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......OPERATION MIDNIGHT HAMMER.................wtf........????.......
....KING DON is playing hardball................ROCK ON, donnie..............
...............awaiting on NAOMI's decision beacon light...................on the related LIBOR case..................
.....a few minutes later............$$.........$16.33 per, best estimates, today...........aimho........
OR smells like fish
Something is fishy here with that statement…
LMAO MOLEEEEEEEEEEEEEE
Well sort of I GUESS, since I DUG IN and GOT YOUR SHARES back while you sat and did NADA, short of playing with your SACK TINGLE and Mermaid...................................................................
...are you a mole, Robert.....???.......standard language, robbie.............and NAOMI is a related case which has no impact on our settlement.......unless it is appealed in an effort to get to a federal jury in Baltimore to assign a punitive damages assessment......................
...btw, robbie, NAOMI's diatribe is purportedly in the typewriter.............120+ pages of opinion...................hope holding the magic words is therein......or we go to BALTIMORE..............as it would be in our "best interest"......fitty-five dollars per....if we go to the murder capitol.....let's go..........
...
Fred
Is this in specific reference to our case or is this just a boiler plate CONSENT DECREE
""The Parties recognize, and the Court by entering this Consent Decree finds, that this Consent Decree has been negotiated by the Parties in good faith and will avoid litigation among the Parties and that this Consent Decree is fair, reasonable, and in the public interest.""
...SERGIO P. ERMOTTI......BRIAN T. MOYNIHAN....CANNONBALLS Q. SCOTT I......FRANK B. HOLDING, Jr.....
.......sitting here, with you fairies.........anxiously awaiting Judge NAOMI's Summary Judgement...................and the magic words.........
........................CONSENT DECREE.................
The Parties recognize, and the Court by entering this Consent Decree finds, that this Consent Decree has been negotiated by the Parties in good faith and will avoid litigation among the Parties and that this Consent Decree is fair, reasonable, and in the public interest.
....as the LIBOR "expert" ms. newt......we don't want to know what you are doing, while you WAIT............(are they really purple???)................
....as for $55 per, ms. newt.......??.........EERIE SPECULATION, ms. newt...................given that the NAOMI perps appeal NAOMI and get to the Baltimore courthouse and start the jury trial for punitive damages.............WE ENJOIN OUR sonterra case.........and settle for 2 billies................hurts because a legal contingency gets sucked off (ahem!!).........but the UWBI sewer rats, via the FDIC would probably end up with......$850mm, total (from fudge and other clawbacks).....$27.50 per......but if we settled for $10-bills.........or $5-bills.........$55 per.............or $75 per.........call it $5-bills, ms. newt..........$55 per........hello.......
all we can do is WAIT.....and all we can do is WAIT.....and SPECULATE
Been telling you that for a couple of years====as far as all we can do is WAIT.....and SPECULATE
I SPECULATE $55. to $65 per share
Speculate=form a theory or conjecture about a subject without firm evidence:
dude: all we can do is WAIT.....and SPECULATE (is there a poem in that??)............on NAOMI's summary judgement ruling on the related case............SIT BACK AND ENJOY THE RIDE...................
EACH PASSING DAY.......with no ruling............ALWAYS FAVORS THE DEFENDANT............in this NAOMI case.....it is the PERP BANKS, namely UBS and BAC.................????................but favoring the perp banks, means less money....which means APPEAL.......if the FDIC and MURDER CITY MERCHANTS are allowed to appeal and move for a punitive damages trial...........WHICH THE PERPS HAVE A PATH TO DO, imo......................
no worries, from this vantage point....................and no hurries, really................NAOMI is "constructing" something creative, 100%.............and hopefully it is a consent decree, which locks in the perps from APPEALING......(they could still appeal, imo, but might have to go SCOTUS, or even an amended petition, which would be a nightmare, time wise.............start the clock on a whole new suit)...............whatever....................
...................................GO ORIOLES.......................bad............bad...............and the fans ain't got the former slave-owner's bridge to cross ...not to mention getting murdered on the drive home.........drive-around home..................tingle, tootle............AIMHO..............
................BUTTER..............only one question re: NAOMI NONSENSE..........does she tag her settlement ruling as a CONSENT DECREE............????....................forces closure on all of LIBOR and OUR RELATED CASE........click.....click.............
......the sonterra/LIBOR case could get stamped as approved by the USCA/2 on the SAME DAY and the FDIC could terminate the UWB Receiver.......also on the same day............minutes.......after NAOMI.........minutes.........aimho...........
