-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A2gznoEH0ha7k6Q5RxYziG4AgmPA4gEfH80qDS7rKvLU624KaPJUv1Lg4TYQ9gMk 4N5uimzO/6DULl0L5fanBA== 0000929638-08-000157.txt : 20080215 0000929638-08-000157.hdr.sgml : 20080215 20080215171538 ACCESSION NUMBER: 0000929638-08-000157 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20080215 DATE AS OF CHANGE: 20080215 GROUP MEMBERS: PLAINFIELD ASSET MANAGEMENT LLC GROUP MEMBERS: PLAINFIELD SPECIAL SITUATIONS MASTER FUND LIMITED SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Brooke Credit CORP CENTRAL INDEX KEY: 0001325823 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 202679740 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-80880 FILM NUMBER: 08623572 BUSINESS ADDRESS: STREET 1: 33 BLOOMFIELD HILLS PARKWAY STREET 2: SUITE 240 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48304 BUSINESS PHONE: 248-220-2001 MAIL ADDRESS: STREET 1: 33 BLOOMFIELD HILLS PARKWAY STREET 2: SUITE 240 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48304 FORMER COMPANY: FORMER CONFORMED NAME: Brooke Credit Corp. DATE OF NAME CHANGE: 20070718 FORMER COMPANY: FORMER CONFORMED NAME: Oakmont Acquisition Corp. DATE OF NAME CHANGE: 20050502 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Plainfield Acceptance LLC CENTRAL INDEX KEY: 0001406084 IRS NUMBER: 208017809 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 55 RAILROAD AVENUE, PLAZA LEVEL CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: (203) 302 - 1700 MAIL ADDRESS: STREET 1: 55 RAILROAD AVENUE, PLAZA LEVEL CITY: GREENWICH STATE: CT ZIP: 06830 SC 13D 1 sch13d.htm SCHEDULE 13D

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

 

 

BROOKE CREDIT CORPORATION

(Name of Issuer)

 

Common Stock, par value $0.01 per share

(Title of Class of Securities)

 

1256N101

(CUSIP Number)

 

Thomas X. Fritsch

Managing Director

and

General Counsel

Plainfield Asset Management LLC

55 Railroad Avenue

Greenwich, CT 06830

(203) 302-1715

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

December 12, 2007

(Date of Event which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 


SCHEDULE 13D

CUSIP No. 1252N101

 

 

 

1

NAMES OF REPORTING PERSONS.

 

PLAINFIELD SPECIAL SITUATIONS MASTER FUND LIMITED

 

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See instructions)                                                        (a) x

(b) o

 

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See instructions)

 

Working Capital

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)                                 o

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Cayman Islands

 

NUMBER OF

 

SHARES

 

7

SOLE VOTING POWER

 

4,363,220

 

BENEFICIALLY

 

OWNED BY

8

SHARED VOTING POWER

 

0

 

 

EACH

 

REPORTING

 

9

SOLE DISPOSITIVE POWER

 

 

5,095,220

PERSON

 

WITH

10

SHARED DISPOSITIVE POWER

 

0

 

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

5,095,220

 

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See instructions)                               o

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

19.26%

14

TYPE OF REPORTING PERSON (See instructions)

00

 

* The Reporting Persons on this Schedule 13D may be deemed to constitute a group and therefore each Reporting Person may be deemed to beneficially own the Issuer’s securities that are held by all of the Reporting Persons. Each Reporting Person disclaims beneficial ownership of securities held by each other Reporting Person and we refer you to Item 5 hereof for a more detailed discussion of the holdings of Issuer’s securities by the Reporting Persons.


SCHEDULE 13D

CUSIP No. 1252N101

 

 

 

1

NAMES OF REPORTING PERSONS.

 

PLAINFIELD ASSET MANAGEMENT LLC

 

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See instructions)                                                          (a) x

(b) o

 

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See instructions)

 

Not Applicable

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)                               o

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

 

SHARES

 

7

SOLE VOTING POWER

 

4,363,220

 

BENEFICIALLY

 

OWNED BY

8

SHARED VOTING POWER

 

0

 

 

EACH

 

REPORTING

 

9

SOLE DISPOSITIVE POWER

 

 

5,095,220

PERSON

 

WITH

10

SHARED DISPOSITIVE POWER

 

0

 

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

5,095,220

 

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See instructions)                               o

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

19.26%

 

14

TYPE OF REPORTING PERSON (See instructions)

00

* The Reporting Persons on this Schedule 13D may be deemed to constitute a group and therefore each Reporting Person may be deemed to beneficially own the Issuer’s securities that are held by all of the Reporting Persons. Each Reporting Person disclaims beneficial ownership of securities held by each other Reporting Person and we refer you to Item 5 hereof for a more detailed discussion of the holdings of Issuer’s securities by the Reporting Persons.


SCHEDULE 13D

CUSIP No. 1252N101

 

 

 

1

NAMES OF REPORTING PERSONS.

