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They may well be worth a lot more than a tax write off... I'm sending a tally of what I know to Harvey. Do you want me to include your 2g?
Can you add me to the list too? I have 50k left. Thanks again
Hey whodathunkit Sorry I'm completly out of the loop with this stock. I still hold 50,000 shares. Is there something I should be doing? If you don't mind helping me out that would be awesome. Thanks again
Is there any basic information that can be posted? What would the deal be?
max either let him know how many shares you have or don't. As of now what I've posted is all he or I know. If you have shares and you won't let Harvey know so he can get something going for all, then you are hurting everyone's chance for a possible good thing since what is needed now is a share count.
You think this is an act of cruelity? ......ahem.... ok max. Now I go back to the side till there is more positive and constructive conversations to have.
So what's the deal.... Why the secrecy. Harvey is a freaking drama queen. Let me know when our shares get listed. Otherwise this is just a cruel joke
Gotcha flyboy & batspeed. I'll post here what I learn.
Please let me know what is going on, as I have not and do not plan on speaking with Harvey Tauman.
Unfortunately I'm still holding 100k shares.
From the Southeast Banking Corp Settlement site...
http://www.sebcglobalsettlement.com/faq.htm
Question 59 (posted December 1, 2011): What is the latest status of the SEBC bankruptcy case?
Jeffrey H. Beck, Trustee ("Trustee") of Southeast Banking Corporation, Debtor ("SEBC" or "estate"), last filed and posted to the estate's website, www.sebcglobalsettlement.com, a status update as of August 2010. The update is found here: http://sebcglobalsettlement.com/faq.htm#Q57. The following is a further update on the status of SEBC as of December 1, 2011.
Business Transaction/Legal Representative for Holders of SEBC Common Stock
From the time of the August 2010 update through the present, the Trustee and his professionals have continued their efforts to locate a counter party to a business transaction similar to that embodied in the confirmed chapter 11 plan of SEBC, or a counter party to any reasonable business transaction which would benefit SEBC and its stakeholders. Unfortunately, although there have been discussions with a number of parties since August 2010, including some as recently as October and November of 2011, no transaction has been proposed by an investor to date.
As a result, aside from monitoring the case for the possibility of a transaction, Jerry Markowitz, the Legal Representative for Holders of SEBC Common Stock appointed by the Court (Legal Representative) has had no duties to perform. The Legal Representative suggested and the Trustee agrees that there is no benefit to the holders of common shares of SEBC stock to having the Legal Representative's appointment remain active. Thus, while the Trustee will continue to explore the possibility of a transaction, in cooperation with the Legal Representative, the Trustee has filed a motion to suspend the responsibilities and appointment of the Legal Representative pending reactivation should a transaction materialize. That motion is set for hearing on December 13, 2011.
Real Estate Interests of SEBC Estate
Through its wholly owned subsidiaries, the SEBC estate continues to own substantial unimproved real estate in Jacksonville, Florida. The nature and extent of these interests are described here: http://sebcglobalsettlement.com/faq.htm#Q33; and here: http://sebcglobalsettlement.com/faq.htm#Q52. Since the status update in August 2010, the Trustee, in conjunction with his professionals and management consultants, has continued to actively market the properties for sale and to manage the properties in order to realize the maximum potential from the estate's interests. To that end, the estate has succeeded in obtaining a Fair Share agreement with the City of Jacksonville to extend and amplify the rights of the estate entities and their co-owners .
In addition, the estate has successfully challenged the real property tax assessments, resulting in a lowering of the assessed values. Also, the estate has moved to extend the duration of permits obtained from governmental authorities concerning wetlands. The estate will implement the requirements for such permits as soon as possible. Finally, the estate has proposed and obtained local government approval of a forestry plan for these unimproved properties to harvest and replant saleable trees on the properties. SWQ and Belfort will enjoy an agricultural exemption from real estate taxes while such forestry activities are implemented and active.
In addition to the management activities, the estate has continued to keep the properties available for sale. Market conditions have not been conducive to sale of such unimproved real property and little interest was seen until recently. Since mid-summer 2011, a number of property developers have expressed interest in the potential acquisition and development of commercial and residential projects on estate property. The estate will continue to explore the realization of maximum value from its properties.
