BIMINI CAPITAL MANAGEMENT INC
For the period ended Mar 31, 2024. Filed May 3, 2024.
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Mar 31, 2024 · Filed May 3, 2024
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ITEM 1. Legal Proceedings
In April 2020 and November 2021, the Company received demands for payment from Citigroup, Inc. in the total amount of $33.3 million related to the indemnification provisions of various mortgage loan purchase agreements entered into prior to the date Royal Palm’s mortgage origination operations ceased in 2007. The Company believes the demands are without merit and intends to defend against the demands vigorously if pursued by Citigroup. No provision or accrual has been recorded related to the Citigroup demands.
We are not party to any other material pending legal proceedings as described in Item 103 of Regulation S-K.
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