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Wilmington also believes that the claim of an apparent holder of trust preferred securities is duplicative.
Baylake Bank filed Claim #1 in the amount of $1.9 million.
If this claim is a duplicate, unsecured claims would be reduced to $59.85 million, which would increase the recover slightly to 17.72 percent based on my calculations. It was previously 17.18 percent.
Response to Motion to Approve Compromise Under Rule 9019 Notice of Motion and Motion for Order Approving Settlement Agreement By and Between the Trustee and the Federal Deposit Insurance Corporation. Filed by Creditor Wilmington Trust Company (4/23/15)
No objection. Reservation of right to file objections to the fees that will ultimately be sought by KTBS and BSF in final fee applications filed with this Court.
Wilmington Trust Company, in its capacity as Indenture Trustee, holds approximately 91% in dollar amount of the valid claims against the Debtor’s estate and the undisputed largest creditor.
Indenture dated as of September 20, 2004
$8,248,000
Indenture dated as of September 29, 2005
$8,248,000
Junior Subordinated Indenture dated as of September 27, 2006
$12,372,000
Junior Subordinated Indenture dated as of January 17, 2008
$22,901,250
TOTAL: $51,769,250.00
Utilizing Court Call to participate in "listen only" mode.
TMCVP holders could recover about $1.72 based on a $10 liquidation value.
Settlement
Background Facts Regarding the Settlement Agreement
The Settlement Agreement is a comprehensive resolution of numerous, longstanding disputes between the Trustee and the FDIC-Receiver related to Bancorp’s Bankruptcy Case and the complex relationship between Bancorp, whose Estate is administered by the Trustee, and the Bank, for which the FDIC-Receiver acts as receiver. Most notably, the Settlement Agreement consensually resolves the parties’ ongoing litigation over more than $34 million of income tax refunds (together with all interest earned thereon, the “Tax Refunds”) and results in a global resolution of all other claims and potential disputes between the FDIC-Receiver and the Trustee.
More specifically, the Settlement Agreement provides in pertinent part that:
- the Trustee and the FDIC-Receiver will divide all the Tax Refunds on a 45/55 basis, whereby the Estate will receive 45% of all funds presently held in escrow (at least $15,319,249.30) and the FDIC-Receiver will receive 55% of such funds (at least $18,723,526.92);
- to the extent any future Tax Refunds are received, the Estate and the FDIC-Receiver will also divide such future Tax Refunds on the same 45/55 basis;
- all pending litigation between the Trustee and the FDIC-Receiver, including the Adversary Proceeding, will be dismissed with prejudice;
- the FDIC Proof of Claim will be withdrawn in its entirety and with prejudice and no further proofs of claim will be filed by the FDIC-Receiver;
- the FDIC-Receiver and the Trustee, on behalf of the Estate, will provide full and mutual releases to each other; and
- the Trustee and the FDIC-Receiver will each retain any claims or causes of action against directors and officers of Bancorp, the Bank, or their respective subsidiaries, as well as against certain other third parties.
b. If the FDIC Tax Litigation settles within 9 months of this Court’s approval of this Application, then 20% of the Net Recoveries will be paid as a contingency fee to BSF and KTB&S (with 12% payable to BSF and 8% payable to KTB&S). The balance (80%) shall remain in the Estate to be distributed as required by applicable law.
c. If the FDIC Tax Litigation settles or is finally adjudicated after the 9-month period described in paragraph B.2.b., then 25% of the Net Recoveries will be paid as a contingency fee to BSF and KTB&S (with 15% payable to BSF and 10% payable to KTB&S). The balance (75%) shall remain in the Estate to be distributed as required by applicable law.
Hearing scheduled for 5/7/2015 at 9:30
Judge Scott H. Yun.
Source: PACER [Docket 162]
Motion to Approve Compromise Under Rule 9019 Notice of Motion and Motion for Order Approving Settlement Agreement By and Between the Trustee and the Federal Deposit Insurance Corporation; Memorandum of Points and Authorities; Declaration of Helen R. Frazer in Support Thereof (with proof of service) Filed by Trustee Helen R. Frazer (4/10/15)
Source: PACER [Docket 161]
9/14/2009 . . .
I sold 19,100 shares for .01.
Needed LOSS that year !
What happened here ?
How did the dead rise ?
No recent buys for Firefly Value Partners LP.
hope you got a million shares of this!!
TMCVP @ $1.80!