Famed artist, CHRISTO and his loving wife completed some artwork that involved huge installations......
On May 7, 1983, the installation of Surrounded Islands was completed in Biscayne Bay, between the city of Miami, North Miami, the Village of Miami Shores and Miami Beach. Eleven of the islands situated in the area of Bakers Haulover Cut, Broad Causeway, 79th Street Causeway, Julia Tuttle Causeway, and Venetian Causeway were surrounded with 603,870 square meters (6.5 million square feet) of floating pink woven polypropylene fabric covering the surface of the water and extending out 61 meters (200 feet) from each island into the bay. The fabric was sewn into 79 patterns to follow the contours of the eleven islands.
For two weeks, Surrounded Islands, spreading over 11.3 kilometers (7 miles), was seen, approached and enjoyed by the public, from the causeways, the land, the water and the air. The luminous pink color of the shiny fabric was in harmony with the tropical vegetation of the uninhabited verdant islands, the light of the Miami sky and the colors of the shallow waters of Biscayne Bay.
...................legal opinion = = = A consent judgment is not appealable.............................
NAOMI is a "related case".................but, our sonterra case is connected to it, and could enjoin, or combine with it, if so desired and approved by the court.......
dunno what to expect from NAOMI........the vibes are bad, as each day passes without NAOMI issuing her ruling........NAOMI knows the entire LIBOR crimes, inside and out, better than any other judge.............and really, better than any other person, attorney or related party...........imo...........
NAOMI may or may not tag her ruling as a CONSENT DECREE.........which would bind both parties and END LIBOR.......the behind the scenes lawyering might have settled this NAOMI case...........for example, BAC could have offered a specified dollar amount, to settle, with UBS concurring, but the proviso is that the dollar amount would only apply to a CONSENT DECREE (this is what I believe was done)............now, the FDIC and Baltimore fellas could have 'suggested' anything in their 56-1 attachment.................and NAOMI might not issue a consent decree, in order to allow the murder merchants to appeal........???........if the dollar amounts NAOMI specifies are too low............
the mystery is fascinating to observe.........and it ain't our case.........we just gotta wait on it to conclude our nightmare.................
WINNING..........2 years or 2 weeks.............either, or........$16 per, whenever, .....aimho...........
dude: check back in a year, to see where we are with the UWBI cusips and court cases holding (ahem!!!) up the payouts on the cusips..............
the good news is............might be UNDER 200 murders, in Baltimore, between now and June 23, 2026.................probably no money on the uwbi cusips......but another dime per, or fit-teen cents, per, in interest accruals.....on the packed fudge..............WIN WIN................
.......looks like the NAOMI NONSENSE is just a BIG WASTE OF TIME................legal babble..............
....gotta convene a federal jury in Baltimore to "assign" a punitive damages "assessment" for the LIBOR ANTITRUST CRIMES OF THE CENTURY........the related case, our SONTERRA/libor case will ENJOIN the related NAOMI case...........get released from the USCA/2........LAUNCH..........
....(wink wink)................BAC legal wag will up the settlement offer, imo...............get a trial date at the MURDER CITY (it's actually a county) CAPITOL.......BAC/UBS then pulls out the BIG BOY checkbook......................"B" word................on the dollar amount line....................billions...........
....TIME FOR BIG MONEY, my fellow pridefest ponies...........................$55 per cusip share, when the weed smoke clears...............a year....???......aimho.....
.....always stressful waiting on a legal action.........and, with NAOMI, no impact on the UWBI sewer rats.........just ISSUE A RULING.....so our related case can close............
....legal beagles know that, each passing day.............FAVORS THE DEFENDANT CLASS......in general.....for both criminal and civil proceedings.............
...favoring the defendant class, re: NAOMI................low ball.........or lower ball........especially since NAOMI believes LIBOR was OVERKILL....OVERBLOWN and has created a monster of litigation and millions of payouts..............???????.........for a weak element of fraud....in her opinion.........
......hard to imagine ALL OF LIBOR WILL BE OVER with Naomi's ruling......hopefully for the UWBI cusip vermin.......been too long for those chaps.......but TEN additional........additional dollars per......................= = = WELL WORTH THE PAIN AND AGONY...........