The estate has entered into a settlement agreement to resolve certain disputes with co-owners ("SQJV") of a 50% interest in a portion of the properties known as the Southwest Quadrant . Here is a copy of the agreement and of the order of the bankruptcy court approving it: http://sebcglobalsettlement.com/pleadings/ExhibitA.pdf. Under the agreement, the interest of SQJV was set at 30% of all of the Southwest Quadrant properties, and SQJV became obligated to repay the estate for its share of the expenses incurred by the estate in management and sale of the properties. This obligation carried an interest rate of 8.5%, which at the time of the agreement in 1998 was the "prime rate" of interest as published in the Wall Street Journal. Also under the agreement, the parties contemplated sale of the entire of the Southwest Quadrant Properties for $5 million. Certainly, it was not known at the time of the effective date of the agreement that the disposition of the properties would continue into 2011.
In addition, although the estate had exclusive right to manage the Southwest Quadrant properties under the settlement agreement with SQJV, the estate determined to employ the principals of SQJV as property management and marketing consultants for the Southwest Quadrant properties and one of such principals for the other significant estate property holding, the Belfort property. A copy of the agreements and order approving them for such management of the properties is found here: http://sebcglobalsettlement.com/pleadings/ExhibitB.pdf. These management agreements have been renewed annually as allowed under the agreements. SQJV and its principals have been instrumental in the successful management and marketing of the properties. Notwithstanding the settlement agreement provision for sale at $5 million, a sale was consummated in 2005 for $13 million of a portion of the Southwest Quadrant properties.
In early 2011, SQJV and its principals requested a reduction of the interest rate on the carried reimbursement obligation of SQJV in the settlement agreement, arguing that the rate was onerous given current market conditions. They requested that the rate be reduced to 2% fixed. In addition, because of their significant contributions to the management and sale of the properties, they requested that estate acknowledge that they had earned all compensation provided for in the management agreements. After consultation with the principal creditor representatives, the Trustee determined to propose to SQJV and its principals that as of January 1, 2011 the interest rate on accrued expense reimbursement be set at a floating rate at the prevailing "prime rate" as published by the Wall Street Journal. That rate has been 3.25% for the duration of 2011. After such consultation, the Trustee further proposed to the principals of SQJV to modify the management agreements to provide that they be terminable by the estate only for cause so long as the estate owned an interest in the properties covered by such agreements. SQJV and its principals have accepted both proposals. Accordingly, the estate has filed a motion to approve such changes in early November 2011, and that motion is also set for hearing on December 13, 2011.
Anticipated Actions Going Forward
Although it remains unlikely, the estate plans to continue to explore a business transaction so long as there remains a viable possibility of executing such a transaction and to the extent that there are parties interested in pursuing such a transaction. However, the estate will not expend significant resources on such a transaction unless a serious and significant offer is received, and only after further consultation with the principal creditors. The estate will continue to manage its real estate holdings and endeavor to realize the maximum proceeds from disposition of the properties. The estate will minimize expenses commensurate with protection of the estate's vested rights in permits and entitlements. The Trustee believes that an ordinary course of business sale of the real estate would realize the maximum value for the estate and that this might require additional time to accomplish. As of October 31, 2011, the estate had cash of approximately $1.553 million. On December 13, 2011, the Court will consider fee applications by estate professionals, as well as payment of indenture trustee fees and expenses and substantial contribution claims of the Ad Hoc Committee and Gabriel Capital. The total amount of requested fees and expenses is approximately $787,000. If all fee and expense requests are approved by the Court, the remaining amount of cash on hand after payment of these fees and expenses would be approximately $765,000. The Trustee believes that, by conserving expenses, the cash on hand would be sufficient to allow the estate to take the time necessary to maximize the estate's value in its assets and attributes.