Firefly Value Partners LP owns 1,437,578 shares (5/09/11)
http://sec.gov/Archives/edgar/data/1172678/000101905611000534/xslF345X03/temecula_4.xml
Firefly Value Partners LP owns 1,433,126 shares (4/25/11)
http://sec.gov/Archives/edgar/data/1172678/000101905611000478/xslF345X03/temecula_4.xml
Firefly Value Partners LP owns 1,428,577 shares (4/13/11)
http://sec.gov/Archives/edgar/data/1172678/000101905611000420/xslF345X03/temecula_4.xml
Firefly Value Partners LP owns 1,428,577 shares (4/13/11)
http://sec.gov/Archives/edgar/data/1172678/000101905611000420/xslF345X03/temecula_4.xml
Firefly Value Partners LP owns 1,426,126 shares (3/30/11)
http://sec.gov/Archives/edgar/data/1172678/000101905611000383/xslF345X03/temecula_4.xml
Firefly Value Partners LP owns 1,421,626 shares (3/25/11)
http://sec.gov/Archives/edgar/data/1172678/000101905611000356/xslF345X03/temecula_4.xml
I needed some losses to lower my taxes. (LOL)
It didn't trade much so I didn't think I could catch a bounce. I guess I should have been buying. =P
Back then I also didn't risk much if 290 was something worth the 10 transaction (LOL) Sometimes I can act the FOOL.
Wtf, you sold for .01? What was the point? LOL
Hey Sup, I had this in 2009 bought 1K @ .30's sold them for .01!!! This gives me hope on more than one of my plays. Glad you posted here, cause I was checking you POS plays. (LOL) SWEET!
Looks like anyone wanting to purchase TMCVP has to bid against Firefly, they are slowly soaking them up.
Firefly Value Partners LP owns 1,416,626 shares (2/18/11)
http://sec.gov/Archives/edgar/data/1172678/000101905611000253/xslF345X03/temecula_4.xml
TMCVP @ $1.79!
Interesting. Firefly Value is a shareholder on one other stock that I follow. TNFG. Very very illiquid, wide bid/ask.
Firefly Value Partners LP owns 1,406,626 shares (1/01/11)
Controls 63.5 percent
The gross investment cost is approximately $1,078,177.03, at purchase prices ranging from $0.05 to $1.7500 per share or an average cost of $.7665 per share.
http://sec.gov/Archives/edgar/data/1172678/000101905611000024/temecula_13da13.htm
Firefly Value Partners LP owns 1,401,405 shares (11/24/10)
Controls 63.3 percent
The gross investment cost is approximately $1,069,040.28, at purchase prices ranging from $0.05 to $1.7500 per Share or an average cost of $.7628 per share.
http://www.sec.gov/Archives/edgar/data/1172678/000101905610001323/temecula_13da12.htm
TMCVP @ $1.75!
TMCVP @ $1.60!
TMCVP @ $1.58!
TMCVP @ $1.52!
TMCVP @ $1.45!
TMCVP @ $1.35!
TMCVP @ $1.12!
TMCVP Filing!
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7299506
This stock is going straight to $10.00 and the market hasn’t noticed yet!
Congrats to all that are in!
TMCVP @ .82!
TMCVP @ .70!
TMCVP @ .55!
TMCVP @ .45!
TMCVP @ .35!
TMCVP @ .15!
TMCVP @ .13!
hi there, got ur msg but I don't have skype yet. I will sign up sunday so that we can get something going here lol. I am a major pennystock stock player/trader. I have knowledge how the mm control this game so maybe we can share ideas.
P.s I own this bank too @ 0.02 baught alot in the past half year.
TMCVP @ .10!
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TMCVP — Temecula Valley Bancorp, Inc. (CA)
Preferred Stock
$10.00 Call Price
SECURITY DESCRIPTION: Temecula Valley Statutory Trust VI, 9.45% Trust Preferred Securities, liquidation amount $10 per share, guaranteed by Temecula Valley Bancorp Inc. (Nasdaq: TMCV) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 3/30/2013 at $10 per share plus accrued and unpaid dividends, and maturing 3/30/2038. Distributions of 9.45% ($0.945) per annum are paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date which is one business day prior to the payment date while the securities remain in global security form (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 9.45% Subordinated Deferrable Interest Notes due 3/30/2038 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below. |
Stock Exchange | Cpn Rate Ann Amt | LiqPref CallPrice | Call Date Matur Date | Moodys/S&P Dated | Distribution Dates | 15% Tax Rate |
---|---|---|---|---|---|---|
OTOTC Chart | 9.45% $0.945 | $10.00 $10.00 | 3/30/2013 3/30/2038 | NF / NF 9/29/09 | 3/30, 6/30, 9/30 & 12/30 Click for MW ExDiv Date Click for Yahoo ExDiv Date | No |
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