TAMPA, Fla., Nov. 11, 2016 /PRNewswire/ -- Walter Investment Management Corp. (NYSE: WAC) ("Walter Investment" or the "Company") today announced that it has amended and restated its stockholder rights plan, which was originally adopted on June 29, 2015 and set to expire on June 29, 2017, in order to preserve the value of significant tax assets associated with the Company's "built-in tax losses" and certain other tax benefits under Section 382 of the Internal Revenue Code of 1986, as amended ("Section 382"). Section 382 potentially limits the value of those tax assets upon an "ownership change". The amendment and restatement of the rights plan was adopted to reduce the likelihood of this occurring by deterring the acquisition of shares that could result in an "ownership change" under Section 382. In connection with the original adoption of the rights plan, one right was distributed for each share of Walter Investment common stock outstanding on July 9, 2015 and for each share that was issued after that date. The amended rights plan provides, subject to certain exceptions, that if any person or group acquires 4.99% or more of the Company's outstanding common stock (or other securities that could cause an ownership change), there would be a triggering event potentially resulting in significant dilution in the voting power and economic ownership of that person or group. Existing stockholders who hold 4.99% or more of the Company's outstanding common stock as of the date of the amended rights plan will trigger a dilutive event only if they acquire additional shares. The other material terms of the existing rights plan are unchanged. The amended and restated rights plan will continue in effect until the earlier of November 11, 2017 or the full utilization or expiration of the Company's unrealized tax benefits, unless earlier terminated or redeemed by the Board of Directors of the Company in accordance with the terms of the plan. Further details about the rights plan will be contained in a Form 8-K to be filed by the Company with the SEC.