 

PLAINFIELD ACCEPTANCE LLC

 

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See instructions)                                                          (a) x

(b) o

 

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See instructions)

 

Working Capital

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)                                 o

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

 

SHARES

 

7

SOLE VOTING POWER

 

4,363,220

 

BENEFICIALLY

 

OWNED BY

8

SHARED VOTING POWER

 

0

 

 

EACH

 

REPORTING

 

9

SOLE DISPOSITIVE POWER

 

 

5,095,220

PERSON

 

WITH

10

SHARED DISPOSITIVE POWER

 

0

 

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

5,095,220

 

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See instructions)                               o

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

19.26%

14

TYPE OF REPORTING PERSON (See instructions)

00

* The Reporting Persons on this Schedule 13D may be deemed to constitute a group and therefore each Reporting Person may be deemed to beneficially own the Issuer’s securities that are held by all of the Reporting Persons. Each Reporting Person disclaims beneficial ownership of securities held by each other Reporting Person and we refer you to Item 5 hereof for a more detailed discussion of the holdings of Issuer’s securities by the Reporting Persons.


SCHEDULE 13D

CUSIP No. 1252N101

 

 

 

1

NAMES OF REPORTING PERSONS.

 

MAX HOLMES

 

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See instructions)                                                        (a) x

(b) o

 

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See instructions)

 

Not Applicable

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)                                 o

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

 

NUMBER OF

 

SHARES

 

7

SOLE VOTING POWER

 

4,363,220

 

BENEFICIALLY

 

OWNED BY

8

SHARED VOTING POWER

 

0

 

 

EACH

 

REPORTING

 

9

SOLE DISPOSITIVE POWER

 

 

5,095,220

PERSON

 

WITH

10

SHARED DISPOSITIVE POWER

 

0

 

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

5,095,220

 

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See instructions)                               o

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

19.26%

14

TYPE OF REPORTING PERSON (See instructions)

IN

* The Reporting Persons on this Schedule 13D may be deemed to constitute a group and therefore each Reporting Person may be deemed to beneficially own the Issuer’s securities that are held by all of the Reporting Persons. Each Reporting Person disclaims beneficial ownership of securities held by each other Reporting Person and we refer you to Item 5 hereof for a more detailed discussion of the holdings of Issuer’s securities by the Reporting Persons.


ITEM 1.

Security and Issuer.

 

The class of equity securities to which this Statement on Schedule 13D (this “Statement”) relates is the common stock, par value $0.01 per share (the “Common Stock”), of Brooke Credit Corporation, a Delaware Corporation (the “Company”). The principal executive offices of the Company are located at 10950 Grandview Drive, Suite 600, Overland Park, Kansas 66210.

 

This Statement is being filed in order to report the ownership and to reflect the acquisition of Common Stock and warrants to purchase Common Stock by the Reporting Persons (as herein defined). This ownership was previously reported in a statement on Schedule 13D filed initially on July 9, 2007, as amended (the “Previous 13D”) by, among others, the Reporting Persons. The Reporting Persons are not currently part of the group whose ownership is reflected in the Previous 13D.

 

ITEM 2.

Identity and Background.

 

This Statement is being filed jointly on behalf of the following persons (each a Reporting Person” and collectively, the “Reporting Persons”):

 

Plainfield Special Situations Master Fund Limited

 

Plainfield Special Situations Master Fund Limited (the “Master Fund”) is a Cayman Islands exempt company. The principal activity of Master Fund is to invest and trade in a wide variety of securities and financial instruments. The principal business address of Master Fund is 55 Railroad Avenue, Greenwich, CT 06830. The Manager of Master Fund is Plainfield Asset Management LLC. The executive directors of Master Fund are: Max Holmes, Aldo Ghisletta and David Bree (collectively referred to as the “Master Fund Directors”).

 

During the last five years, neither Master Fund nor, to the best of Master Fund’s knowledge, any of the Master Fund Directors have been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or financial order enjoining further violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

Plainfield Asset Management LLC

 

Plainfield Asset Management LLC (“Asset Management”) is a Delaware limited liability company. The principal activity of Asset Management is to serve as a registered investment adviser. The principal business address of Asset Management is 55 Railroad Avenue, Greenwich, CT 06830. The majority owner of Asset Management is Max Holmes.

 

During the last five years, Asset Management has not been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or financial order enjoining further violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

Plainfield Acceptance LLC

 

Plainfield Acceptance LLC (“Acceptance”) is a Delaware limited liability company. The principal activity of Acceptance is to invest in debt and equity securities of both private and public companies. The principal business address of Acceptance is 55 Railroad Avenue, Greenwich, CT 06830. The owner of Acceptance is Plainfield Special Situations Master Fund Limited.


 

During the last five years, Acceptance has not been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining further violation of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

Max Holmes

 

The business address of Max Holmes is 55 Railroad Avenue, Greenwich, CT  06830.  Max Holmes is the chief investment officer of Asset Management.

 

During the last five years, Max Holmes has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) and he has not been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of which he was or is subject to a judgment, decree or final order enjoining further violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

 

ITEM 3.

Source and Amount of Funds or Other Consideration.

