JOINT FILING AGREEMENT

EXHIBIT 1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing of MatlinPatterson FA Acquisition LLC, MatlinPatterson LLC, MatlinPatterson Asset Management LLC, MatlinPatterson Global Advisers LLC, MatlinPatterson Global Partners II LLC, MatlinPatterson Global Opportunities Partners II L.P., MatlinPatterson Global Opportunities Partners (Cayman) II L.P., Xxxxx X. Xxxxxx, Xxxx X. Xxxxxxxxx, Xxxxx Xxxxxxxx and Xxxxx Xxxxxxx, on behalf of each of them a statement on Schedule 13D (including amendments thereto) with respect to shares of common stock, par value $0.01 per share, of First Albany Companies Inc., a New York corporation, and that this Agreement be included as an Exhibit to such joint filing. This Agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this 25^th day of May 2007.

	MATLINPATTERSON FA ACQUISITION LLC
	By:	/s/  Xxxxxx X. Xxxxx
		Name  Xxxxxx X. Xxxxx
		Title

	MATLINPATTERSON LLC
	By:	/s/  Xxxx X. Xxxxxxxxx
		Name  Xxxx X. Xxxxxxxxx
		Title    Member

	MATLINPATTERSON ASSET MANAGEMENT LLC
	By:	/s/  Xxxx X. Xxxxxxxxx
		Name  Xxxx X. Xxxxxxxxx
		Title    Chairman

	MATLINPATTERSON GLOBAL ADVISERS LLC
	By:	/s/  Xxxx X. Xxxxxxxxx
		Name  Xxxx X. Xxxxxxxxx
		Title    Chairman

	MATLINPATTERSON GLOBAL PARTNERS II LLC
	By:	/s/  Xxxx X. Xxxxxxxxx
		Name  Xxxx X. Xxxxxxxxx
		Title    Director

	MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS II L.P By: MatlinPatterson Global Partners II LLC, its general partner
	By:	/s/  Xxxx X. Xxxxxxxxx
		Name  Xxxx X. Xxxxxxxxx
		Title    Director

	MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS (Cayman) L.P. By: MatlinPatterson Global Partners II LLC, its general partner
	By:	/s/  Xxxx X. Xxxxxxxxx
		Name  Xxxx X. Xxxxxxxxx
		Title    Director

	XXXXX X. XXXXXX
	By:	/s/  Xxxxx X. Xxxxxx
		Name  Xxxxx X. Xxxxxx

	XXXX  X. XXXXXXXXX
	By:	/s/  Xxxx X. Xxxxxxxxx
		Name  Xxxx X. Xxxxxxxxx

	XXXXX XXXXXXXX
	By:	/s/  Xxxxx Xxxxxxxx
		Name  Xxxxx Xxxxxxxx

	XXXXXXXXXXX XXXXXXX
	By:	/s/  Xxxxxxxxxxx Xxxxxxx
		Name  Xxxxxxxxxxx Xxxxxxx