CARE SEC Filing Amends CIT Healthcare’s Management Plan For Liquidation

The recent filing of a 8-K statement by Care Investment Trust Inc. (NYSE: CRE) (the “Company”) outlined the amended and restated management agreement between itself and CIT Healthcare, LLC, the Company’s external manager.  The restated agreement lowers the monthly management fee CIT Healthcare receives until the trust is liquidated and replaces the termination fee with an incentive fee.  The replacement of the termination fee by the buyout payment under the agreement will result in the elimination of the termination fee in the Company’s total liquidation value with a net present value of $8.7 million to be replaced by a buyout payment with a net present value of $7.3 million.  In consideration of the Manager’s agreement to execute and deliver the Management Agreement, the Company agreed to rescind all outstanding put notices under that certain Mortgage Purchase Agreement, dated as of September 30, 2008, by and between the Company and the Manager (the “Mortgage Purchase Agreement”), effective upon the Effective Date of the Agreement.

For the full 8-K filing, click here.

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