Asset Management Corporation (NYSE: AAMC) announced today that the Supreme Court of the State of New York, Appellate Division, First Judicial Department issued a ruling in favor of the company that it did not breach any contractual obligation to redeem preferred shares held by Luxor Capital Group.
The appellate court held that AAMC, "established its entitlement to summary judgment dismissing the complaint. In opposition [Luxor] failed to raise a triable issue of fact, and also failed to establish their entitlement to summary judgment on their own motion."
The court further directed the Clerk to enter judgment dismissing Luxor's complaint.
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AAMC is a private credit provider that originates alternative assets to provide liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders. Additional information is available at www.altisourceamc.com.