Steven Gorman

Bear, Stearns & Co., Inc. is a global investment banking, securities trading and brokerage firm located in New York City with additional offices in Dallas, Boston and San Francisco. The firm is a subsidiary Bear Sterns Cos., Inc. (NYSE: BSC). Their equity research team consists of senior analysts located throughout the world. In addition to domestic coverage, they have research teams focusing on Latin America, Asia and Europe. The analysts use a bottom-up approach to stock selection. The Bear Stearns fixed-income research department provides coverage of every sector of the fixed-income universe. The financial analytics and structured transactions group (F.A.S.T) provides investment research, fixed-income portfolio management and analytical systems, trading technology and general financial expertise. The group also provides a broad range of services to financial institutions including asset-liability management, balance sheet restructuring, receivables-based financing analysis, security and portfolio analysis, peer analysis, and historical and real-time market-based information.

Founded in 1993, Amherst Securities Group LP is an SEC-registered broker/dealer headquartered in Austin, Texas. The firm is a subsidiary of Amherst Pierpont Securities LLC. Amherst Securities is a leading dealer and market maker in mortgage-backed securities, agency securities and select fixed-income investments. The firm focuses on mortgage-related investments for institutional customers including large federal agencies, private asset managers and mid-size depositories. Amherst Securities provides an array of trading and execution services for their clients. They do not provide any internal research.

Spires Financial LP provides retail brokerage and investment banking services. The company is based in Houston, TX. The company was founded by Steven Gorman. Spires Financial was acquired by TEI, Inc. on January 29, 1999.

Amherst Holdings LLC provides advice and services to institutional investors, issuers and financial companies. It is a financial services company offering a wide array of brokerage, investment banking and advisory services covering the residential, commercial mortgage and structured finance markets for global institutional investors. The company was founded in 1993 and is headquartered in Austin, TX.