The Trustee consulted with the principal creditors as to whether the estate should remain in chapter 11 with the possibility of modification of the confirmed chapter 11 plan should a business transaction materialize or a bulk sale of real estate be possible, or instead to seek to convert the SEBC case to chapter 7. The Trustee believes that there is no advantage or compelling reason, at present, to convert the case to chapter 7, especially as there remains a possibility (although not a probability) of a business transaction. It remains possible as well that a modified chapter 11 plan could facilitate a bulk sale of the real estate holdings. The consensus among the principal creditors was to continue the case at present in chapter 11 pending further developments. As circumstances unfold, this decision will be revisited.
Tanks I'll pass it on.
That would be great. Thanks!
They may well be worth a lot more than a tax write off... I'm sending a tally of what I know to Harvey. Do you want me to include your 2g?
Only have 2,000, but was planning on writing them off this year.
aires4747 - do you mind posting how many shares you have? I'm holding 45,000 I thought was dead money till today!
Apologies to those that pm'd me - I wasn't snubbing you, I couldn't respond because I'm not a paying member in IHUB.
But thanks for prompting me to seek permission from Harvey to post his email address.
Let's just hope this STBP adventure turns out better than the last time!!
who
Just got permission to post Harvey's email address:
Harvey@greysonproducts.
If you'll send him your phone number he'll call you back pdq. He called me within 5 minutes of my sending him mine. He'll explain what's happening and how we proceed. I'm here because I agreed to help get word out.
Everyone invested knows we waited on STBP until we thought we watched it die. Now suddenly (to me as I quit keeping an eye on STBP) as long as we're still holding our shares, and things pan out (this time), we just might end up being golden instead of looking at claiming this investment for tax losses.
This possibility does depend on providing QUICK info to Harvey as to how many shares we hold so please send an email to him. Cheers, Peace, and Good Luck to all.
who
I'm holding some, too. Almost forgot about them!
Where is the contact info? I got nearly a 100k shares.
FOR ANYONE HOLDING SHARES OF STBP... Harvey Tauman has been contacted by lawyers after they had a meeting with a judge concerning STBP. Something may be in the works for us. The first step toward this is Harvey needs to know who still has shares of this stock and how many stocks there are still out there. Please take the time to contact Harvey and he will get back to you.
BAC could sell Merrill. Deal on wires as rumor. Wonder if they may blow the dust off that old deal?
Hey EI how are you doing buddy? I would like to trade those shares in one day for some cash before it all get's eaten up by the lawyer's. Take care and have a good day.
I have 78,350 shares.
WAMU vs us
What the hell is the difference. Are our Legal Reps RETARDED?!?
"MarketWatch Corporate Watchdog
May 24, 2011, 3:06 p.m. EDT
Bankrupt bank to become giant tax break
By MarketWatch
NEW YORK (MarketWatch) — Nearly three years after it was seized by regulators and its main banking business was sold, Washington Mutual Inc., the Seattle-based thrift, is nearing the end of its bankruptcy.
Except this time around, its business won’t be banking; it will be primarily a vehicle for tax breaks.
Reuters
Washington Mutual was bought in 2008 by J.P. Morgan Chase.
Shareholders are set to approve a $7 billion reorganization plan hammered out during on-again, off-again negotiations lasting more than a year, according to a Dow Jones report. See blog post on WaMu’s exit plan at WSJ.com .
Under terms of the agreement, WaMu will basically comprise the dying embers of its insurance business, an asset that wasn’t acquired by J.P. Morgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm JPM -0.33% in its abrupt, regulator-led sale in 2008.
TODAY'S TOP INVESTING TIPS | Research tools
Click to Play
What the biggest hedge funds are holding: W.R. Grace, Potash and Viacom are among the top holdings of the world's largest hedge funds, Alistair Barr reports.
But the real remaining asset is about $5 billion in tax breaks owed to the company. That means the hedge funds that snapped up WaMu debt will be able to buy companies under the corporate guise of WaMu and run them without significant taxes for a long time.
Shareholders agreed to a quick payout in exchange for the deal’s going through. J.P. Morgan also approved the sale. The only roadblock is the hedge-fund owners themselves: Appaloosa Management LP, Centerbridge Partners LP, Owl Creek Asset Management LP and Aurelius Capital Management LP.
An investigation is under way as to whether they used inside information about WaMu restructuring talks to benefit from debt trades. Read related commentary on hedge fund insider trading .