....ERGO.........$16+ per............soon.........CLICKETY CLICKETY CLICK..............aimho........
dude:.........no clue.......WE - WE / fdic could appeal Naomi, and then ultimately settle in a year, when a Baltimore jury is being assembled, after a trial date is set.....???......nasty, but another year..............and our sonterra/LIBOR case probably has to wait..............???.......another year.......
i know a lot of legal "discussions" have been ongoing, NAOMI or not...........NAOMI is crafting something......but her wordy judgement is meaningless.........only the DOLLAR AMOUNTS.............are significant......................and Naomi ain't giving much more than the $100mm, original settlement........unless BAC offered a ton more..............???..........
.......whatever...........lots of BIGS are waiting on NAOMI...............94 lawyers sucking off of the last LIBOR cases...........94....................WTF.........
......$455mm++ sitting in the UWBI cusip gondola....................CLICK.....CLICK...............whiskey river take my mind......with a weed vape.....aimho......
.....ISSUE AT HAND.................Awaiting Naomi's summary judgement on the related case..............???...........then the problem becomes whether the INSURRECTIONISTS will appeal............???..............
....1. Naomi is expected to bake a CONSENT DECREE into her ruling - - which might limit an appeal........and 2. the Naomi case is already a remand from the USCA/2............so an appeal would probably be denied..............only outlier is the FDIC/Baltimore making an appeal to the SCOTUS with a request to get a jury trial in Baltimore for punitive damages..................THIS IS THE BIGGEST POTENTIAL NEGATIVE WITH NAOMI AND THE UWBI SITUATION........that the FDIC will not quit on the punitive damages OBJECTIVE..................whatever...............
....no worries.........no hurries..........leave my daily $1,250 interest accrual at my front gate and then get out of my hood...........tyia...........
.......................onward, speer.....................CLICK....CLICK..........please, naomi....................
There's an actor out there who wishes he was shooting blanks as well....
dunno nuttin'...........heard some newsies are sniffing at my AH.....(Reuters??).......ain't no news until NAOMI makes news with her summary judgement on the ORIGINAL........RELATED CASE............related.............ain't our case....................our case is "PENDING"............suspended, at the USCA/2...........pursuant to an amended petition which outlines a settlement for $364mm...............OUR CASE, sonterra.........is ROCK SOLID DONE...............hello................
no worries................$120mm of the $364mm, we understand............FLOWS to the UWB Receiver...............nice.........CLICK.....CLICK...............
as for NAOMI..............corpse in judicial robes.................non-event, except that it releases our related case....................
second sweetest music to my ears..........CLICK......CLICK...................(the first sweetest, you ask on Father's Day......??......."YOU ARE NOT THE FATHER".........as I fall on my knees giving thanks and praise to the ALMIGHTY.......)...............but hurry with the clicks, please, naomi me lady...................aimho...............
...snadflea, kinda sounds like you read and agree with Frank Holding's sob story to our counsel on FCNCA/UWB.......???......agreement to merge UWBI stock into FCNCA......that was thwarted by the FDIC.............to allow the UWBI AH lickers to get FDIC receiver recoveries.......?????..........(frankie didn't say he used his mother's trust stock to liquidate and pay the UWBI ladies, and he did pay UWBI the JPM $14mm debt out of his own pocket - - that he did not mention).............
..and as far as you having deviate "activity" with 81-years young, judge naomi, sandflea..............no prob..........she's not my type.......bob's probably.......
.....CLICK.....CLICK....................sandy dear.................no worries................heard UBS (per BAC) has had meetings with Baltimore behind the scenes for months and so we do not believe Baltimore will appeal Naomi's settlement dollar amounts..............???.......not sure about the FDIC/FHLMC.......probably no appeal........
.................onward, speer....................
Careful…all that F**King at your age might be hard on the ol’ ticker.
once again, my fellow fairies.........BIG FOLKS.......are waiting on NAOMI.................for SERGIO P. ERMOTTI and Brian T. Moynihan..........NAOMI COULD END ALL OF THE LIBOR DEBACLE.......................forever................
which is also why she is being overly careful, about her expose..........???......all WE - WE - WE care about is the dollar amounts being paid.......????.......WILL THE FDIC AND MURDER CAPITOL MERCHANTS.....................appeal whatever NAOMI rules............????.......maybe......maybe not.............
we might shut down our sonterra/LIBOR suit either way..........BECAUSE THE BIG BUCKS SHOULD BE OFF THE TABLE, even with an appeal......although the FDIC/Baltimore could still move for the Baltimore F/D/C to determine punitive damages........and Baltimore might need the SCOTUS to get to BALTIMORE (ahem!!!!).............
no worries.......F**K NAOMI........F**K the FDIC......F**K Baltimore.........double F**K Frank Holding..........double F**K frank holding, again........aimho.......
