Capitol Bancorp Ltd.(fka CBCRQ)

[OGSPECULATOR]

JOE REID IS NO LIAR!

[OGSPECULATOR]

This fiasco isn't over IMO

[OGSPECULATOR]

They cheated us in the end! I've loaded TLMR hoping to get something back!

[Renee]

CBCRQ: BK plan effective. All shares cancelled.

http://www.otcbb.com/asp/dailylist_detail.asp?d=02/05/2014&mkt_ctg=NON-OTCBB

[OGSPECULATOR]

They'll do the toggle option on these PIK loans!!!

[OGSPECULATOR]

VOLUME ALERT!!!

[OGSPECULATOR]

http://www.bizjournals.com/albuquerque/news/2014/01/17/talmer-bancorp-purchases-sunrise-bank.html

[OGSPECULATOR]

Bid rising!$$$

[OGSPECULATOR]

Epic move .001-.01$$$

[OGSPECULATOR]

L2 looks great!

[ManyYearsOTC]

I have just finished my DD ing..

I'm going to stay on the bench regarding this one here....

That's my opinion...
And ONLY my opinion

Good luck tho..

[OGSPECULATOR]

We got ourselves a ball game folks$

[OGSPECULATOR]

http://mibiz.com/item/21224-jan-6-2014-michigan-commerce-bank-becomes-talmer-west-bank

[OGSPECULATOR]

Look for .015$

[Spyder888]

This will probably run very soon. IMO.. GL..

[OGSPECULATOR]

Impressive bid support!!!

[OGSPECULATOR]

CBCRQ$$$

[ManyYearsOTC]

True... Two weeks ago is when, everybody has indeed been in check hopefully ..

[OGSPECULATOR]

Finally the signal of two weeks ago is confirmed$$$

[OGSPECULATOR]

Chart looks $$$

[Srchn41]

Thanks

[OGSPECULATOR]

Earnings 1/14/14

[Srchn41]

Why the pop?

[OGSPECULATOR]

Loaders$$$

[The Claw]

$CBCRQ NEWS


All Content and Data provided by Third-Parties — Terms of Use
Capitol Bancorp Settles With Creditors, Clears Way for Deal With Ross's Talmer
DOW JONES & COMPANY, INC. 3:40 PM ET 1/2/2014
Symbol Last Price Change
CBCRQ 0.0018 0.0001 (5.88%)
QUOTES AS OF 03:47:48 PM ET 01/02/2014
Capitol Bancorp Ltd. (CBCRQ) has reached a settlement with unsecured creditors that will allow the bank-holding company to close on its sale to Wilbur Ross'sTalmer Bancorp Inc. after months of fighting.

With this deal, creditors have agreed to support Capitol's bankruptcy-exit plan after 99% of general unsecured debt and 61% of trust-preferred securities debt, or TruPS, voted in mid-December to reject it. These groups are owed $20.8 million and $2.35 million, respectively.

The settlement provides slightly better treatment for creditors and caps Capitol's winddown budget at $1.5 million.

"The Settlement Agreement will permit the Plan to proceed through confirmation largely unopposed and will allow the Debtors to avoid extensive and complex litigation, delay and risk, as well as the incurring of additional professional fees and costs related to these issues," Capitol Bancorp(CBCRQ) said in documents filed Tuesday.

As part of the agreement, Capitol and its creditors are pushing back a hearing on confirmation of the plan to Jan. 21 from Jan. 7 and have requested that Judge Marci B. McIvor of the U.S. Bankruptcy Court in Detroit consider approval of the settlement before then.

Late last year, Judge McIvor dealt a blow to unsecured creditors by approving the sale of Capitol Bancorp(CBCRQ), despite their protests that Talmer's offer significantly undervalued the banks. Judge McIvor agreed with Capitol's management that after 15 months in bankruptcy, the holding company had run out of time to strike a deal with another investor.

Still, confirmation of Capitol's bankruptcy-exit plan remained a final hurdle for the Talmer sale.

Talmer, a Michigan-based holding company that Mr. Ross has used in recent years to buy a number of struggling banks in the Midwest, has agreed to invest $ 97 million to take over Capitol Bancorp's(CBCRQ) stakes in its four remaining banks-- Bank of Las Vegas, Indiana Community Bank, Michigan Commerce Bank and Sunrise Bank of Albuquerque.

