Harrington West Financial Group, Inc. (fka HWFGQ)

[HDOGTX]

Sep 13, 2010 Harrington West Financial Group files for bankruptcy protection

Sep 13, 2010 (M2 EQUITYBITES via COMTEX) -- The holding company for Los Padres Bank, Harrington West Financial Group Inc (HWFG) (OTCBB:HWFG), said on Friday that it has filed a voluntary petition to liquidate its assets under Chapter 11 bankruptcy protection.
The company continues to operate its business as a debtor in possession under sections 1107(a) and 1108 of the Bankruptcy Code.

Los Padres Bank (LPB) was closed by the Office of Thrift Supervision on 20 August 2010 and the US Federal Deposit Insurance Corporation (FDIC) was appointed as receiver of the bank. The FDIC facilitated the acquisition of most of the loans and some securities and the assumption of the deposits and various other liabilities of LPB by Pacific Western Bank.

HWFG reported that it intends to file a liquidating plan within a few months. In the Schedules of Assets and Liabilities filed by HWFG along with its Chapter 11 petition, the company reported that its total assets as of the petition date were approximately USD579,282, plus a potential tax refund of an unknown amount. Its total liabilities were approximately USD26,004,000.




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( 1 )Dr. Breeden is the President, Chairman, and 100% owner of Wyandotte Community Corporation ("Wyandotte"), and may be deemed to have or share investment control over the securities holdings of Wyandotte. As such, Dr. Breeden may be deemed to control Wyandotte and to be an indirect beneficial owner of the Common Stock held by Wyandotte reported herein. Dr. Breeden disclaims beneficial ownership of all shares of Wyandotte in which Dr. Breeden does not have an actual pecuniary interest.
( 2 )As of the date of this filing, Community First Financial Group, Inc. ("CFFG") owned 268,807 shares of Common Stock. By reason of the provisions of Rule 16a-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the relationship of Douglas T. Breeden ("Dr. Breeden" or the "Reporting Person") with CFFG, the Reporting Person may be deemed to be the beneficial owner of a portion of the 268,807 shares of Common Stock for purposes of Section 16 of the Exchange Act. Dr. Breeden disclaims beneficial ownership of all shares of the Common Stock, except to the extent of any direct or indirect pecuniary interest therein, and this Form 4 shall not be deemed an admission that he is the beneficial owner of the shares of Common Stock reported as beneficially owned herein for purposes of Section 16 of the Exchange Act or for any other purpose.
( 3 )Dr. Breeden's children are the beneficiaries of Breeden Family Trust (the "Trust"). Dr. Breeden disclaims beneficial ownership of all shares held by the Trust in which Dr. Breeden does not have an actual pecuniary interest.


http://www.secform4.com/filings/1063997/000094562110000074.htm