 

Working capital was used to acquire 290,000 warrants to purchase Common Stock on December 12, 2007 at $0.43 per warrant and 165,000 shares of Common Stock on December 20, 2007 at $4.70 per share.

 

ITEM 4.

Purpose of Transaction.

 

The Reporting Persons believe that the Common Stock and Warrants to purchase Common Stock represent an attractive investment opportunity.

 

The Reporting Persons may determine from time to time in the future, based on market and general economic conditions, the business affairs and financial conditions of the Company, the availability of securities at favorable prices and alternative investment opportunities available to the Reporting Persons, and other factors that the Reporting Persons may deem relevant, to acquire additional securities of the Company in the open market, in privately negotiated transactions or otherwise, or to sell some or all of the securities it now holds or hereafter acquires as set forth above or otherwise.

 

Except as stated in response to Item 4, the Reporting Persons shall have no current plans or proposals with respect to the Company or its securities of the types enumerated in paragraphs (a) through (j) of Item 4 to the form Schedule 13D promulgated under the Securities Exchange Act of 1934, as amended.

 

The Plainfield-Oakmont Affiliates Agreement

 

On July 9, 2007, Plainfield entered into a Purchase Option Agreement (the Plainfield-Oakmont Affiliates Agreement”) with Robert K. Skandalaris, the Chairman of the Board and Chief Executive Officer, a director and founding stockholder of Oakmont Acquisition Corp. (“Oakmont”), Michael C. Azar, the President, Principal Accounting Officer and Secretary, a director and founding stockholder of Oakmont, David L. Langevin, a director and founding stockholder of Oakmont, QVM Oakmont Services, LLC, a limited liability company jointly controlled by Mssrs Skandalaris and Azar (“QVM Oakmont”) and KrisLee & Associates, LLC, a limited liability company controlled by Mr. Skandalaris (“KrisLee”).

 

Pursuant to the Plainfield-Oakmont Affiliates Agreement, Plainfield paid an aggregate of $100 to Messrs. Skandalaris, Azar and Langevin, QVM Oakmont and KrisLee (collectively referred to as the “Sellers”) in exchange for two options, one to purchase up to 1,200,000 shares of Oakmont common stock from the Sellers (the “Common Stock Option”), and the other to purchase up to 442,000 warrants from Mr. Skandalaris (the “Warrant Option”). The Warrant Option was exercised in full on July 19, 2007. On July 18, 2007, pursuant to a Merger Agreement, dated as of April 30, 2007, by and among Oakmont and Brooke Credit Corporation (“Former Brooke Credit”) and Brooke Corporation, Former Brooke Credit Corporation was merged into Oakmont and Oakmont changed its name to Brooke Credit Corporation.


 

The Common Stock Option cannot be exercised until the shares underlying the option are released from the escrow arrangement in which such shares were placed in connection with Oakmont’s July 2005 IPO, and thereafter is exercisable through October 19, 2008. The escrow arrangement is expected to end on July 12, 2008, although it will end earlier if before July 12, 2008, the Company closes a transaction in which its stockholders have the right to convert their shares into cash, securities or other property.

 

The exercise price of the Common Stock Option is $.01 per share. An aggregate of 1,000,000 of Oakmont common stock is subject to the Common Stock Option.

 

The Plainfield-Oakmont Affiliates Agreement provides that the Sellers will not sell, transfer, pledge, assign or otherwise dispose of the shares of Common Stock underlying the Common Stock Option, while the Common Stock Option remains exercisable.

 

The Plainfield-Oakmont Affiliates Agreement is attached as Exhibit A hereto and is incorporated herein by reference in its entirety. The foregoing summary of the operative Plainfield-Oakmont Affiliates Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.

 

ITEM 5.

Interests in Securities of the Issuer.

 

The aggregate percentage of shares of Common Stock reported owned by the Reporting Persons herein is based upon 25,722,898 shares of Common Stock outstanding, according to the Form 10-Q, as of November 5, 2007, plus 732,000 (which is the number of shares of Common Stock underlying the currently exercisable warrants whose ownership by the Reporting Persons is reported hereby).

 

 

I.

Plainfield Special Situations Master Fund Limited

 

a.

Aggregate Number and Percentage of Common Stock Beneficially Owned: 5,095,220; 19.26%

 

b.

Number of shares of Common Stock over which the Reporting Person has

 

i.

Sole power to vote or direct the vote: 4,363,220

 

ii.

Shared power to vote or direct the vote: 0

 

iii.

Sole power to dispose or direct the disposition of: 5,095,220

 

iv.

Shared power to dispose or direct the disposition of: 0

 

c.

Not Applicable

 

d.

Not Applicable

 

e.

Not Applicable


 

 

II.

Plainfield Asset Management LLC

 

a.

Aggregate Number and Percentage of Common Stock Beneficially Owned: 5,095,220; 19.26%

 

b.

Number of shares of Common Stock over which the Reporting Person has

 

i.

Sole power to vote or direct the vote: 4,363,220

 

ii.

Shared power to vote or direct the vote: 0

 

iii.

Sole power to dispose or direct the disposition of: 5,095,220

 

iv.