............MELDOWN in ameriKKKa..............??????...............OMG................
.....massive protests..................proud boys and protestors CLASH........................
............SAVE THE UWBI CUSIP HOLDERS, naomi...........rule now on the LIBOR cases................
....too much stress and I ain't even out of bed, yet..................bombs away......................
DO WE FEEL BLESSED....................????........to have been drawn out for SEVEN YEARS......(2 due to the pandemic)..............waiting on the FDIC/UWB RECEIVER to get clawbacks for the benefit of...................UWBI cusip holders....................???.....
my accounting is, we/receiver got about $3 per, initially, then $2 per from the RBS pivot............then $4 per+ from LIBOR......call it $9.50 per..........THEN we add that to the $5 per in fudge, which grew to $6 per, currently, given the increase in the savings account interest rate....from 0.25%, to 5.35%, now 4.35%........
....................FIT----TEEN...........FITTY.............per, once NAOMI clicks her ruby slippers, expected at any MOMENT.....................???............
...................GO MUD HENS.........................no hurries............no worries.................no taxability...........????............aimho..................
.............OMG...........ARMAGEDDON........WW3 with nukes.........(yawn)..............(yawn).............
......WORLDWIDE ECONOMIC MELTDOWN..........(yawn)..........(yawn).............usa stock market CRASH......(yawn)........
.....CHAOS and DRAMA.......24/7 starring donnie john 2.0.............(yawn)..................whatever.........
.....waiting for NAOMI's "clicker"..............tap the USCA/2 sonterra/LIBOR matter..........terminate UWB receiver...........
............$$$$$$$$..........let rome burn..............no worries, here.........F**K 'em all.......we got weed and whiskey and a super fat trust fund, funds......
First Citizens BancShares, Inc. (FCNCA)
$1,801.19
-40.08
(-2.18%)
doesn't put money in our pocket, hating this frank holding AH...........but HIS DIRTY CREDIT UNION WILL FAIL........100%...........
now, back to BIBLE STUDIES...........ala book of RUTH and Naomi............CLICK.....CLICK..................
FCNCA.....speaking of banker frankenstein holding, jr..............................failing fast.................
,,,,$1,841.27.......-29.75........(-1.59%)
First Citizens BancShares (NASDAQ:FCNC.A) First Quarter 2025 Results
Key Financial Results
Revenue: US$2.14b (down 10.0% from 1Q 2024).
Net income: US$468.0m (down 35% from 1Q 2024).
Profit margin: 22% (down from 30% in 1Q 2024).
EPS: US$34.48 (down from US$49.27 in 1Q 2024)...........................
....FCNCA has preferred stock, issued to pay for the Denver THRIFT debacle.....= 6.7%...but could get wiped out when the CIT portfolio crashes...............aimho.............
........fascists will take naomi's payout......sock puppet murder city mayor, likewise...............
.....references to UWBI in the holy bible...?....sure......won't find frankie holding in heaven, however
...
4571 06/12/2025 STIPULATION AND ORDER OF DISMISSAL WITH PREJUDICE OF UBS AG AND CREDIT SUISSE GROUP AG AND CREDIT SUISSE INTERNATIONAL PURSUANT TO F.R.C.P. 41(a)(1)(A)(ii): IT IS HEREBY STIPULATED AND AGREED between Plaintiffs and Defendants UBSAG ("UBS") and Credit Suisse Group AG and Credit Suisse International (together, "CreditSuisse") that all of Plaintiffs' claims against the UBS and Credit Suisse Defendants only arehereby dismissed with prejudice from the action Triaxx Prime CDO 2006-1 ltd., et al. v.Bank of America Corporation, et al., No. 1:14-cv-000146-NRB (S.D.N.Y.), pursuant to Rule41(a)(1)(A)(ii) of the Federal Rules of Civil Procedure, without interest to any party and witheach party to bear its own attorneys' fees and costs. For the avoidance of doubt, this stipulationof dismissal applies only to the UBS and Credit Suisse Defendants, and Plaintiffs are continuingto pursue claims against other Defendants in this action. SO ORDERED. (Signed by Judge Naomi Reice Buchwald on 6/12/2025)
4570 06/12/202 PROPOSED STIPULATION AND ORDER. Document filed by Triaxx Prime CDO 2006-1 ltd., Triaxx Prime CDO 2006-2 Ltd., Triaxx Prime CDO 2007-1 Ltd.
