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...WE ARE IN THE BEST WIN WIN SITUATION............ever..........w/sonterra/LIBOR..........................
.....USCA/2 laughs us out of the appeal........Receiver terminates and sends out residual monies.....10 days...........onward............
....the appeals court could say that it is "legally stymied".......trapped by the law (which it is, imo)........but the court MUST send the case back to trial court and make a damages assessment...........plaintiff was damaged, lost $38,000, on 2 F/X trades under the EVIDENTIARY cloud of interest rate manipulations......ANTITRUST........BINGO...................then we move for PUNITIVE DAMAGES ON ALL OF LIBOR...................
.....watch how fast Mr. SERGIO P. ERMOTTI..........begs to settle...............same day, imo............IF WE WANNA SETTLE AND WE DO NOT, thank you.......we want a jury in the beaten down city of BALTIMORE, Idaho (or wherever)........TO STICK IT TO THOSE EVIL FOREIGN CRIMINALS WHO BRUTALLY ABUSE inner-city poor SCHOOLCHILDREN.........ANIMALS..........DESPICABLE......$10-BILLION PUNISHMENT...........oh yea!!!!!!!!!!!!............
...$65 per cusip share on LIBOR....add to the $10 per, total we have safely in our G-strings....$75 per.....might be a year, or two...fine.....aimho.....
.....sonterra......five legal points addressed in the federal appeal......standing, jurisdiction, securities, assignment.......check, check, check, check.........last issue befuddled the judges.....because this is the BIGGIE.........damage assessment................
1....amend original petition....2.....or even remand for a damages assessment, by the trial court.......??????..........LEGAL GAMESMANSHIP......what we want is to be sent back to the trial court for this formal damages assessment - - under the ANTITRUST umbrella........THEN WE ADD IN THE PUNITIVE DAMAGES REQUEST FOR ALL OF LIBOR (even though, technically, our securities were not tied to a LIBOR/sterling loan index - - this is also the legal question that has the USCA/2 upside down, imo, and is causing the delays - we might get shot down here, but paid off).........................
bottom line...........F**K THE COURT......F**K THE FDIC.....F**K FRANK HOLDING.......F**K FRANK HOLDING AGAIN..........F**K DC EMHOFF...............etc......
show us the money.......only possible, wild-card UPSIDE is............$7 per on the FDIC dividend, assuming we lose sonterra........boxcars, 12, per......9.14.24........
opinion waiver, up yours to all.............impressive how DONNIE reacted to the sniper attack......impressive as F**K.......dude never flinched..........GO DONNIE..................
Yeah I do too. I mean FCNCA stock keeps going up and I remember that Fredd said not too long ago maybe like 2 weeks that we'd get $21 guaranteed. But then like 2 days later it changes to $15 or $5 or wipeout???
OFFEND ME?? How ya do dat, when I will get 10% of what you end up getting if if ifin anything
HERO OR ZERO and I suspect by the time my WMAU P's and K's and my LEH 25$ and UWBK pay off, it will dwarf your 10 mill
my preference, in the art of war, is psychological torture, BIG LOTS..........."waterboarding" - - ESQUE..................okay, shaming on the internet...............
whatever puts MONEY in my CARGO SHORTS, big lots bobbie.............I wouldn't be sitting here, with a $1,200/hr billing rate, were I not TWO COMPUTER MOUSE CLICKS AWAY FROM TEN MILLION DOLLARS.........no offense, big lots.......
YOUR FINGERS to ""his ears""
.......there were over 45 major settlements to date, on LIBOR, with 3 left.....WaMu, VIA THE FDIC, did get a few big chunks of settlement monies......and remember, there was a WaMu holding company BK, that paid out monies.............
....point being, LIBOR was complicated and WaMu is complicated..............(remember the KKR involvement with WaMu.....etc.....?????).........I ain't poo-poo-ing you on WaMu, BIG LOTS BOB...................the end-game is very layered and there are 5, open cusips touting preferred stock, for example.....(un-released, btw)...