Shared power to dispose or direct the disposition of: 0

 

c.

This Reporting Person has effected the following transaction involving securities of the Company during the past sixty days:

 

open market purchase of 165,000 shares of Common Stock at $4.70 per

 

share on December 20, 2007

acquisition of 290,000 warrants to purchase Common Stock at $0.43 per                      warrant on December 12, 2007

 

d.

Not Applicable

 

e.

Not Applicable

 

 

III.

Plainfield Acceptance LLC

 

a.

Aggregate Number and Percentage of Common Stock Beneficially Owned: 5,095,220; 19.26%

 

b.

Number of shares of Common Stock over which the Reporting Person has

 

i.

Sole power to vote or direct the vote: 4,363,220

 

ii.

Shared power to vote or direct the vote: 0

 

iii.

Sole power to dispose or direct the disposition of: 5,095,220

 

iv.

Shared power to dispose or direct the disposition of: 0

 

c.

Not Applicable

 

d.

Not Applicable

 

e.

Not Applicable

 

 

IV.

Max Holmes

 

a.

Aggregate Number and Percentage of Common Stock Beneficially Owned: 5,095,220; 19.26%

 

b.

Number of shares of Common Stock over which the Reporting Person has

 

i.

Sole power to vote or direct the vote: 4,363,220

 

ii.

Shared power to vote or direct the vote: 0

 

iii.

Sole power to dispose or direct the disposition of: 5,095,220

 

iv.

Shared power to dispose or direct the disposition of: 0

 

c.

Not Applicable

 

d.

Not Applicable

 

e.

Not Applicable


 

ITEM 6.

Contracts, Arrangements, Understandings or Relationships With Respect to

 

Securities of the Issuer.

 

Reference is made to the disclosure set forth in Item 4 of this Statement, which disclosure is incorporated herein by reference.

 

ITEM 7.

Material to be Filed as Exhibits.

 

Exhibit

 

Document

 

Exhibit 99

--

Purchase Option Agreement dated as of July 9, 2007 by and among Robert Skandalaris, Michael Azar, David L. Langevin, QVM Oakmont Services LLC and Plainfield Acceptance LLC.

Exhibit B

--

Limited Power of Attorney, dated February 1, 2007, by and on behalf of Max Holmes, appointing Thomas X.  Fritsch as his attorney-in-fact.

Exhibit C

--

Joint Filing Agreement dated as of February 15, 2008 by and among Plainfield Special Situations Master Fund Limited, Plainfield Asset Management LLC and Plainfield Acceptance LLC.



 


SIGNATURES

 

After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true, complete and correct.

 

Date:

February 15, 2008

 

 

PLAINFIELD SPECIAL SITUATIONS

MASTER FUND LIMITED

 

By:/s/ THOMAS X. FRITSCH        

      Thomas X. Fritsch

      Authorized Individual

 

PLAINFIELD ASSET MANAGEMENT LLC

 

By:/s/ THOMAS X. FRITSCH        

      Thomas X. Fritsch

      Managing Director and General Counsel

 

PLAINFIELD ACCEPTANCE LLC

 

By:/s/ THOMAS X. FRITSCH        

      Thomas X. Fritsch

      Managing Director and General Counsel

 

MAX HOLMES

 

By: /s/ THOMAS X. FRITSCH        

       Thomas X. Fritsch

       Attorney-in-Fact*

 

 

* Duly authorized pursuant to Power of Attorney, dated February 1, 2007, by and on behalf of Max Holmes, appointing Thomas X. Fritsch as his attorney-in-fact, included as Exhibit B to this Schedule 13D.

 


 

                         Exhibit B

LIMITED POWER OF ATTORNEY

KNOW ALL BY THESE PRESENTS, that the undersigned hereby constitutes Thomas X. Fritsch, as the undersigned’s true and lawful attorney-in-fact, limited solely to the following purposes, to:

(1)      execute for and on the undersigned’s behalf (i) Forms 3, 4 and 5 (including any amendments thereto) which may be required to be filed with the Securities and Exchange Commission (“SEC”) in accordance with Section 16(a) of the Securities Exchange Act of 1934 and the rules thereunder, (ii) Schedules 13G and 13D (including any amendments thereto) which may be required to be filed in accordance with Sections 13(d) and 13(g) of the Securities Exchange Act of 1934 and the rules thereunder, an (iii) a Form ID (including any amendments thereto) and any other documents necessary or appropriate to obtain codes and passwords enabling the undersigned to make electronic filings with the SEC of reports, with respect to the undersigned’s beneficial ownership of and transactions in reportable securities;

 

(2)     do and perform any and all acts for and on the undersigned's behalf, which may be necessary or desirable, to complete, execute and file any such Form 3, 4 or 5, Schedule 13G or 13D, Form ID or any forms necessary to obtain or renew such SEC access codes; and

(3)      take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest, or legally required by the undersigned, it being understood that the documents executed by such attorney-in-fact on the undersigned’s behalf of pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in his or her discretion.

