N※N

Majestic USA Capital, Inc. Extends Deadline to Submit Consents in the Consent Solicitation of its Trust Preferred Securities

  //business-finance.news-articles.net/content/201 .. icitation-of-its-trust-preferred-securities.html
  Published in Business and Finance on Friday, December 3rd 2010 at 13:41 GMT by Market Wire
          ^{🞛 This publication is a summary or evaluation of another publication}

HAMILTON, Bermuda--([ BUSINESS WIRE ])--Majestic USA Capital, Inc. (aMajestic USAa), a wholly owned subsidiary of Majestic Capital, Ltd. (aMajestic Capitala) (NASDAQ: MAJC), announced today the extension of the expiration time for the previously announced solicitation of consents from the holders of its Trust Preferred Securities Due 2036 (the aTrust Preferred Securitiesa) (CUSIP: 12627NAA5). Majestic USA is seeking consents to proposed amendments to certain events of default and covenants in the Indenture, dated November 14, 2006, and Amended Declaration of Trust, dated November 14, 2006, which govern the Trust Preferred Securities. The adoption of the proposed amendments is a condition to the consummation of Majestic Capitala™s pending amalgamation with Bayside Equity Partners LLC announced on September 21, 2010.

The consent solicitation was previously scheduled to expire on December 3, 2010 at 5:00 p.m., New York City time, and has been extended until December 23, 2011, at 5:00 p.m., New York City time, in order to give holders of the Trust Preferred Securities additional time and opportunity to evaluate the proposed amendments and submit their responses. Except for the extension described above, all of the terms and conditions set forth in the Notice of Consent Solicitation, dated November 4, 2010, remain unchanged.

Majestic USA has retained Georgeson Inc. to act as the solicitation agent in connection with the consent solicitation. Questions about the consent solicitation or requests for copies of the consent solicitation may be directed to Georgeson at 866-391-6921 (toll free) or 212-440-9800 (banks and brokers).

This press release is for informational purposes only and is not being made in any jurisdiction in which the making of this announcement would violate the laws of such jurisdiction, nor is it an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The solicitation is being made solely pursuant to the Notice of Consent Solicitation dated November 4, 2010 and the related consent form.

About Majestic Capital, Ltd.

Majestic Capital, Ltd., through its subsidiaries, is a specialty provider of workersa™ compensation insurance products and services. Majestic Capital seeks to provide quality products and services that fit the needs of its insureds and is dedicated to developing and maintaining a mutually beneficial, long-term relationship with them. Majestic Capitala™s workersa™ compensation insurance coverage is offered to employers in California, New York, New Jersey, Arizona, Nevada, and other states. Further information can be found on Majestic Capitala™s website at [ http://www.MajesticCapital.com ].

MAJC-E