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Filing Details

Accession Number:: 0001209191-10-019915
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-04-01 13:00:00
Reporting Period:: 2010-03-31

Filing Date:: 2010-04-01
Accepted Time:: 2010-04-01 20:42:57
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1033012	Flagstar Bancorp Inc	FBC	Savings Institution, Federally Chartered (6035)	383150651

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1455317	Gregory Eng	C/O Mp (Thrift) Global Advisors Iii Llc 520 Madison Avenue New York NY 10022-4213		Yes	No	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2010-03-31	200,000,000	$0.50	997,535,212	No	4	P	Indirect	See footnotes
Common Stock	Acquisiton	2010-04-01	62,500,000	$0.80	1,060,035,212	No	4	C	Indirect	See footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	See footnotes
No	4	C	Indirect	See footnotes

Footnotes

On March 31, 2010, MPGOP III Thrift AV-I L.P. ("MPGOP"), a Delaware limited partnership, purchased 154,099,400 shares of Common Stock of Flagstar Bancorp, Inc. (the "Issuer") and, on the same date, MPGOP (Cayman) III Thrift AV-I L.P., a Cayman Islands exempted limited partnership ("MPGOP Cayman", and together with MPGOP, the "New Fund"), purchased a further 45,900,600 shares of Common Stock of the Issuer. On April 1, 2010, the New Fund irrevocably assigned and transferred their combined holdings of 200,000,000 shares of Common Stock of the Issuer to MP Thrift Investments L.P. ("MP Thrift"), a limited partnership organized under the laws of Delaware, formed for the purpose of making investments in the Issuer. On April 1, 2010, MP Thrift elected to convert its holdings of 50,000 shares of trust preferred securities of the Issuer into 62,500,000 shares of Common Stock of the Issuer at a conversion price of $0.80 per share.
The New Fund holds 100% of the membership interests in MP Thrift. MPGOP has a 77.05% interest in MP Thrift and MPGOP Cayman has a 22.95% interest in MP Thrift. MP (Thrift) Global Partners III LLC ("MP LLC") is a limited liability company organized under the laws of Delaware. The principal business of MP LLC is to serve as general partner of each of MPGOP, MPGOP Cayman, MP Thrift, MP (Thrift) Global Opportunities Partners (Special) III LP ("MPGOPS") and MP (Thrift) Global Opportunities Investments III LP ("MPGOI"). MP (Thrift) Asset Management LLC ("MPAM") is a limited liability company organized under the laws of Delaware. MPAM is the managing member of MP LLC. MP (Thrift) LLC ("MPT") is a limited liability company organized under the laws of Delaware. MPT is the managing member of MPAM.
MPGOPS is a limited partnership organized under the laws of Delaware. MPGOPS is the holder of a 100% limited partnership interest in MPGOI. MPGOI is a limited partnership organized under the laws of Delaware. MPGOI is the holder of a 1% limited partnership interest in the New Fund. Along with MPT, MPAM, MP LLC, and MPGOPS, MPGOI comprises the Associates Fund.
David J. Matlin and Mark R. Patterson are each a 50% managing member of MPT. David J. Matlin's principal occupation is acting as Chief Executive Officer of MatlinPatterson Global Advisers LLC ("Matlin Advisers") and Mark R. Patterson's principal occupation is acting as Chairman of Matlin Advisers. Matlin Advisers is a limited liability company organized under the laws of Delaware. The principal business of Matlin Advisers is to serve as investment adviser to the various funds. Matlin Advisers also serves as investment adviser to the New Fund. Gregory Eng is a director of the Issuer. Although Gregory Eng does not have voting or investment control over shares held by MP LLC, Mr. Eng may be deemed to have an indirect pecuniary interest in such shares through his indirect interest in a limited partnership which holds an investment interest and carried interest in the various funds.
Mr. Eng's exact pecuniary interest therein is not readily determinable because it is subject to several variables, including without limitation, the internal rates of return of the funds overall and with respect to their indirect investment in the Issuer. He disclaims beneficial ownership of any of the reported securities except to the extent of his pecuniary interest therein.