"We are very pleased to have Mead Park as a strategic partner in IFMI, and believe that this transaction is indicative of the value of our business as well as improving market conditions," said Mr. Cohen. "IFMI's Board of Directors is unanimously supportive of the transaction and believes the resulting increased capital position will help bolster our operations and enable the Company to generate increased returns for its stockholders. I am also delighted to re-invest in IFMI, remaining the Company's largest investor, as we continue to strengthen our capital markets platform."Upon the closing of the transaction, Mr. DiMaio and Mr. Ricciardi will join the Company's Board of Directors. Mr. DiMaio will be named Chairman, and Mr. Cohen will be named Vice Chairman of the Board. In addition, IFMI's Board of Directors will be reduced from ten to eight members. Current board members who will be included in IFMI's proxy statement for its 2013 Annual Stockholder Meeting for election as directors are Mr. Cohen, Thomas P. Costello, G. Steven Dawson, Joseph M. Donovan, Charles John Haraburda, and Neil Subin. After many years of distinguished service, four current board members will not be included in IFMI's proxy statement for re-election at the 2013 Annual Stockholder Meeting: Walter T. Beach, Rodney Bennett, Lance Ullom, and Charles W. Wolcott.
IFMI Announces $13.7 Million Strategic Investment By Mead Park Capital Partners LLC And Cohen Bros. Financial, LLC
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