Arlington Asset Investment dumping half of FBR Capital Markets - Washington Business Journal:

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million. In a statement the Arlington-based company FBR) said that pursuant to a stocki repurchase agreement between the companyy and FBRCapital Markets, the compan y will sell and FBR Capital Markets FBCM) will purchase, 16.67 milliomn shares of FBR Capital Markets common stock at a purchase price of $4.35 per share. The stocj sale will reduce Arlington Asset's ownership stake in FBR Capitalo Markets from approximately 56 percent to approximately39 percent. The stockl sale is expected to close on or before June 2. FBR Capital Markets continuesd to bleed red ink in the firsrt quarter as it worked to downsize the Itlost $16.
2 million, or 27 cents per in the first quarter, comparef to a $10.2 million loss, or 16 centsx per share, during the same period a year earlier. The lossee came amid a 93 percenr drop in investment banking revenu e fromcapital raising, which led to an overall 52 percent reductiom in revenue from a year earlier to $49.7 million for the Following the closing, FBR Capitall Markets has agreed to cooperate with Arlingtob Asset Investment Corp to facilitate the sale of Arlington's remainingg shares of FBR Capital The companies have also agreeed to terminate certain intercompany services and governance agreements.