Filed Pursuant
to Rule 424(b)(3)
MUNICIPAL MORTGAGE & EQUITY, LLC
SUPPLEMENT TO PROSPECTUS
INCLUDED IN FORM S-8 REGISTRATION STATEMENT
File No. 333-65461
The table below identifies each selling shareholder, his relationship
to the Company, the total number of shares he beneficially owns before the
offering, the number of shares he owns that were registered on the Registration
Statement to which this Prospectus Supplement relates and the total number of
shares he may sell pursuant to this Prospectus Supplement.
<TABLE>
<CAPTION>
Number of Shares
(and percentage of
Relationship with Maximum Number of outstanding shares)
Company During Shares Beneficially Shares that May Be to be
Shareholder Previous Three Years Owned Before Offering Offered Hereby Beneficially Owned
----------- -------------------- --------------------- ------------------ ------------------
<S> <C> <C> <C> <C>
Earl W. Cole, III Senior Vice President 2,008 2,008 less than 1%
</TABLE>
August 5, 1999
<PAGE>
PROSPECTUS
MUNICIPAL MORTGAGE & EQUITY, LLC
COMMON SHARES
The common shares to which this Prospectus relates may be offered from time to
time by Selling Shareholders who are directors and officers of Municipal
Mortgage & Equity, LLC. We will specifically identify in prospectus supplements
hereto. The Selling Shareholders may sell the common shares on the New York
Stock Exchange, where our common shares are currently traded, on any securities
exchanges or other quotation systems on which our common shares may be traded,
in the over-the-counter market or in negotiated transactions, at prices and on
terms then available. The respective Selling Shareholders will pay any brokerage
fees or commissions relating to sales by them. See "Method of Sale." We will not
receive any part of the proceeds of any such sales.
Our principal executive office is located at 218 North Charles Street, Suite
500, Baltimore, Maryland 21201 (Telephone No. (410) 962-8044).
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED THAT
THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
We are paying the expenses of preparing and filing the Registration Statement of
which this Prospectus is a part.
_____________
The date of this Prospectus is August 4, 1999.
<PAGE>
TABLE OF CONTENTS
-----------------
Page
----
Incorporation by Reference ....................................................2
Information We File............................................................2
Selling Security Holders ......................................................2
Method of Sale.................................................................3
SEC Position Regarding Indemnification.........................................3
INCORPORATION BY REFERENCE
We incorporate by reference into this Prospectus (a) our Annual Report
on Form 10-K for the year ended December 31, 1998, (b) our Quarterly report on
Form 10-Q for the quarter ended March 31, 1999, (c) the description of our
common shares contained in our registration statement under the Securities
Exchange Act of 1934, as amended (including any amendments or reports filed for
the purpose of updating such description), (e) our Proxy Statement on Schedule
14A, dated April 12, 1999 and (f) all other reports we filed pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, since
December 31, 1998. These documents were filed under the SEC File Number 1-11981.
We also incorporate by reference into this Prospectus all the documents we file
pursuant to Sections 13, 14 and 15(d) of the Securities Exchange Act of 1934
after the date of Prospectus and before we file a post-effective amendment which
indicates that all the securities to which this Prospectus relates have been
sold or which deregisters all those securities which have not been sold. We will
provide copies of all documents which are incorporated by reference without
charge to anyone to whom we deliver this Prospectus, who makes a written or oral
request for them to Municipal Mortgage & Equity, LLC, 218 North Charles Street,
Suite 500, Baltimore, Maryland 21201, Attention: Derek Cole, telephone number
(410) 962-8044.
INFORMATION WE FILE
We file annual, quarterly and current reports, proxy statements and
other materials with the SEC pursuant to the requirements of the Securities
Exchange Act of 1934. The public may read and copy any materials we file with
the SEC at the SEC's Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549 and at the SEC's Regional Offices located at 7 World
Trade Center, Suite 1300, New York, New York 10048 and Citicorp Center, 500 West
Madison Street, Suite 1400, Chicago, Illinois 60661. The public may obtain
information on the operation of the Public Reference Room by calling the SEC at
1-800-SEC-0330. The SEC maintains an Internet site that contains reports, proxy
and information statements and other information regarding issuers (including
us) that file electronically with the SEC. The address of that site is
http:\\www.sec.gov.
SELLING SHAREHOLDERS
This Prospectus relates to possible sales by our directors and officers
of shares of our common shares that they acquire through the Company's various
share incentive plans. We do not know at this time who may be Selling
Shareholders from time to time. We will provide the names of those people, along
with the number of common shares owned, and the number of shares which may be
sold, by each of those people from time to time in supplements to this
Prospectus, which we will file with the Securities and Exchange Commission in
accordance with Rule 424(b) under the Securities Act of 1933, as amended.
<PAGE>
METHOD OF SALE
The shares offered by this Prospectus may be sold on the New York Stock
Exchange, where our common shares are currently traded, or in other markets
where our common shares are traded, or in negotiated transactions. Sales will be
at prices which are current when the sales take place. Selling Shareholders may
pay brokers' commissions. Shares that are sold may include shares in which
Selling Shareholders have granted security interests and which are being sold
because of foreclosure of those security interests. There is no present plan of
distribution.
SEC POSITION REGARDING INDEMNIFICATION
Our Amended and Restated Certificate of Formation provides for
indemnification of officers and directors for any loss, damage or claim
(including reasonable attorneys' fees) due to any act or omission made by him or
her, except in the case of fraudulent or illegal conduct.
We have been informed that, in the opinion of the Securities and Exchange
Commission, insofar as directors, officers or other persons who control us may
become entitled under the provisions of our certificate of incorporation to
indemnification for liabilities arising under the Securities Act of 1933, that
indemnification is against public policy as expressed in that Act and is
therefore unenforceable.