....the WaMu Receiver is gonna shut down soon, BIGGIE..............and remit all residual monies in the Receiver Treasury to proven creditors........the posts on DB COOPER are laughable (except for "lodas" and his homies - - who are also misinformed, because the lodas folks never state that the FDIC WILL REMIT SOME MONEY TO THE PREFERREDS......................some.........not much, imo..........because there are too many cusips outstanding.....read the list......it's LONG......
....no worries on WaMu, nor UWBI, BIG.........they're connected, via JPM........and the Receivers are terminating, soon, imo.......soon, BIG LOTS.....aimho......
Fred
PLEASE REALIZE that WAMU was probably the biggest one involved in being screwed by LIBOR so my guess is they will get the bulk of the settlement
when the smoke and internet babble, clears..............IT'S ALL MATH, bobbie..............dollars tracked, footed and distributed..............................
we have tangible PROOF of monies accumulated on UWBI ($150mm, and $116mm - - although RBS and sonterra are still TBD)..........NINE DOLLARS PER.......assuming nothing from RBS and sonterra..............
no comment on WaMu because, we believe there is $450mm being distributed, but there are a lot of hands out, re: WaMu and the FDIC bunches all proven creditors together, when under the "securities" banner...................whatever, I hope you get BIG MONEY, bobbie.......LEH is an entirely difference animal........
my only concern, bobbie, is weak......two concerns on UWBI...1....the FDIC payment should be a LTCG, and not a dividend, or ordinary income....and 2......we are getting deeper into 2025, bobbie......(I meant 2025, not 2024 - wink wink)..............being dumped on, in Nov/Dec, as a "dividend" would STING....but bring it.........aimho......
Fred
As for me I see the payout on all FAR MORE than you are suggesting and I MEAN FAR MORE
....okay, bobbie, I will accede and concur with your metaphor on the UWBI payout......almost a $9 per GUARANTEE..............
.....LEH is a tough call......might be a no call..........WaMu/p's could be painful.......improbable at even a few dollars, but maybe $10, at the most, imo.......we'll see, but all of this is...............MATH, bobbie....................and all of the payouts, on all three are coming from the FDIC......100% certain of that..........
.......should and will end soon, bobbie.................that is the main point of order..................
.......would like more than $9 per on UWBI, mainly because of FRANK HOLDING's end-game......billionaire status, on our backs........cashed in on the unlawful seizure, then the holdco NOLs and finally, the bank and his own mother made millions off of the scandal, via a shady transaction, imo.....whatever......onward......
Pard
IF what I think is gonna happen, I'll be as happy as a pig rolling in shit
Since I hold about the same amounts of LEH 25$ prefds Wamu K's 25$ prefds and UWBK commons
....I like the side-bar DRAMA and playing the game, and WaMu and UWBI will definitely close soon.......both were gruenberg's Machiavellian toys......and he's gone......psychotic fascist, imo...
.....bottom line, imo.......??.........UWBI...............seriously, like $5 per, plus $4 per.......lucky niner............very, very soon.................probably combined, which helps a tad......
.
I suggest that 40k was fore warning of the market crash, not sure it will go much higher at all.
I have suggested now for years that the market hitting all time highs will signal the market crash and the pay out of WAMU as well as UWBK and the resurrection of LEH somehow merging with WAMU and possibly FANNY AND FREDDIE
WE BELIEVE STRONGLY THAT THE STOCK MARKETS AND THE REAL ESTATE MARKETS.....in ameriKKKa.............ARE HUGE BUBBLES......................
AND ARE STARTING TO BURST.........AND IT'S GONNA GET UGLY.......BOTH INDUSTRIES ARE GOING TO COLLAPSE.......BIGTIME.................
