BankUnited Financial Corp. files Chapter 11 - Business First of Louisville:

ramsburgsyuheo1544.blogspot.com
Two additional companies owned by the holding company also filedf Chapter11 – and Peter of in Miami, represents all three debtors. “Thew bank was seized and Levitt said. “So, the bank is not The parent company has its own assets and and that entity needs to have an orderlyu process for dealing with its The financial services entity has been involvefd in selling insuranceand “That’s a separate business, with about 20 employees in Coralo Gables, and we’re hoping that can continue,” Levitt “Nothing is certain, but we’re going to make a real effortg for that to continue.
The rest of the bankruptcy is a question of maximizing theassets – whichg are mostly cash and claims.” CRE America owns some real but Levitt said he was not able to say what wouldc happen to it yet. Unlikse some bank holding companies that have other BankUnitedFinancial (NASDAQ: was totally reliant on its bank to keep $184 million in convertible senio r HiMeds units (a type of security developed by $12.5 million in junio r subordinated debentures, which have a lowee claim on assets than senior notex The petition listed one to 49 creditors and was signed by Bradley S. Weiss as chief restructuring officer. Weiss was vice chairmahn of BankUnitedFinancial Corp.
The law firmw of of Los Angeles and Shutts Bowen will be handlingthe case. The list of largesyt unsecured creditors was ledby , , and for several series of the trust preferred securities. In many bankruptcg cases, such institutions are representatives for those who actuallty holdthe securities. Waterford Township General EmployeezRetirement System, which has a class actionb case against BankUnited Financial, also is listed as a creditof for an unknown amount. Three Miamk law firms – , and – are listed as creditorsx for anunknown amount. Trading in BankUnitee Financial's stock was halted at 5:28 p.m. on Thursdau to allow dissemination of thetakeovere news.
On Friday, NASDAa changed the trading halt statusa to say it was requesting additional information from the Inmany cases, shareholders of bank holding companiesd have their value wiped out aftedr a takeover, which leaves theit stock worthless. BankUnited Financial last tradedat 49.2 cents. Shares had been tradinf heavily in the days beforsthe FDIC-organized bidding and the takeover. The company's stoclk market capitalization was downto $17.55 million when tradinfg was halted, according to Yaho Finance.