MatlinPatterson Capital Management L.P. Announces Holdings in Baffinland

    



    
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<p>NEW YORK, <span class="xn-chron">Nov. 9, 2010</span> /CNW/ -- MatlinPatterson Capital Management L.P. has announced that MatlinPatterson Distressed Opportunities Master Account L.P. ("MatlinPatterson") has acquired a further 14,000,000 common shares of Baffinland Iron Mines Corporation ("Baffinland"), representing 4.07% of the class of common shares.  The common shares were acquired through market purchases on the <span class="xn-location">Toronto</span> Stock Exchange at an average price of CAD$1.1208 per common share.</p>
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<p>As of the close of business on <span class="xn-chron">November 8, 2010</span>, the shares acquired, when taken together with MatlinPatterson's existing holdings, comprise a total of 18,000,000 common shares of Baffinland, representing 5.24% of the class.</p>
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<p>The common shares of Baffinland have been acquired in the ordinary course of business for investment purposes and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of such securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.  Further purchases or sales of common shares of Baffinland may be made in the future as circumstances warrant.</p>
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<p>MatlinPatterson Capital Management L.P. is located at 520 Madison Avenue, 35th Floor New York, NY 10022.  A copy of the filed report, which is the subject of this news release, may be obtaining by calling <span class="xn-person">Andrew Siegel</span> or <span class="xn-person">Andrea Rose</span> at 212-355-4449.</p>
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    For information contact:
    Andrew Siegel / Andrea Rose
    Joele Frank, Wilkinson Brimmer Katcher
    212-355-4449




    

For further information: Andrew Siegel or Andrea Rose, both of Joele Frank, Wilkinson Brimmer Katcher, [phone]