Temecula Valley Bancorp Inc. (fka TMCVP)

[Renee]

TMCVP: Finra deleted symbol. Inactive Security.

https://otce.finra.org/otce/dailyList?viewType=Deletions

[Olmsted]

Even better

[Enterprising Investor]

Liquidation distribution date was 4/29/16.

The account that sold 2,000 shares on 4/29/16 currently shows two credits. One for proceeds of the sale at $1.80, another for the $1.97946 distribution.

It would appear that trades on 4/29/16 may be reversed.

[Enterprising Investor]

Mystery solved!

Cash distribution at $1.97946 per share.

[Enterprising Investor]

The account I manage had 2,000 shares purchased away.

The shell would have NOLs available.

Maybe it's window dressing for Firefly?

[Olmsted]

And there go some more.... two days in a row can't be a fat-finger. Really wonder what could be going on

[Enterprising Investor]

No new filings on PACER.

[Olmsted]

Saw that! Was excited - thought it was my order that filled. I had done the same. Sadly... my GTC order had expired and I lost track

Nice early monetization though - good for you

[Enterprising Investor]

TMVCP must be worth more than $1.80?

Or someone just made a big mistake by not placing a limit order on a "grey market" stock.

Why?

I had placed a GTC order to sell 10,000 shares at $1.80 per share, never expecting a fill.

Temecula Valley Banc (TMCVP)
1.8 +0.4 (28.57%)
Volume: 10,000 @ 3:18:26 PM ET

[Enterprising Investor]

Trustee's Final Report and Application for Compensation approved (4/14/16)

Participated via Court Call. There were no objections or appearances.

[Enterprising Investor]

GUCs will receive about 18 cents on the dollar.

[Enterprising Investor]

Hearing Set on Trustee's Final Report and Application for Compensation (3/07/16)

The Hearing date is set for 4/14/2016 at 09:30 AM at Crtrm 302, 3420 Twelfth St., Riverside, CA 92501. The case judge is Scott H. Yun.

Source: PACER [Docket 201]

[Enterprising Investor]

Notice of Trustee's Final Report and Applications for Compensation Filed by United States Trustee (3/07/16)

Source: PACER [Docket 200]

[Enterprising Investor]

Chapter 7 Trustee's Final Report, Application for Compensation and Application(s) for Compensation of Professionals filed on behalf of Trustee Helen Frazer. The United States Trustee has reviewed the Chapter 7 Trustee's Final Report. Filed by United States Trustee (3/07/16)

Funds Available for Creditors: $10,775,250.11

Priority Claims: $11,429.86

General Unsecured Claims: $10,763,820.25

Source: PACER [Docket 199]

[Enterprising Investor]

TMCVP very active today (2/17/16)

TEMECULA VALLEY BANCORP INC (TMCVP)

Last Trade [tick] 1.1000[+]
Volume 155,000
Net Change -0.0500
Net Change % -4.35%
52 Week High 1.2700 on 01/11/2016
52 Week Low 0.5100 on 09/15/2015
Open 1.0600
Day High 1.1000
Day Low 1.0600

[Enterprising Investor]

Trustee's Final Report; Application for Compensation; and Non-Opposition to Professional Fees and Expenses Filed by Trustee Helen R. Frazer (02/05/16)

Total Cash on Hand: $11,903,250.21

Trustee Fees: $1,052,914.74
Trustee Expenses: $7.18

Accountant Fees: 74,147.50
Accountant Expenses: $580.68

Misc. Court Costs: $350.00

Funds Available for Creditors: $10,775,250.11

Total Projected Disbursements: $11,903,250.21

Source: PACER [Docket 198]

[Olmsted]

Wasn't me sad to say

[Enterprising Investor]

TMCVP traded 11,000 shares between $1.10 and $1.15 (2/03/16)

The last time that many shares or more traded was 4/26/13 when 15,000 shares changed hands at $1.50.

[Enterprising Investor]

Indication: $1.20/$2.20 for 100 shares each side (12/17/15)

[Enterprising Investor]

TMCVP hits new 52-week high (12/03/15)

TEMECULA VALLEY BANCORP INC (TMCVP)
Last Trade [tick] 1.0500[+]
Volume 2,000
Net Change 0.0400
Net Change % 3.96%
52 Week High 1.0500 on 12/03/2015
52 Week Low 0.3000 on 12/03/2014
Open 1.0500
Day High 1.0500
Day Low 1.0500

[Enterprising Investor]

TMCVP hits new 52-week high (12/02/15)

TEMECULA VALLEY BANCORP INC (TMCVP)
Last Trade [tick] 1.0100[+]
Volume 10,000
Net Change 0.0100
Net Change % 1.0%
52 Week High 1.0100 on 12/02/2015
52 Week Low 0.3000 on 12/03/2014
Open 1.0000
Day High 1.0100
Day Low 1.0000

[Enterprising Investor]

TMCVP hits new 52-week high (11/27/15)