Sounds just like the kinds of investors who need a tax break.
Awesome thanks again EI.
Nothing significant has happened.
Cash is just under $1.6 million. Nothing is going to happen to the real estate in this market.
Hey EI how are u doing? I have no clue how to find or for that matter read the filings and I was wondering if they still have cash in the piggy bank? Do we still have properties? Sorry I'm lost on what is going on here. Thks and have a good weekend
Thks buddy we wait some more. How many shares you own? I have 50k still.
Trustee continues to file a MOR each month.
No meat inside.
Nothing. It seems we have been left high and dry.
Hi everyone anythig new with STBPQ lately?
FWIW:
By Joe Rauch
CHARLOTTE, NORTH CAROLINA | Tue Apr 19, 2011 7:03pm EDT
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By Joe Rauch
CHARLOTTE, North Carolina (Reuters) - Bank of America Corp (BAC.N) plans to spin off its last large private equity fund, with more than $5 billion in assets, and has no plans to make new private equity investments, a company spokesman said on Tuesday.
Bank of America, the largest U.S. bank by assets, will spin off BAML Capital Partners into its own unnamed firm.
The firm would then manage the bank's private equity assets for a fee -- winding those positions down over time -- and could begin accepting outside investors.
The assets will remain on BofA's balance sheet until they are wound down.
Company spokesman Jerry Dubrowski said BofA determined the business was "not strategically critical to customers and our clients" and the decision was made to spin off the unit.
Dubrowski said the head of the new firm had not yet been announced, and it was not immediately clear the number of employees that would move to the new firm.
The spin-off is the latest in a series of moves by the bank to comply with the Volcker Rule, a part of the financial regulatory overhaul law passed in 2010 that limits proprietary trading, or investments by banks using their own capital. It also fits with Chief Executive Brian Moynihan's efforts to sell off extraneous business units.
In 2010, the bank spun off Banc of America Capital Investors, a $1.4 billion private equity group to form Ridgemont Equity Partners, under a similar structure.
Hey buddy I saw that I"m in shock. I don't have any I sold around the 0.14 range due to some obligations I had. Man at one point I had 1mil shares. Kicking myself till this day. GLTU
hey yukii,how ya like the hi of day, qsgiq! still got some?
All I know is what I read here:
http://www.sebcglobalsettlement.com/
PACER review continues monthly.
Nothing exciting to report.
Sounds awesome =( Thks sidedraft any eta when we should know the final outcome? I have been holding since July 2009.
Still waiting for Bloom to sadly report that he has milked every dime of the money from the estate, and therefore, even more sadly, we get ZERO!
Still holding 50k shares here. Anyone still here and hear anything new? Thks
1 st remove replace our representative
2nd sell the Nlcf at 20% and get it overwith. Any Co that owes taxes would bite
I have about 90k shares. A buddy of mine has nearly 2 million.
Can we get together as shareholders and send a letter to the judge? I say we liquidate and distribute. We own this company after all. I say screw the egocentric idiots that messed the deals up and cut them out of the loop.
There is still cash and land. Something like $6 million bucks (50 cents a share), and 30 million in land. All totaled about 3 bucks a share. I'd take $300k for my shares.
twice that amount here; I can't believe nobody wants to at least buy the charter (and get the land for as a bonus).
Oh well..........
Thks you Enterprising I hope that day comes soon. Being holding this since July 2009. Take care and thks
A plan someday...
I still hold 78,350 shares.
Current NOLCFs available: $136,159,555
Expiring 12/31/11: $28,764,671
http://www.sebcglobalsettlement.com/pleadings/Chart.pdf
Thks enterprising investor I still have 50k shares left. what is your take on it? Thks again
The latest PACER filing was the October MOR.
Nothing noteworthy inside.
ANYOne here anything new with stbpq lately? I know like 500mil or so NOLS are going to get wiped out at the end of the year i wonder if anyone will step in and pick them up.