$455mm, on the trigger....IF......fdic fascists/murder city merchants "accept" naomi's dollar amount per her settlement terms........win win for the uwbi cusip vermin.........
don't believe teddy williams was an oriole......???.......mud hen, mayhaps...........also, get your homies out of iran, at their earliest convenience.......gonna get "gaza-ed".............
...
for you BIBLE FREAKS.........the story of NAOMI in the book of RUTH is quite complicated...........weird, actually..............bottom line...........HAVE FAITH IN GOD................(also, allow Jews to marry GENTILES and assimilate, in the spirit of GOD.........etc)...................
as for as NAOMI and the UWBI faithful.............????.............dunno.........bible talks about horrific famine and death....and great abundance................book of RUTH elaborating on NAOMI is cryptic.....both super bad and super good.......................UWBI spot on.................
...
Cognitive dissonance is the discomfort a person feels when their behavior does not align with their values or beliefs. Cognitive dissonance is a psychological phenomenon that occurs when a person holds two contradictory beliefs at the same time.......
1. checks in the mail, in observation of BALTIMORE BOB BUFFETT's birthday............or......2. BALTIMORE jury, to establish and calculate punitive damages for all of LIBOR..................
...
.........................minutes away...........=..........THE CESSATION OF.....................
naomi
USCA/2
UWB Receiver
Fred Scott (T/Y/J)
only problem with naomi is that she is dividing up the pie - - which usually leads to a bigger legal mess given 16 folks on one side paying out, and 8 folks begging with their hands out......and 94 lawyers wanting to keep sending out billing statements.......whatever..........
PROCLAMATION.....WITNESSETH....movant........TO WIT, comes now......all decisions make for United Western Bancorp., Inc common stockholders........in capacity and forthwith...........and in their best interest............will be made and bound by..........BALTIMORE BBANBOB.......NOW, and FOREVERMORE.............dated this 10th day of June, in the Year of Our Lord and Savior, Two-Thousand and Twenty Five...........
BIG (made good money in a 4-5 out at 10-11, FNMA, FMCC up large on the last 2 right now with 45% paper profit and made good bank on BIG
Just have to pick the right ones pard.....................
Newest one is JOBY lets see how it does with all of it's financial backers TOYOTA(500mill), DELTA (?), and now the Saudi's Prince ALLAYED or whatever the fk his name is a 1 bill from him
The J. M. Smucker Company (SJM)
$97.29
-14.53
(-12.99%)
....would have had......20,000 shares on margin..........at $115, per.......a steal on 12/1/2024..................
.....LOSS.....to date...........MINUS $375,000...............WOULD HAVE LOST........minus 33% cash on cash........
.....keep money from us, for a few more months.................BALTIMORE......BALTIMORE.......BALTIMORE................
Wonder what the Whetherman’s prognostications will be tomorrow…
...........I STRONGLY RECOMMENDED THAT WE GO ALL THE WAY TO BALTIMORE.......(on the related case, which our sonterra/LIBOR case will enjoin)........
punitive damages for all of LIBOR............JUSTICE in ameriKKKa............LIBOR was an outrageous worldwide proven CRIMINAL ANTITRUST ACT.......
ALL THE WAY......ALL THE WAY......ALL THE WAY.......to the MURDER CAPITOL OF THE USA.........BALTIMORE........we demand a jury of the citizenry..............
(only one minor problem with my legal game plan................NAOMI DOES NOT HAVE BALLS......)........aimho....................................
dude: don't ask............the FDIC controls all of this.........our sonterra/LIBOR and this nightmare NAOMI freak show...........100%..........
if the FDIC likes NAOMI's treatise.........GAME OVER...........otherwise, the FDIC teams up with the MURDER CITY MERCHANTS and marches down to a federal jury, in BALTIMORE and shakes down UBS for $10-billion......PUNITIVE DAMAGES FOR ALL OF LIBOR.....which the USA laws provide for.........................hardball.............REALITY...............
no fairies, please...................
...............................MASTER REASON METAPHYSICS..................................
each passing day, waiting on JUDGE NAOMI's summary judgement, on the related case.............?????....................