...I ain't a gloom-and-doomer, but a REALIST............the "indicators" are warped and not functioning........imo........DISASTER.......100%.......
.....unrelated to DONNIE's QUEST.......he'll get BACK in the crows nest, barely.......might take a week to count the phony/stuffed ballots.......KAMALA EMHOFF loses and might even call for an insurrection..............whatever......as long as that freak show is ENTERTAINING..............who cares......????....(money in my pocket, is all I care about, along with sex and whiskey).......
..................mayhaps the UWBI trannies get their little pile of payout, just as baby jessica/usa economy DROP DOWN THE SISTERN........aimho.......
we are waiting on the UWB RECEIVER to pay out residual monies held in its treasury account.......this action will simultaneously provide for any monies, held in trust, F/B/O this same proven creditor, named by the FDIC.......the failed bank holding company entity.... .
when the FDIC, as receiver, completes this task is..............UNKNOWN...............we ASSUME (and KAMALA EMHOFF, usa president elect).........the FDIC will pay the money when the recoveries process is complete................whenever that is.............
we understand there is ONE recovery left, and that involves a federal lawsuit, in which the FDIC, as receiver, is a beneficiary, in the event of a financial award........
time frames..........sonterra/LIBOR suit, which is the last recovery, is in the USCA/2.......and decisions on a cross appeal are LONG OVERDUE......................
the sonterra/LIBOR suit itself is a frivolous, nonsensical money grab.......PREPOSTEROUS CLAIMS citing several LOOP-HOLE LAWS (including antitrust violations) which don't even apply in the case, imo......
when-ever.....however much......up yours.....go donnie and restore the confederacy.....aimho...
EACH PASSING DAY WITH NO NEWS AND NO MONEY = = = = GOOD NEWS.........................
because it means the seriousness of SONTERRA/LIBOR is increasing............case ain't getting tossed or remanded.......DECISIONS........
our sacks are tingling, as we wait.......SERGIO P. ERMOTTI........???........trembling......EXPULSION from ameriKKKa..??.......
FASCINATING for us nobodies to be playing LEGAL POKER......with BIG BOYS......and the dollar amounts, well, begin with the letter...."B"..............
and dollar amounts increase with each passing day, imo.......still stuck on $15 per.......now, $16.50 p/s.....(1 billie, massage parlor - - 33% legal tip)....
OPINION WAIVER, up yours to all and GO DONNIE.....(joey bails this weekend........mrs. EMHOFF, prevails - - her hubby was involved with that unlawful THRIFT seizure in 1/2011, it is alleged).....
......I like your 'tude, LAR LAR DEAR........."a rose by any other name doth still smells as sweet"...........$$$$$$, lar lar..................
...another weird irony, potentially, LAR LAR....assumes UWBI gets $450mm......$15 per, etc...........$450mm is the whispered payout amount on WaMu.....only problem with the WaMu money is there are about a billion outstanding cusips......????........of all shapes and sizes........40 pennies per, each on the legacies???......NOMB......but good luck on WaMu, lar......
.....I don't want to wake the baby, LAR LAR SWEETS, but both UWBI and WaMu will probably die together, noodling.........TOO WEIRD...........and soon.......
.....keep the hash-vape cartridges handy, LAR LAR..............I think we got this............good vibes.....need the FIT--TEEN per, but we will be close, imo........
Fred, you said, one day, a phantom distribution
This is commonly called MAGIC MONEY and yes it will soon happen.
…
DUDE: WE ARE NEVER GOING TO GET ANY DETAILS NOR EXPLANATION ON THIS POS.........not one scintilla........nothing......EVER.......
one day, a phantom distribution will be credited in the respective brokerage accounts HOLDING (ahem!!!!!) the worthless, wiped-out cusips...............THE END................
now, there might be some socio-pathic, attention-craving posters on the internet.....but most of that crap, including my own diatribes....are BOGUS.....nonsensical falsehoods.....lies......
we'll never know what really happened with united western bank....and the related holdco.......strangest, F**KING story....EVER.....EVER.....EVER.....
tingle, tootle....up yours..........no worries on the facts.....no worries on the FICTION.........just show us the FIT-----TEEN....per..........asap........and go donnie.......