Awesome sidedraft thanks so much for the info. I have waited since July 2009 what's hopefuly a few or so more months. This thing has to end someday. GLTU and thanks again for everything
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Southeast Banking Corporation (Southeast) was a two-bank holding company located in Miami, Florida. Although the resolution of Southeast’s two banks is notable for several reasons, the primary reason is that it was one of the first times the Federal Deposit Insurance Corporation (FDIC) used a transaction known as loss sharing. The loss sharing agreement for the two Southeast banks was a part of a purchase and assumption (P&A) transaction in which the acquiring institution, First Union National Bank of Florida (First Union), Jacksonville, Florida, a subsidiary of First Union Corporation (First Union Corp.), Charlotte, North Carolina, purchased $10.1 billion of the failed banks’ assets. First Union then managed and liquidated the assets under a loss sharing agreement that required the FDIC as receiver to reimburse First Union for a substantial portion of its losses on purchased assets for a period of five years. The program was successful, and the FDIC recovered all of its principal expenditure for the resolution of the two banks.
FDIC Case Study:
http://www.fdic.gov/bank/historical/managing/history2-09.pdf
The net operating carryforwards (NOLCF) of SEBC as of December 31, 2005, was $801,586,099. According to SEBC’s 10Q filing for the fiscal year ended December 31, 1990, there were 34,329,064 shares of common stock outstanding as of that date. The amount of NOLCFs per share is $23.35.
However, the Depository Trust Company details only about 12.4 million book-entry shares outstanding. Thus, there is a large number of shares held in certificate form which are held by "lost" shareholders.
Confirmed Third Amended Plan Chapter 11 Plan of Reorganization (3/13/09)
Planned Business of Reorganized SEBC, SEBC Holdings LP and SEBC Real Estate LLC
Introduction
The Plan proposes to authorize the Transaction in which SEBC will invest the existing SEBC cash and other assets and the Investor will invest new funds ($1.639 billion) to restructure SEBC into appropriately organized entities to take advantage of the existing SEBC assets and continue the remaining business activities of SEBC. The Transaction will benefit the holders of existing SEBC Preferred and Common Shares, the holders of existing SEBC General Unsecured Claims, the holders of existing SEBC Notes and the Investor.
The Investor receives: (1) 300,000,000 shares ($300 million aggregate face amount) of Reorganized SEBC Series A Senior Preferred Stock; (2) 718,000,000 shares ($718 million aggregate face amount) of Reorganized SEBC Series B Senior Preferred Stock; (3) 611,000,000 shares ($611 million aggregate face amount) of Reorganized SEBC Series J Junior Preferred Stock; (4) 5,000,000 shares of Reorganized SEBC Class B Common Stock, representing 20% of the outstanding Reorganized SEBC Common Stock on a fully diluted basis; and (5) 5,000,000 shares of Reorganized SEBC Class C Common Stock, representing 20% of the outstanding Reorganized SEBC Common Stock on a fully diluted basis.
Reorganized SEBC will be renamed SEBC Financial Corporation to reflect the nature of the historic SEBC business activities it will continue. SEBC Financial will receive the investment of existing cash from SEBC and new cash from the Investor, and will engage in investment and management of primarily fixed income financial instruments and other financial assets to earn a return on such investments. SEBC Financial will also hold a $9 million loan from SEBC Real Estate LLC, the activities of which will be described below, and will lend up to $600,000 to SEBC Holdings LP the activities of which will be described below. SEBC Financial will use its cash to purchase from another newly-created entity, the Investment Vehicle, the Investment Vehicle Senior Securities (consisting of senior preferred equity). The Investment Vehicle, in turn, will use the proceeds from the issuance of the Investment Vehicle Senior Securities to SEBC Financial and other equity to acquire and manage a portfolio consisting of fixed-income instruments to be acquired by the Investment Vehicle from an affiliate of Investor. Income earned on SEBC Financial investments will, to the extent not needed to pay dividends on the SEBC Financial preferred stock, be reinvested in high quality investments as specified in the SEBC Financial Charter. Upon the maturity, redemption, repayment, repayment, sale, exchange or other disposition of the Investment Vehicle Senior Securities, the proceeds received must be reinvested in eligible portfolio investments, which are limited to financial assets that have a fixed term and will generate sufficient income to pay quarterly dividends on the SEBC Financial preferred stock. The determination of such reinvestments will be made by the SEBC Financial Board, a majority of which will be determined by SEBC Holdings through the SEBC Holdings General Partner. Depending upon the success of the business, SEBC Financial could later undertake a broader array of financial businesses and/or distribute the allocable portion of the earnings from Investor’s equity investment to SEBC’s creditors and equity holders, including SEBC Holdings.