NAOMI could cause a 2+ year continuation, with a lot of possible rulings............or concur with the offered settlement terms and close out LIBOR forever..........
Naomi is very, very hard to pin down, because she is an "arbitrator" judge, but has also thrown out some RADICAL RULINGS, over the years.......
to me, because of the super high profile nature of LIBOR, and the sheer throngs of lawyers involved.......NAOMI stamps the BAC 56-1 attachment proposal ....
no worries......no hurries..........two clicks and we walk away with FIT-----TEEEEEEN, fitty..........................per...................aimho.......CLICK.....CLICK.......
NAOMI RULING............speculation.......???.....I swear I don't care, and then I go back and look at WHAT IFs.............???.......
we have the long-processed related case $100mm Settlement Agreement, that Baltimore/FDIC shot down.......drawn out rhetoric, but = closure.......we re-read a dozen or so, LIBOR settlement agreements and they are...............weird........all of LIBOR is re-hashed and SPUN....and SPUN......then a dollar amount is FILLED IN............
NAOMI might do something FREAKISH.........no dollar amount and ADMONITION........( = brutal appeal to Baltimore).........???......
OUR - OUR - OUR......hope holding is..........Naomi requested settlement DESIRES from both sides.......and asked they be put in the 56.1 attachments....the only outliers were the RADICALS.......fdic/fhlmc/murder city merchants...........might have specified a dollar amount,,,,,,????.......even a $100mm for each insurrectionist and then the original $100mm for the rest of the pack...........????............THIS, imo, IS THE BAC PREMISE and IT WORKS.................hello.........aimho........
......problem with NAOMI's legal narrative is that it is completely MEANINGLESS, imo.................the entire decision = $$$$$$$$$$.......how much......????.......in the settlement..............rambling on about how LIBOR was hurtful, but overblown.......yada yada yada.............(yawn......yawn).........waste of time and money, naomi.....dear...............
.............THROW DOWN THE NUMBER, naomi, and SPARE US THE CHATTER..................sure, your basis could "influence" an appeal, but there ain't gonna be an appeal, if the money is enough to satisfy the RADICAL INSURRECTIONISTS..............
...no worries, and truly, naomi, no hurries...........94 attorneys are SUCKING FEES OFF OF THESE LIBOR CASES................by the hour, 24.......7.........days p/w.....
.............onward, speer...................aimho............................
CLICK CLICK that works for me
6/23 works better
.........NAOMI's Pacer Beacon (notification of filings)........dat be yo news.............
....CANNONBALLS SCOTT's genius presumptions are to be considered "entertainment" and used for that purpose only........
.....fairly certain that the end is near, for NAOMI, sonterra/LIBOR, the UWB Receiver.......and the UWBI cusip vermin.......rock on......
......not allowed to opine, but if I could I would say FIT-TEEN, fitty.....per.........August 1, 2025........on or prior to..........aimho.........
....no worries, my dearest LAR LAR.......and we acknowledge that the WaMu Receiver is a named co-plaintiff on the NAOMI Libor action................
.....money and bowel movements move REALLY, REALLY fast when the litigation is sealed shut............CLICK......CLICK..........takes minutes, lar lar..........
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Moderators Nightdaytrader Docsavag Newtogame fredscott36 |
UNITED WESTERN BANKCORP INC. (UWBK)
Shares Outstanding: 29.26
PR FROM FEBRUARY 2011 ANNOUNCING COMPLAINT AGAINST THE OTS (OFFICE OF THRIFT SUPERVISION):
DENVER--(BUSINESS WIRE)-- United Western Bancorp, Inc. (the "Company"), a Denver-based holding company whose principal subsidiary was formerly United Western Bank® (the "Bank), today announced that on February 18, 2011, the Company filed a Complaint in the United States District Court for the District of Columbia against the Office of Thrift Supervision (the "OTS"), the Acting Director of the OTS (the "Acting Director") and the Federal Deposit Insurance Corporation (the "FDIC").
On January 21, 2011, the Acting of the OTS, in cooperation with the FDIC, seized the Bank and appointed the FDIC receiver based on three alleged grounds: (i) the Bank was undercapitalized and failed to submit an acceptable capital restoration plan ("CRP") within the time prescribed by statute; (ii) the Bank was likely to be unable to pay its obligations or meet its depositors' demands in the normal course of business; and, (iii) the Bank was in an unsafe or unsound condition to transact business. The Company alleges in the Complaint that none of these grounds existed at the time of the seizure.