......KEEP OUT...................NO BEGGING...............................................................
......we cannot crack open whatever the F**K is going on (libor).....we surmise the cross appeals (which is basically a "joint" appeal - - it's nothing but the BASIC CASE being challenged)......DECISION is long overdue, even with the 4/30/24 orals - - which were worthless, imo).........
.....my supposition is we filed a request, basically, for a "hold".........on the USCA/2 issuing a final decision.......OK......and we worked out a resolution with UBS, as the representative for the defendant class - - which is just them, anyhoot................$$$$$$$$$$$$$$$$$$ and all of LIBOR is absolved, with no guilt nor responsibility...........WE AGREE TO ANYTHING.......AND EVERYTHING.......AGREED.......AGREED......AGREED.........AGREED.........F**K YOU.........
...........$$$$$$$$$$$$$$$$$$$$$$$$$$...........................hello................(off the record, there are "customary" ANTITRUST settlement amounts, which exceed the $100mm thresh-hold..............$800mm...............that's what Enos settled for, with St. Louis???....when he moved the RAMS and got hit with the ANTITRUST CRIME............$800mm........minus the legal contingency nets plaintiff about $540mm.......and each plaintiff party $108mm+/-..............).......
.........MATH.........SIMPLE............we have $150mm............and I count $186mm from recoveries, to date.....ADD THE $108mm from LIBOR........
..................$450mm, call it..........total combined...................FIFTEEN DOLLARS PER CUSIP SHARE........in the mail......SOON........aimho.......
.....wonder how the Dow Jones Averages and Frank Holding's BANK are doing today...........????.......................
.....oh, and that Denver THRIFT stock...............????...................
.
.....sonterra/LIBOR cause celeb?????.......locked up, I was informed........?????........not sure WTF is going on......possible settlement......those are the vibes I am getting.........LEGAL GAMESMANSHIP................clearly UBS is working the room...........UBS realizes, however frivolous, our sonterra case is SERIOUS BIZ.....
....to me, the Deutsche Bank Settlement Agreement narrative outlined the case, that we really never would have known about......or at least the depth of the case....we knew those rogue banks were getting sued, and we stood to benefit, in whatever manner........I simply combined our LIBOR case with RBS and thought, in the end, the FDIC Receiver would share in a settlement and net the UWBI vermin, a dollar or two per, then added to our total FDIC PILE....of manure.....
.....whatever.......better to be playing the game than DEAD, or wiped out...............still in shock over DONNIE's incident.....how----F**King CLOSE WAS THAT....????........off-the-chart BIZARRE.....all of those SS dorks should be canned.......
..............onward, speer................aimho.................and, again...............FIT-TEEEEN, per.........soon, if you may............................
...."down the road" with this POS.........IF THE FDIC DID WIRE $300mm to the administrative holding agent, F/B/O uwbi roadkill rats..........even if a dividend, the monies could and should be legally "combined" (co-mingled in fairy-speak)............LTCG tax treatment on the proceeds..........
.......hope-fully, the FDIC payouts will get LTCG and not ordinary income, tax treatment (spares me over $200K on just the 9/15, or 12/15 IRS deposits)........
.........GOOD PROBLEMS, me ladies....................FIT----TEEN...............PURRRRRRR................let's do this.....................
....and we're not supposed to comment on anything DONNIE...........but the J.D. Vance VP choice was based upon J.D.'s strong connection to Peter Thiel and other rich silicon valley techies......and donnie, jr. pushed for J.D.............whatever, DONNIE's in...........took a bullet to secure PA's 20 EV's........locked up....= PREZ........