TEMECULA VALLEY BANCORP INC (TMCVP)
Last Trade [tick] 1.0000[+]
Volume 1,500
Net Change 0.0250
Net Change % 2.56%
52 Week High 1.0000 on 11/27/2015
52 Week Low 0.3000 on 12/03/2014
Open 1.0000
Day High 1.0000
Day Low 1.0000

[Enterprising Investor]

TMCVP hits new 52-week high (11/02/15)

TEMECULA VALLEY BANCORP INC (TMCVP)
Last Trade [tick] 0.9750[+]
Volume 1,000
Net Change 0.0650
Net Change % 7.14%
52 Week High 0.9750 on 11/02/2015
52 Week Low 0.3000 on 12/03/2014
Open 0.9750
Day High 0.9750
Day Low 0.9750

[Enterprising Investor]

TMCVP hits new 52-week high (10/27/15)

TEMECULA VALLEY BANCORP INC (TMCVP)
Last Trade [tick] 0.9100 [-]
Volume 10,000
Net Change 0.3100
Net Change % 51.67%
52 Week High 0.9500 on 10/27/2015
52 Week Low 0.3000 on 12/03/2014
Open 0.9500
Day High 0.9500
Day Low 0.9100

[db7]

next bid hit 'might' be you ;)

[Enterprising Investor]

Increased my bid to $.90 on 10/07/15.

And have been waiting ever since...

Then today around 10:11, a 9,100 share trade cleared at $.95 and another 900 at $.91.

I was a penny short.

[Olmsted]

Yes although I should say I have nothing more concrete on the "hope to have things wrapped up by end of the year" expectation besides on offhand remark from the trustee.

[db7]

agree 100% on the potential for less competition.. good luck on your .78 order

[Enterprising Investor]

I hear that far too often.

You need to think of the grey market as an opportunity - less competition.

If Level 2 existed, it would most likely show NITE offering $.78 per share. How do I know? It would be me.

How much would you pay today to receive something the range of $1.60 to $1.80 by the end of the year per Olmstead? Feel free to raise the bid.

[db7]

unfortunate that's it's a greysheet with no level2

[Olmsted]

EI, this is an exceedingly good idea. Reviewed PACER and spoke to the trustee and it quite clear cut that a distribution in the ballpark of $1.60 - $1.80 should be happening soon. Trustee: "I want to have this wrapped up by the end of the year."

Now, if only there were some liquidity. Crazy that some shares traded last week at $0.60! My guess is that is not happening again, unfortunately.

Wonder what the seller was thinking there...

[Enterprising Investor]

Unsecured claims reduced to $59.85 million based on the withdrawal of the duplicative $1.9 million claim from Baylake Bank.

[Enterprising Investor]

Stipulation By Helen R. Frazer (TR) and Baylake Bank regarding Withdrawal of Claim No. 1 Filed by Trustee Helen R. Frazer (9/24/15)

Source: PACER [Docket 193]

[Enterprising Investor]

I guess someone saw my message!

[Enterprising Investor]

The end is near.

Request for Court Costs. Filed by Trustee Helen R. Frazer.

Source: PACER [Dockets 189]

Notice to Professionals to File Application for Compensation. Filed by Trustee Helen R. Frazer.

Source: PACER [Dockets 190]

[Enterprising Investor]

Added another 1,000 shares at $.78 (9/18/15)

TEMECULA VALLEY BANCORP INC (TMCVP)

Last Trade [tick] 0.7800 [-]
Volume 1,000
Net Change 0.2700
Net Change % 52.94%
Open 0.7800
Day High 0.7800
Day Low 0.7800
52 Week High 0.9000 on 05/08/2015
52 Week Low 0.3000 on 12/03/2014
Prev Close Price 0.5100
Prev Close Date 09/15/2015

Hopefully, I can pick up so additional shares at lower prices going forward.

[Enterprising Investor]

Baylake Bank owns 190,000 shares (1/14/08)

[Enterprising Investor]

Hearing regarding Objection to Claim #1 fled by Baylake Bank at 10/13/15 at 9:30.

[Enterprising Investor]

Objection to Claim #1 by Claimant Baylake Bank in the amount of $ 1,900,000 Filed by Trustee Helen R. Frazer. (9/14/15)

The Trustee objects to Baylake's Claim No. 1 on the basis that it is duplicative. The Trustee has sent a letter to the CLO of Baylake Bank in advance of filing this objection with a proposed stipulation for withdrawal of the claim as duplicative. No response was received. If no objection is received within 14 days prior to the hearing, it will be deemed waived.

Source: PACER [Docket 187]

[Enterprising Investor]

Granted - Application for Compensation filed by Special Counsel Klee, Tuchin, Bogdanoff & Stern LLP

Fee: $1,445,538.35
Expenses: $9,335.25 (reduced from $10,692.21)

Source: PACER [Docket 182]

Granted - Application for Compensation filed by Attorney Boies Schiller & Flexner LLP

Fee: $2,167,787.52
Expenses: $11,409.63 (reduced from $23,137.15)

Source: PACER [Docket 181]

[Enterprising Investor]

Utilizing Court Call to participate in "listen only" mode.