A. Gibson, Chairman of the Board of the Company said, "The seizure order issued on January 21, 2011 by the OTS, appointing the FDIC as receiver, is arbitrary and capricious and lacked any rational basis in applicable law."
The Company's Complaint refutes the allegations made by the FDIC and the OTS, and importantly, among other facts cites:
The Acting Director of the OTS, without any reasonable basis, concluded the Bank had failed to submit a CRP acceptable to the OTS. However, despite the statutory requirement that institutions be given a reasonable time to submit a CRP, the OTS demanded that the Bank submit a CRP within seven days, a clearly unreasonable request in excess of its statutory authority.
The Bank's capital position provided no basis to accelerate the standard 45 day time frame for filing a CRP. On December 3, 2010, the OTS directed the Bank to take a capital write-down with the intent of lowering the Bank's capital ratio as much as necessary in order to create the illusion that the Bank was not adequately capitalized. The result of this arbitrary and capricious directive was to lower the Bank's total risk-based capital ratio to 7.8 percent (which is only 0.2 percent below the 8.0 percent ratio required to be considered adequately capitalized). But for the OTS's arbitrary and capricious directive, the Bank would have remained within the technical definition of adequately capitalized and not been subject to the requirement that it submit a CRP.
The Company believes that the seizure of a Bank with a reported total risk-based capital ratio of 7.8 percent and a pending recapitalization is unprecedented. If the standard applied by the OTS to United Western Bank was uniformly applied to banks across the country, a significant number of those banks would be subject to immediate seizure. The majority of the institutions closed by the OTS in 2009 and 2010 were critically undercapitalized, meaning that the ratio of tangible equity to total assets was less than 2 percent. A number of these institutions were insolvent; for example, one of these institutions had a core capital ratio of negative 7.11 percent and a total risk-based capital ratio of negative 7.36 percent.
The Company's research suggests the OTS has not accepted any CRP submitted to it during this financial crisis. Instead, the OTS appears to reject CRPs as a matter of course, regardless of merit, and then asserts that the failure to submit an acceptable CRP is grounds for receivership. The rejection of the Bank's CRP was part of this unreasonable pattern by the OTS.
No grounds existed for the Acting Director to reasonably conclude that United Western was likely to be unable to pay its obligations or meet its depositors' demands in the normal course of business. The liquidity concerns asserted by the OTS and FDIC were based on their unfounded disapproval of the Bank's 17 year-old business model and a fundamental misunderstanding of the Bank's long-term, contractual relationships with certain of its institutional depositors. There was no rational basis for the OTS or FDIC to conclude that the Bank would not continue to effectively manage its institutional depositor relationships as the Bank had for almost two decades, including through the worst of the financial crisis in 2008 and going forward. The institutional depositors would have maintained funds on deposit absent an arbitrary or capricious action by the OTS or FDIC to force withdrawal of such funds. The Bank repeatedly, most recently as of January 20, 2011, advised the OTS that this was the case. The Bank had ample liquidity to pay its obligations and meet depositor demands.
The Bank had over $400 million of cash at the time of the seizure, which represented approximately 25% of total deposits on January 21, 2011.
The Company and the Bank were very close to completing a recapitalization transaction of $200 million, with commitments in place of $149.5 million and parties identified to complete the transaction at the time of the seizure of the Bank by the FDIC. The completion of this transaction would have eliminated the need to seize the Bank, thereby avoiding a significant loss to the Deposit Insurance Fund. This information was provided to the OTS on January 20, 2011.
The Company is represented in this law suit by its internal counsel and certain inside directors of the Company and certain former inside directors of the Bank are represented by BuckleySandler, LLP of Washington, D.C. and certain independent directors of the Company and certain former independent directors of the Bank are represented by the Washington office of Paul, Hastings, Janofsky &Walker LLP.
I am not sure you understand, don't confuse the moneys that belong to the Bank (the ITR and JPM moneys due) even if the Government did not take the Bank, those moneys are the banks.
The government is liable because they took the Bank, our asset, our constitutional rights, under color of law and tired to defraud all of the shareholders as well as the employees the credititors and others. took assets held in the Banks Name and deprived all of us including the community. They Tarnished the management and the Banks Business reputation. I ask you what is it worth? An Unconstitutional move by government thugs.
And now they don't want us or any body to talk about the cover up
Jim Peoples, former CEO, left, and Guy Gibson, former chairman, are challenging bank's takeover.
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