Based upon the structure of the planned investment by the Investor and the use of the existing SEBC cash, it is anticipated that, like the historic banking and financial investment activities of SEBC, there will be a positive spread between the cost of funds to SEBC Financial and its earnings from the investment of those funds. The returns anticipated from such investments will fund the operations of SEBC Financial and payments to its preferred and common shareholders. As SEBC Financial will be organized as a corporation, its activities will be managed by a Board of Directors and Officers, governed by the Charter and Bylaws as described in the Disclosure Statement. The initial Directors and Officers are identified elsewhere in this Plan Supplement. As provided for in the Plan and as described in the Disclosure Statement, the existing holders of SEBC Common and Preferred Stock and existing holders of SEBC General Unsecured Claims and Notes will retain direct and indirect ownership of a portion of the preferred securities and 60% of the Common Shares of SEBC Financial. In particular, the existing holders of SEBC Common Stock will own 100% of the Common Units of SEBC Holdings, which will own 60% of the Common Shares of SEBC Financial. The Investor will retain ownership of the remaining preferred securities and the remaining 40% of the Common Shares of SEBC Financial.
SEBC Holdings
SEBC Holdings, a limited partnership, has been named to reflect the nature of the role it will play in the continuation of the historic SEBC business activities. SEBC Holdings will be the nexus of the combination of all the continuing business activities of SEBC. Rather than having direct operations itself, it will hold interests in the two entities that will have such operations. SEBC Holdings will retain 60% of the Common Shares of SEBC Financial and 100% of the ownership interests in SEBC Real Estate. In its role as the nexus of such activities, it will derive its revenues from its holdings, namely dividends from the Common Shares of SEBC Financial and all the income from SEBC Real Estate over the costs of SEBC Real Estate operations and the repayment of the $9 million note from SEBC Real Estate to SEBC Financial. In addition, to the extent necessary to fund the operations of SEBC Holdings, SEBC Financial will lend up to $600,000 to SEBC Holdings. The Common Units of limited partnership interest will be held by the current holders of the SEBC Common Shares. The preferred securities of SEBC Holdings will be held by holders of current SEBC General Unsecured Claims, holders of current SEBC Notes, holders of current SEBC preferred shares, and the Investor. As a limited partnership, SEBC Holdings will be managed by a General Partner and governed by a Limited Partnership.
SEBC Real Estate
SEBC Real Estate,`a limited liability company, has been named to reflect the nature of the historic business activities of SEBC that it will continue. SWQ Holdings, Inc. ("SWQ"), Southeast Properties, Inc. ("SEPI"), First Pioneer Corporation ("First Pioneer") and First Pioneer’s wholly owned subsidiary, Second Pioneer Corporation ("Second Pioneer"), the existing SEBC subsidiaries that have invested in and currently own, manage and market for sale their real estate assets, will be converted to limited liability companies. Second Pioneer will continue to be wholly owned by First Pioneer. SWQ, SEPI and First Pioneer will become wholly owned affiliates of SEBC Real Estate, which, as indicated above, will be wholly owned by SEBC Holdings. The existing real estate is unencumbered. As part of the Transaction, SEBC Real Estate will be obligated to SEBC Financial for payment of a $9 million note. First Pioneer, Second Pioneer, SWQ and SEPI will continue the same real estate ownership, investment management and marketing for sale activities in which they have been engaged. It is intended that they will do so with the intent to maximize the value of their real estate and related holdings for the benefit of payment of the $9 million note and distribution of proceeds to SEBC Holdings. SEBC Real Estate will be managed by SEBC Holdings.
Southeast Banking Corporation Global Settlement website:
http://www.sebcglobalsettlement.com/index.htm
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