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

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million. In a statement the Arlington-baseed company (NYSE: FBR) said that pursuanr to a stock repurchase agreement between the company and FBR Capital Markets, the company will sell and FBR Capitalp Markets (NASDAQ: FBCM) will 16.67 million shares of FBR Capital Markets common stock at a purchased price of $4.35 per share. The stocmk sale will reduce Arlington Asset's ownershiop stake in FBR Capital Marketsz from approximately 56 percent to approximatelg39 percent. The stocik sale is expected to close on or beforerJune 2. FBR Capital Markets continued to bleed red ink in the firstf quarter as it worked to downsize the Itlost $16.
2 million, or 27 cent per share, in the first quarter, comparedd to a $10.2 million loss, or 16 cents per share, during the same period a year The losses came amid a 93 percent drop in investmengt banking revenue from capital raising, which led to an overall 52 percen reduction in revenue from a year earliedr to $49.7 million for the quarter. Following the FBR Capital Markets has agreed to cooperatw with Arlington Asset Investment Corp to facilitate the saleof Arlington'as remaining shares of FBR Capital Markets. The companieas have also agreed to terminate certainm intercompany services andgovernance agreements.