......tingle, tootle.........no hurries and no worries...................but do godspeed on dat FIT-TEEN per arrangement..........aimho..................
ROCK ON, Mr. Motel.......NORMAN.......NORMAN.............no worries on the holdco proceeds........we have those monies, safely on deposit earning the DTC deposit/treasury interest rate.........not certain of the exact amount, but just a tad below $150mm....................call it $5 per, NORMAN.............
the issue, at present, NORMAN, is the UWB Receiver.......we have been promised any and all recoveries, which will be paid out as a "dividend".......only one recovery is left and that is the sonterra v. barclays LIBOR suit........at the federal court of appeals, 2nd circuit...........TOTAL UNKNOWN what happens, but the DECISIONS, are long overdue...........anything from ZERO, to $10 per, on sonterra, net to us........
on the FDIC's dividends, we believe we have at least $116mm, in recoveries, to date............almost $4 per......?????.......
THE END IS NEAR, norman............100%...........probably, from $5-7, per from the FDIC, and added to the $5 per, on the NOL monies....aimho........
To the honorable Fred Scott : With us getting interest on the NOL,what do you estimate the amount would come to per share at this time. Thank You
Dow Jones = 40,821.70.....+609.98.....
FCNCA = 1,806.64....+30.97......
UWBI cusips.........????.......XXXX
when does the nightmare end.......???.........and how much.....???.............
dunno about calendars, LAR LAR, but lotsa folks are "touching" our case, and the entire cusip population.........the tax hit is gonna be painful because the fascist payment is a "dividend"..........ordinary income....even estimating a $300mm divvie, the FDIC winks because it knows an average of 25% is coming right back to the U.S. Treasury....$75mm, via income taxes...OUCH!!!....
END IT, lar lar sweets....ghost of gruenberg, DC EMHOFF, a Wall Street Journal expose is in the typewriter??????? (I ain't getting quoted, as I know NOTHING, for the record)....whatever gets the money distributed, LAR LAR.......gotta end sonterra and terminate the UWB Receiver, but that takes seconds and mouse clicks..........$$$$$, lar lar.......we smell it........aimho.........
Fred, ten to fifteen would be excellent considering if this ends in one or two months. However, if increased taxes are to be avoided depending on a certain political win, the monies must have transferred by 12/31/2024.
…
you spoke too soon, LAR LAR LOVE.....today's number is, well, the gruenberg ghosts are sending $300mio to the administrative paying agent.....????.....
dunno about PER PERs....FIT----TEEN would be larry's CALC......10 + 5.........onions and opinions, only, hereon.........
.
dude: no mystery......$250mm on sonterra, just gotta find out who the court decides is a member of the defendant class.......in addition to UBS......THE END......
math..??...larry's bad at math and I don't opine on this POS.....if I did, I would postulate at TENNESSEE WINDCHIMES, 11, per cusip share...........5 + 4 + 2.....
.
First Citizens BancShares, Inc. (FCNCA)
$1,781.25.....+32.35......(+1.85%)
DC EMHOFF ROCKS
those UWBI cusip rats.....???
....BIG MONEY TAKES TIME, ms. sandflea me lady...........ala Château Lafite Rothschild..............
....as for me SELLING OUT CHEAP (boxcars $12 per, vs. the $75 per, TOUTED).........the big money comes from the JURY......
......UBS ain't getting anywhere near a jury in ameriKKKa.........TRUST ME ON THAT.....even with the other bank perps getting added back......
.....nightmare is over soon, imo...............SECRET SERVICE has gotten weak in the USA.......now we gotta exploit the FDIC (wink wink)...........
.........onward, sandflea ma'am, and your ILK........no worries and no hurries.......LEGAL WORLD IS SIMPLY MILKING THIS CASE.....will end very soon......aimho.....
Why is the image of Barnabas Collins of "Dark Shadows" coming to mind here? Could it be the perpetuity of a series that never seemed to be coming to an end?
