Meritor Savings Bank (MSVP)

[MrchntDeth]

We Win!

Current Shareholders to get PSFS Payout

Judge Loren Smith ruled that CURRENT (and NOT FORMER), MSVP shareholders to receive the $276 Million Dollar Award against the FDIC that the government chose not to appeal this past June 24, 2011.

Former shareholder Steven Roth (who sold his shares back in 1993), Intervened in the case, in an attempt to tie up the case and any eventual payout to CURRENT shareholders. Had he been successful, he would have received payment for shares that he had SOLD almost 20 years ago!

The next hearing will be December 1, 2011 Conference Call between Judge Smith and lawyers for the government and CURRENT shareholders, to discuss a Final Order (for payment of the award) . . . to CURRENT shareholders.

Payout to CURRENT shareholders is estimated to be around $4.50/share.

Congrats to all . . . and a big thanks to Mr. Frank Slattery, for bringing this case against the government . . . and for his perseverance to take this stand against the government.

A thanks also goes to Mr. Tom Buchanan for winning this case for Meritor shareholders. Congrats, Mr. Buchanan, on a job well done!

Sorry, Mr. Roth.