On September 19, 2013, Orange Capital, LLC announced that it has sent a letter to Glen A. Messina, president and chief executive officer of PHH Corporation outlining the following 4 recommendations the Company should take in order to improve shareholder returns: (i) create a captive finance vehicle which would own a significant stake in the Company's newly originated and existing excess mortgage servicing rights, (ii) hire a financial advisor to pursue a tax-efficient sale or IPO of Fleet Management Services, (iii) commence a share repurchase program or tender offer for $150 million of common stock, and (iv) after resolving outstanding repurchase obligations and securing new financing for newly originated mortgage servicing rights, offer to exchange the 6% convertible notes due 2017 for a combination of cash and stock. In addition, Orange Capital stated that it has engaged in discussion with the Company's management and the board regarding, among other things, the Company's business, management and strategic alternatives and direction, including but not limited to its recommendations. Further, Orange Capital expressed its view that it intends to continue to discuss with the Company's management and the Board as well as other stockholders of the Company and may take other steps seeking to bring about changes to increase shareholder value.