The undersigned hereby grants to such attorney-in-fact full power and authority to do and perform all and every act and thing whatsoever requisite, necessary and proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or his or her substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming any of the undersigned’s responsibilities to comply with Section 16 or Section 13 of the Securities Exchange Act of 1934.

Photographic copies of this Power of Attorney shall have the same force and effect as the original. This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, and 5 or Schedules 13D or 13G with respect to the undersigned’s beneficial ownership of and transactions in reportable securities, unless earlier revoked by the undersigned (a) automatically upon the undersigned’s death, (b) automatically upon the attorney-in-fact being notified of the undersigned’s disability, (c) automatically upon the attorney-in-fact no longer being employee by Plainfield Asset Management LLC or (d) upon a signed written revocation delivered to the foregoing attorney-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 1st day of February, 2007.

/s/ Max Holmes          

MAX HOLMES


Exhibit C

 

JOINT FILING AGREEMENT

 

Each of the undersigned hereby agrees to file jointly the Statement on Schedule 13D to which this Agreement is attached, and any amendments to the Statement on Schedule 13D (the “Schedule 13D”) with respect to Common Stock, $.01 par value per share, of Brooke Credit Corporation, which may be deemed necessary, pursuant to Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended.

 

It is understood and agreed that each of the parties hereto is responsible for the timely filing of such statement and any future amendments to the Schedule 13D, and for the completeness and accuracy of the information concerning such party contained therein, but such party is not responsible for the completeness or accuracy of information concerning any other party unless such party knows or has reason to believe that such information is inaccurate.

 

It is understood and agreed that a copy of this Agreement shall be attached as an exhibit to the Statement on the Schedule 13D, and any future amendments to the Schedule 13D, filed on behalf of each of the parties hereto.

 

Date:

February 15, 2008

 

 

[signature pages to follow]

 

 

 


                 In witness whereof, the undersigned has duly executed this Joint Filing Agreement as of this 15th of February, 2008.

 

PLAINFIELD SPECIAL SITUATIONS

MASTER FUND LIMITED

 

By:/s/ THOMAS X. FRITSCH         

      Thomas X. Fritsch

      Authorized Individual

 

PLAINFIELD ASSET MANAGEMENT LLC

 

By:/s/ THOMAS X. FRITSCH         

      Thomas X. Fritsch

      Managing Director and General Counsel

 

PLAINFIELD ACCEPTANCE LLC

 

By:/s/ THOMAS X. FRITSCH         

      Thomas X. Fritsch

      Managing Director and General Counsel

 

MAX HOLMES

 

By: /s/ THOMAS X. FRITSCH         

       Thomas X. Fritsch

       Attorney-in-Fact*

 

 

* Duly authorized pursuant to Power of Attorney, dated February 1, 2007, by and on behalf of Max Holmes, appointing Thomas X. Fritsch as his attorney-in-fact, included as Exhibit B to this Schedule 13D.

 

 

EX-99 2 exha.htm PURCHASE OPTION AGREEMENT

Exhibit 99

PURCHASE OPTION AGREEMENT

 

This PURCHASE OPTION AGREEMENT(this “Agreement”) is made as of July 9, 2007, by and among Robert J. Skandalaris (together with his heirs, successors, or assigns, as applicable “RJS"), Michael C. Azar (together with his heirs, successors, or assigns, as applicable “MCA”; David J. Langevin (together with his heirs, successors, or assigns, as applicable “DJL”) and QVM Oakmont Services, LLC (together with its successors or assigns, as applicable “QVM Oakmont” and together with RJS, MCA and DJL, the “Sellers”) and Plainfield Acceptance LLC (together with any designated affiliate as provided in Section 10 below, the “Buyer”).

 

WHEREAS, (i) each Seller is the beneficial and record owners of the number of shares (the “Common Shares”) of the common stock, $0.0001 par value, of Oakmont Acquisition Corp, a Delaware corporation (“Oakmont”), set forth opposite his name on Schedule A hereto and which shares were acquired prior to the initial public offering of Oakmont (the “IPO”) and (ii) RJS is the beneficial and record owner of the number of warrants (the (“Warrants”; and together with the Common Shares, the “Securities”) to purchase common stock of Oakmont set forth opposite his name on Schedule A hereto, which Warrants were registered in the IPO;

 

WHEREAS, in connection with the IPO each of the Sellers was required to escrow the Common Shares pursuant to that certain Stock Escrow Agreement (the “Escrow Agreement”), dated as of July 2005, among the Sellers, certain other stockholders of Oakmont and Continental Stock Transfer & Trust Company; and

 

WHEREAS, the parties hereto wish to enter into this Agreement to provide Buyer with the option to purchase a portion of the Common Shares and Warrants held by the Sellers as more particularly described herein and certain related matters.

 

NOW, THEREFORE, in consideration of $100.00 duly paid by or on behalf of Buyer to the Sellers and in consideration of other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

 

 

1.

Options To Purchase.

