NEWCASTLE INVT CORP
			Symbol			NCT

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Preferred Stockholder of Newcastle Investment Corp. Calls Proposed Preferred Stock Amendments and Redemption Offer Inadequate

2009-11-06 11:00 ET - News Release

BOSTON, MA -- (MARKET WIRE) -- 11/06/09

Costa Brava Partnership III L.P. ("Costa Brava"), a preferred stockholder of Newcastle Investment Corp. ("Newcastle") (NYSE: NCT) (NYSE: NCT.PrB) (NYSE: NCT.PrC) (NYSE: NCT.PrD), objects to Newcastle's proposed amendments to the rights of Newcastle's preferred stock and the offered redemption and does not at this time plan to vote for the amendment or to tender its shares. In making this announcement, Costa Brava first stresses that Costa Brava believes in the future of Newcastle.

Newcastle, citing market conditions, is seeking a consent solicitation amending certain key terms of such stock and has announced an offer to repurchase its outstanding preferred stock in an attempt to reduce or eliminate its outstanding preferred stock.

Newcastle is proposing a tender offer price of $6.76-7.19 per share for each of its series B, C and D preferred stock. Seth Hamot, a principal with Costa Brava, explained that "The offered price per share represents a substantial 75% discount to the $25 liquidation preference, a much deeper discount than one would typically expect."

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