Earlier in the case, Capitol agreed to funnel 85% of the proceeds of the sale to the Federal Deposit Insurance Corp. in exchange for the FDIC's agreement to waive its "cross-guaranty" claims against Capitol's other banks. These claims were the result of the FDIC's seizure of five of Capitol's banks in recent months, which the bank regulator estimated had cost its deposit insurance fund about $61 million.

As the receiver for the failed banks, the FDIC could have gone after Capitol's remaining bank subsidiaries, forcing the banks into receivership and scuttling a sale completely. But the settlement leaves only 15% of the sale proceeds for creditors of Capitol's bankruptcy estate.

Capitol Bancorp (CBCRQ), a Lansing, Mich., bank-holding company that filed for Chapter 11 protection in August 2012, once operated 64 small banks in states including Arizona, Michigan and Nevada, areas that were particularly hard hit when the nation's housing bubble burst.

--Patrick Fitzgerald contributed to this article.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)

Write to Stephanie Gleason at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


(END) Dow Jones Newswires
01-02-141540ET
Copyright (c) 2014 Dow Jones & Company, Inc.

[OGSPECULATOR]

Rising bid$$$

[OGSPECULATOR]

http://otcshortreport.com/index.php?index=CBCRQ#.UsRr7Il5mc0

Short positions seem to have dried up!

[OGSPECULATOR]

Any one else watching the see saw?

[OGSPECULATOR]

I'LL BE THERE FOR THE FINAL FINAL...

[sandtrap246]

meaning what? if Capitol Bancorp emerges from bankruptcy, the existing shares will be cancelled...worthless

[OGSPECULATOR]

Deal complete, should see an SEC filing soon!

[OGSPECULATOR]

http://www.crainsdetroit.com/mobile/article/20131226/NEWS/131229935?X-IgnoreUserAgent=1

[OGSPECULATOR]

L2=$$$

[OGSPECULATOR]

Must have been a fat finger...

[OGSPECULATOR]

.18 cent trade WTF!!!

[OGSPECULATOR]

Huge short volume!!!

[OGSPECULATOR]

Break out detected!!!

[OGSPECULATOR]

NITEs about to fill my order!

[Wisebuys]

VFIN gone now, what do you think that was about?

[OGSPECULATOR]

CBCRQ$$$

[OGSPECULATOR]

Read the L2$$$

[Wisebuys]

Look at the last note on the bottom of the PDF, looks like CBCRQ will still be liquidated from further creditors and that means CBCRQ would be worthless. Unless I'm missing something......

[originalnewt]

Thanks, I ended up finding it after. Your link shows a 404 page not found. Here is another link to the pdf - http://www.snl.com/Cache/20942548.PDF?Y=&o=PDF&D=&fid=20942548&T=&osid=9&iid=100176

[The Claw]

Here you go my friend enjoy


http://www.snl.com/Cache/20825019.pdf?IID=100176&FID=20825019&O=3&OSID=9

[originalnewt]

I can't seem to find that, can you post the link please.

[The Claw]

$CBRCQ Merger Agreement, this is only a portion as it would be to much to copy and upload all but I will attach the link as well.

[The Claw]

the stock right now as is at its book price is .07 cents a share per CBCRQ's website. great thing about Q stocks is they are not allowed to dilute either. so any selling was all retail and shorting because of lack of bid support and an easy call because most do not want to hold a stock through bankruptcy. I'll post some screenshots of the merger agreement listed and shown on their website that was filed. I imagine lots of people have not even been posting on the board purley to not let the cat out of the bag. oops!!! lol

[OGSPECULATOR]

Epic run to .10 or more soon IMO.

[The Claw]

I can't believe that no one knows about this. Talmer the buying bank has 4 billion in assets



http://us.rd.yahoo.com/finance/news/rss/story/*http://finance.yahoo.com/news/capitol-bancorp-signs-agreement-sell-210000488.html

http://www.ibanknet.com/scripts/callreports/getbank.aspx?ibnid=usa_3609682

[The Claw]

there sure are and one of them is mine. this one is a layup if I've ever seen one. the merger agreement on capital bancorps website clearly states the deal being consunated on Jan 1 2014. And with the deal that you posted yesterday finally being settled this thing should run with ease and Q stocks are not allowed to have any dilution so basically we have no resistance other than retail