 

(a)        Common Share Option. During the period commencing on the date that the Common Shares are disbursed to the Sellers pursuant to Section 3 of the Escrow Agreement and ending at 5:00pm (New York time) on the later of (i) October 19, 2008 and (ii) the date 90 days after the expiration of the lock-up or restricted trading or transfer period under the Escrow Agreement or any other agreement with respect to any of the Common Shares, the Buyer shall have the option (the “Common ShareOption”) to purchase from the Sellers an aggregate number of shares of the Sellers’ Common Shares equal to the Applicable Share Number at a purchase price of $0.01 per share. The allocation of the Applicable Share Number among the Sellers shall be pro rata among the Sellers based on the number of Common Shares held by each of them on the date hereof unless otherwise agreed to by the Sellers.

 

(b)        Warrant Option. During the period commencing upon the consummation of the Merger (as hereinafter defined) and ending at 5:00pm (New York time) on July 19, 2007,

 

 


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the Buyer shall have the option (the “Warrant Option”; and together with the Common Share Option, the “Options ) to purchase an aggregate of 442,000 Warrants from RJS at a purchase price per Warrant of $.75 per Warrant.

 

(c )       Minimum Share Purchase Requirement.      This Agreement and the Common Share Option and the Warrant Option shall automatically terminate and become null and void if (i) Buyer does not contract to acquire at least 2,000,000 shares of the common stock of Oakmont (the “Public Shares”) before the date the proxy statement with respect to the special meeting of Oakmont stockholders scheduled for July 17, 2007 is first distributed to Oakmont’s stockholders (“Cut off Date”), or (ii) Buyer does not fulfill its obligations set forth in Section 6 below. Sellers agree to provide Buyer notice of the initial distribution of the aforementioned proxy statement by 5PM (Eastern time) on the day prior to such initial distribution.

 

 

(d)

For purposes of this Agreement,

 

(i)        “ Applicable Share Number shall mean, with respect to Sellers, no less than 1,000,000 shares, and no more than 1,200,000 shares as set forth below:

 

Number of Public Shares Purchased by Buyer

in a Public Purchase prior to Cut off Date

Applicable Share Number

2,000,000 to 4,999,999 Shares

1,000,000

5,000,000 shares and above

1,200,000

 

(ii)       “ Merger” shall mean the merger of Brooke Credit Corporation with and into Oakmont pursuant to the Merger Agreement.

 

(iii)      “ Merger Agreement shall mean that certain Amended and Restated Merger Agreement dated April 30, 2007, among Oakmont, Brooke Credit Corporation and Brooke Corporation.

 

 

2.

Election to Purchase.

 

To make an election to exercise either Option pursuant to this Agreement, Buyer shall give written notice of such election (a “Purchase Notice”) (a) in the case of the Common Shares, to each Seller and (b) in case of the Warrants, to RJS, which Purchase Notice shall specify (i) whether such election is in respect of the Common Shares or the Warrants and (ii) the date of the closing of such purchase (a “Closing Date”), which notice shall be delivered on or before 5PM (Eastern time) on the date on which such Option expires pursuant to the terms of Section 1(a) or 1(b), as applicable, and which Closing Date shall be no later than three business days after the date of the delivery of such notice. On the Closing Date, at the offices of Bingham McCutchen LLP, One State Street, Hartford, CT 06103, the Sellers shall tender to the Buyer the applicable Common Shares or Warrants with the necessary instruments of transfer in form reasonable acceptable to Buyer and the Buyer shall deliver payment of the applicable purchase price payable in cash or by certified check or official bank check. On the Closing Date Sellers shall provide

 

 


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assurance that such Common Shares or Warrants are transferred free and clear of all liens, restrictions, encumbrances and rights of third parties.

 

3.

Representation and Covenants of Sellers.

 

Each Seller hereby severally and not jointly represents, warrants and covenants to Buyer, solely as to such Seller, as follows:

(a)          Due Organization. Such Seller, if not an individual, has been duly organized, is validly existing and is in good standing, as applicable, under the laws of the jurisdiction of its organization.

(b)         Power; Due Authorization; Binding Agreement. Such Seller has full legal capacity, power and authority to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement, and the consummation of the transactions contemplated hereby by such Seller, have been duly and validly authorized by all necessary action on the part of such Seller, and no other proceedings on the part of such Seller are necessary to authorize this Agreement, or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by such Seller and constitutes a valid and binding agreement of such Seller, enforceable against such Seller in accordance with its terms, except that enforceability may be subject to the effect of (a) any applicable bankruptcy, reorganization, receivership, conservatorship, insolvency, moratorium or other similar laws affecting or relating to the enforcement of creditors’ rights generally and to general principles of equity and, (b) any laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, regardless of whether considered in a proceeding in law or equity.

(c)          Ownership of Securities. On the date hereof, the Securities set forth opposite such Seller’s name on Schedule A hereto are owned of record and beneficially by such Seller. As of the date hereof, such Seller has sole voting power (to the extent such Securities confer such powers) and sole dispositive power (to the extent such Securities are transferable) with respect to all of such Securities owned by such Seller. All of such Securities held by such Seller are free and clear of all liens, pledges, charges or security interests of any kind or nature other than those under the Escrow Agreement. Upon exercise of the Options by Buyer, such Seller shall transfer valid title to all of such Seller’s Securities to Buyer free from all liens, charges or security interests of any kind or nature except for (a) restrictions on transfer pursuant to state and/or federal securities laws and (b) liens and encumbrances created by Buyer.

