| Laser Mortgage Management, Inc. | |||
| Ticker: | LMM | 51 John F. Kennedy Parkway | |
| Exchange: | New York Stock Exchange | Short Hills, NJ 07078 | |
| Industry: | Financial (SIC Code 6798) | (973) 912-8770 | |
| Type of Shares: | Common Shares | Filing Date: | 9/16/97 | |
| U.S. Shares: | 15,000,000 | Offer Date: | 11/25/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $13.00 - $15.00 | |
| Primary Shares: | 15,000,000 | Offer Price: | $15.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.01 | |
| Offering Amount: | $210,000,000 | Selling: | $0.60 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 16,019,068 |
| Manager | Tier | Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-4850 |
| Everen Securities, Inc. | Co-manager | (312) 574-6859 |
| Friedman, Billings, Ramsey & Co., Inc. | Co-manager | (703) 312-9571 |
| Issuer's Law Firm: | Stroock & Stroock & Lavan |
| Bank's Law Firm: | Cadwalader, Wickersham & Taft |
| Business Description |
| The company is a real estate investment trust, (REIT). The company will invest primarily in mortgage backed securities and mortgage loans. The securities include mortgage pass through certificates, CMOs and securities representing pools of mortgages. The mortgage loans will be secured by first or second liens on single-family residential, multi-family residential, commercial or other real property. The Company intends to generate net income for distribution to stockholders from the spread between the interest income earned on its investment portfolio and the cost of financing and hedging the portfolio. The Company will elect to be taxed as a real estate investment trust (a "REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company generally will not be subject to federal income tax provided that it distributes its income to its stockholders and maintains its qualification as a REIT. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to acquire mortgage assets. |
| Name of Shareholder | % Owned Before | % Owned After |
| Michael L. Smirlock, Ph.D. | 100.00% |
| Officer Name | Title | Age |
| Michael L. Smirlock, Ph.D. | Chairman of the Board, President, CEO and Director | 41 |
| Thomas G. Jonovich | Chief Financial Officer and Treasurer | 33 |
| Robert J. Gartner | Vice President and Secretary | 35 |