[Enterprising Investor]

Objection to First and Final Application of Klee, Tuchin, Bodanoff & Stern LLP for Compensation of Contingency Fees and Reimbursement of Expenses Incurred as Special Litigation Counsel to the Trustee and Application for Compensation for Boies Schiller & Flexner LLP, Trustee's Attorney. Filed by Creditor Wilmington Trust Company. Filed by U.S. Trustee United States (7/09/15)

The UST objects to the amount and calculation of the firms' compensation request, particularly the request that contingency fee be calculated to include additional value provide by the waiver of certain FDIC claims and certain expenses. The UST is contesting expenses of $2,826.34 from KTB&S and 4,255.55 BSH in regards to couriers, meals, estimate expenses, online research and paraprofessional overtime.

Source: PACER [Docket 175]

[Enterprising Investor]

Possibility exists for a settlement with reduced fee amounts.

I believe it less likely that Judge Yun will dramatically reduce the fees otherwise.

[Enterprising Investor]

Objection to First and Final Application of Klee, Tuchin, Bodanoff & Stern LLP for Compensation of Contingency Fees and Reimbursement of Expenses Incurred as Special Litigation Counsel to the Trustee and Application for Compensation for Boies Schiller & Flexner LLP, Trustee's Attorney. Filed by Creditor Wilmington Trust Company.

Wilmington is arguing that the Applications would result in windfalls (i.e., excessive premiums over and above what would have been received at each Firm’s hourly rate) in the amounts of $1,924,121.52 for Boies and $1,042,601.85 for Klee. Boies would be compensated at an effective hourly rate of $5,742.34 based on timekeeping entries. Klee's effective hourly rate would be $2,108.12.

Wilmington requests that the Court (i) sustain the Objection, (ii) deny the Applications, and (iii) grant such other and further relief as the Court deems just and proper under the circumstances.

Source: PACER [Docket 174]

[Enterprising Investor]

Fee Application Hearing set for 7/23/15 would be the result of the FDIC Settlement.

All of the filings required for the hearing were made on 6/04/15, which to me implied that the Effective Date was on or before this date and triggered fees at 20 percent of Net Recoveries. I kept searching the docket for a specific filing indicating that the settlement was finalized, but never found one. One may not have been required since the Tax Escrow Account was controlled by the Trustee and Rabobank, N.A. would release funds based on her instructions per the Order.

In the Declaration in Support of Final Fee Applications, the Trustee details:

I am currently holding $15,323,089.86 on behalf of the Estate as a direct result of the settlement, and I have a total amount of $15,548,400.77 on hand in the Estate. Excluding the amounts requested in the Fee Applications, I estimate that the Estate will be obligated to pay an additional approximately $1,200,000 in expenses of administration prior to closing the case.

[56Chevy]

Thus, the 9-month period referenced runs through 6/19/15. If the FDIC settles before 6/19/15, the fee will only be 20 percent of Net Recoveries. Afterwards, the firms receive 25 percent of Net Recoveries.

6/19/2015 came and went no settlement monies paid that we know of...if true fees & net recoveries go to 25%.

[Enterprising Investor]

Hearing Set (i) Application for Compensation filed by Attorney Boies Schiller & Flexner LLP and (ii) Application for Compensation filed by Special Counsel Klee, Tuchin, Bogdanoff & Stern LLP (6/05/15)

Klee, Tuchin, Bogdanoff & Stern LLP, special litigation counsel to the Trustee
July 1, 2014 – May 31, 2015
Fee Sought: $1,445,538.35
Expenses Sought: $10,692.211
Total Payment Requested: $1,456,230.56

Boies, Schiller & Flexner LLP, former bankruptcy counsel and special litigation counsel to the Trustee
February 25, 2010 – May 31, 2015
Fee Sought: $2,558,501.52
Expenses Sought: $23,137.15
Total Payment Requested: $2,180,534.30

BSF seeks allowance of $2,581,638.67 but payment of only $2,180,534.30 due to amounts paid to BSF on an interim basis pursuant to previous orders of the Court.

Scheduled for 7/23/2015 at 09:30.

Responses due 7/09/15.

Source: PACER [Docket 173]

[Enterprising Investor]

Firefly made its last known purchase four years ago today.

[Enterprising Investor]

Not likely.

I placed a day order at $1.00 on Thursday once Judge Yun approved the settlement. It obviously went unfilled.

It sometimes can take days for a grey market security to trade. When placing a pair of 2,000-share GTC orders last fall at Firefly's average cost of $.78, I know the orders sat for days if not weeks. I tried to pick up more shares after seeing small trades cross at lower prices, but pulled them after a few days.

It's better to have a small stake in a deal like this than none at all. No "shoulda coulda woulda" for me here!

[yuanxi617]

I wonder if the shares sold are market maker inventory...otherwise who would sell at this price?