(d)         No Conflicts. The execution and delivery of this Agreement by such Seller does not, and the performance of the terms of this Agreement by such Seller will not, (a) require such Seller to obtain the consent or approval of, or make any filing with or notification to, any governmental or regulatory authority, domestic or foreign (other than the filings with the Securities and Exchange Commission set forth on Schedule B hereto), (b) in the case of a Seller that is not an individual, conflict with or violate the organizational documents of such Seller, (c) require the consent or approval of any other Person pursuant to any agreement, obligation or instrument binding on such Seller or its properties and assets, (d) conflict with or violate any organizational document or law, rule, regulation, order, judgment or decree applicable to such Seller or by which any property or asset of such Seller is bound, or (e) violate any other agreement to which such Seller is a party, including, without limitation, any voting agreement,

 

 


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stockholders agreement, irrevocable proxy, voting trust, the Escrow Agreement or the Merger Agreement.

 

4.

Certain Covenants of Sellers.

 

(a)          Further Assurances. Subject to the terms and conditions set forth in this Agreement each of the Sellers will use his, her or its best efforts, as promptly as is practicable, to take or cause to be taken all actions, and to do or cause to be done all other things, as are necessary, proper or advisable and consistent with the terms and conditions of this Agreement, to consummate and make effective the transactions contemplated by this Agreement and to refrain from taking any actions that are contrary to, inconsistent with or against, or would frustrate the essential purposes of, the transactions contemplated by this Agreement. Sellers agree that any lock-up agreement or similar agreement entered into in connection with the Merger Agreement or otherwise will not conflict with the provisions of this Agreement.

(b)         Transfer Restrictions. Each Seller hereby agrees that without the prior written consent of Buyer, such Seller shall not (a) sell, transfer, pledge, encumber, assign or otherwise dispose of, or enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, pledge, encumbrance, assignment other disposition of, or limitation on the voting rights of, any of the Securities, including pursuant to the Merger Agreement, (b) grant any proxies or powers of attorney other than those that may arise pursuant to this Agreement, deposit any Securities into a voting trust or enter into a voting agreement with respect to any Securities other than those that may arise pursuant to this Agreement, (c) willfully or intentionally take any action that would cause any representation or warranty of such Seller contained herein to become untrue or incorrect or have the effect of preventing or disabling such Seller from performing its obligations under this Agreement, or (d) commit or agree to take any of the foregoing actions. Any transfer of the Securities not permitted hereby shall be null and void. Each Seller agrees that any such prohibited transfer may and should be enjoined. If any involuntary transfer of any of the Securities covered hereby shall occur (including, but not limited to, a sale by a Seller’s trustee in bankruptcy, or a sale to a purchaser at any creditor’s or court sale), the transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall take and hold such Securities subject to all of the restrictions, liabilities and rights under this Agreement, which shall continue in full force and effect. Each Seller agrees that he will cause the certificates representing the Securities subject to the Options to be conspicuously endorsed with a legend substantially as follows: “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN OPTION AGREEMENT DATED AS OF JULY , 2007 AMONG THE HOLDER HEREOF AND PLAINFIELD ACCEPTANCE LLC AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE ENCUMBERED EXCEPT AS PROVIDED THEREIN. A COPY OF SUCH AGREEMENT MAY BE OBTAINED FROM THE HOLDER HEREOF OR FROM PLAINFIELD ACCEPTANCE LLC AT C/O PLAINFIELD ASSET MANAGEMENT LLC, 55 RAILROAD ROAD, GRENWICH,CT 06830.”

(c)        Registration Rights. Sellers represent and covenant that Buyer shall have the rights to register the Common Shares in accordance with the registration rights provided in that certain Registration Rights Agreement, dated as of July 18, 2005 among Oakmont, the Sellers and certain other stockholders of Oakmont, as the same will be amended by the Registration Rights Agreement that Oakmont will enter into with Brooke Corporation, the Sellers and others upon the closing of the Merger, in substantially the form previously delivered to Buyer [Please provide Buyer and counsel with a copy.]

 

 


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5.          Representations and Warranties of Buyer. Buyer hereby represents and warrants to the Sellers as follows.

(a)         Organization, Good Standing and Qualification. Buyer is a duly organized and validly existing under the laws of the State of its organization. Buyer has all requisite limited liability company power and authority to execute and deliver this Agreement.

 

(b)

Authorization; Binding Obligations; Governmental Consents.

(i)All limited liability actions on the part of Buyer, its officers, directors and members necessary for the authorization of this Agreement and the performance of all obligations of Buyer hereunder have been taken prior to the date hereof. This Agreement is a valid and binding obligation of Buyer, enforceable in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights; and (ii) general principles of equity that restrict the availability of equitable remedies.

(ii) No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority on the part of Buyer is required in connection with the consummation of the transactions contemplated by this Agreement.

6.          Certain Covenants of Buyer. Buyer hereby agrees that, at any meeting of the stockholders of Oakmont, however called, or any adjournment thereof, or in connection with any solicitation of votes of the stockholders of Oakmont by written consent, Buyer shall be present (in person or by proxy) and vote (or cause to be voted), or execute a written consent in respect of, all of its Public Shares (which are entitled to vote at such meeting or solicitation) in favor of the approval or re-approval of the Merger and the Merger Agreement and all other proposals where approval of such proposal is a condition to the merger agreement, and against any action or agreement that would prevent or materially delay the consummation of the Merger or any other transactions contemplated by this Agreement or the Merger Agreement, or that would be contrary to or inconsistent with, or result in a breach by the Sellers of, or frustrate the essential purposes of this Agreement or the Merger Agreement.

 

7.          Amendments. This Agreement may be amended from time to time by a written instrument executed and delivered by the parties.

 

8.          Conflicts. In the event of any conflict between the terms and conditions of this Agreement and the terms and conditions contained in any document attached as an Exhibit hereto, the terms and conditions of the form of documents attached hereto shall govern.

 

9.          Remedies. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that the parties will have the right to injunctive relief, in addition to all of its rights and remedies at law or in equity, to enforce the provisions of this Agreement. Nothing contained in this Agreement will be construed to confer upon any Person who is not a signatory hereto or any

 

 


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successor or permitted assign of a signatory hereto any rights or benefits, as a third party beneficiary or otherwise.

 

10.       Buyer Substitution. Buyer shall have the right to substitute any one of its affiliates as the purchaser of the Securities that it has agreed to purchase hereunder, by written notice to the Sellers, which notice shall be signed by both the Buyer and such affiliate, shall contain such affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such affiliate of the accuracy with respect to it of the representation set forth in Section 5. Upon receipt of such notice, any reference to Buyer in this Agreement (other than in this Section 10), shall be deemed to refer to such affiliate in lieu of Buyer.

 

 

11.

General Provisions.

 

(a)        Notices. Except as otherwise provided herein, any offer, acceptance, notice or communication required or permitted to be given pursuant to this Agreement shall be deemed to have been duly and sufficiently given for all purposes by a party if given by the party, or an officer, trustee, or other personal or legal representative of such party, or by any other person authorized to act for such party, if in writing and delivered personally to the party or to an officer, trustee or other personal or legal representative of the party, or any other person authorized to act for such party to whom such notice shall be directed, or sent by overnight delivery service, or certified or registered mail, postage and registration prepaid, return receipt requested, or by facsimile to such party's home or business address as reflected on the signature pages hereto or other address as such party may designate to each of the other parties hereto by a notice complying with the requirements of this Section 11(a). Any such notice shall be deemed to have been given on the date on which the same was delivered in the case of personal delivery, post-marked in the case of certified or registered mail or overnight delivery service, or dated in the case of a facsimile.

 

(b)        Assignment. The parties hereto shall have no right to assign or transfer this Agreement or any of their respective rights hereunder.

 

(c)        Binding Effect. This Agreement shall be binding upon and inure to the benefit of the successors, assigns, personal representative, estates, heirs and legatees of the parties hereto.

 

(d)        Miscellaneous. This Agreement sets forth the entire understanding of the parties hereto with respect to the transactions contemplated hereby. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. The headings in this Agreement are for convenience of reference only and shall not alter or otherwise affect the meaning hereof. This Agreement is intended to take effect as a sealed instrument and may be executed in any number of counterparts which together shall constitute one instrument and shall be governed by and construed in accordance with the domestic substantive laws of the State of New York, without giving effect to any choice or conflict of law provision or rule that would cause the application of the domestic substantive laws of any other state. Delivery of an executed signature page by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Agreement.

 

 

 


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             IN WITNESS WHEREOF, this Agreement has been executed as of the date first set forth above.

 

/s/ Robert J. Skandalaris

Robert J. Skandalaris

 

/s/ Michael C. Azar

Michael C. Azar

 

/s/ David J. Langevin

David J. Langevin

 

QVM OAKMONT SERVICES, LLC

 

By: /s/ ROBERT J. SKANDALARIS

Robert J. Skandalaris

Managing Member

 

PLAINFIELD ACCEPTANCE LLC

 

By: /s/ Steve Segaloff

Name: Steve Segaloff

Title: Authorized Individual

 

 

 


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SCHEDULE A

 

 

 

 

Common Shares

Warrants

 

 

 

Robert J. Skandalaris

585,000

442,000

Michael C. Azar

435,000

 

David J. Langevin

180,000

 

Krislee & Assoc., LLC.

360,000

 

QVM Oakmont Services, LLC

360,000

 

 

 

 


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SCHEDULE B

 

FILINGS

 

TO BE COMLETED BY SELLERS BUT TO INCLUDE:

 

1.          Sellers shall cause Oakmont to file a Supplement to the Oakmont Schedule 14A to add Buyer.

2.          Sellers will file an amendment to the 13(d) filing of indicating that they are a group with Buyer.

 

 

 

 

 

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