......GREAT GAME OF LEGAL CHESS re: sonterra/LIBOR.........but we have UBS' Mr. Sergio P. Ermotti, BY THE BALLS......imo...................
.....and we are HOLDING (ahem!!!!!) Mr. Sergio P. Ermotti, and his bloated SWISS BANK, accountable for all of the horrific LIBOR ANTITRUST CRIMES........
......mayhaps a few of those CO-CONSPIRATOR perp banks get added back to the FIRING SQUAD LINEUP, either or.......no matters..............
........CLICK CLICK...........end our nightmare and wire the monies.......two entries......a DIVIDEND from the fascists and the distribution of the holdco sale proceeds......estimates are hazy....we PREDICT $7 +/- per, from the FDIC and $5 per, on the cusip payouts......BOXCARS....let's do this...
...IF SERGIO and his band of CRIMINALS want to fight, for awhile, WE FIGHT.....and add dollars per to the FDIC TICKER............aimho...............
.......UWBI DISCUSSION CLUB..........back to the $75 per conversation..........seriously...........
....HOW or WHY......defendant's appeal is UPHELD, game on......our appeal is reversed in part, meaning a lot of those 15 banks, released are added back to case...
......so we add some big names to the PUNITIVE DAMAGES CALCULATION FOR ALL OF LIBOR..........WTF...........WTF..............
....now, here is the BUZZKILL..........ok, ok, light BUZZKILL.............UBS has settled for the defendant class, and the defendant class is that being determined by the USCA/2, our appeal........and with some HUGE BANKS ADDED BACK THE HORRIFIC WORLDWIDE LIBOR CRIMES.......BIG MONEY, baby.....start adding up the BILLIONS......in chunks of 10..............and even 10 billies (with no legal contingency if from the jury).....$2-billies for the UWBI vermin, alone = $65 per, on LIBOR........add that to the $5 per, plus $5 per..........$75 per cusip share.......CLICK CLICK.......(IF UBS PRE-SETTLED, obviously, only add back $1.25 per, or $3 per, or at best, $10 per).........
.....but, UBS read a strict, sterilized statement at the 4/30/24 orals..............same verbage as in the response 6+ years ago......???.......telltale legal sign, imo......
................WIN WIN WIN WIN............no worries and no hurries......we are in bed with entities throwing around BILLIONS$$$$..........and guilty of BRUTAL ANTITRUST CRIMES in the USA...........which could also get those perps EXPELLED FROM ameriKKKa..................aimho................
With a broad smile and crisply delivered answers, Christy Goldsmith Romero, President Biden’s nominee to take over the Federal Deposit Insurance Corporation, appeared to cruise through her Senate confirmation hearing on Thursday (7.11.24).
Ms. Goldsmith Romero’s testimony, before the Senate Banking Committee, is the first step in a process that could put her in charge of the regulator that oversees smaller banks, administers the fund that protects bank depositors’ cash and steps in when a bank fails; it was recently roiled by revelations of widespread sexual harassment and abuse of junior employees by their longtime managers.
Over the course of the hearing on Thursday, Ms. Goldsmith Romero’s testimony drew praise not only from Democrats but also from some Republicans, suggesting that she was likely to be confirmed for the position.............
............CREAM PUFF................no match for the bank beasts.........................
sonterra: poop, if true......our appeal was that the 15 alleged perp banks should be included in the defendant class, with UBS......LIBOR ANITRUST CRIMES.....of the century..............???.......
we "understand" that UBS and plaintiff have a "resolution" but that on our appeal, THE USCA/2 is adding back any bank that has an "adjudicated record" of having any association or admitted responsibility for the LIBOR CRIMES...........appears that many do.........????........
.....bottom line: HOW MUCH.....$250mm............$800mm....................$2-billion..................for the UWBI sewer rats......LIBOR is going to add either, $1.25 per, $3 per, or $10 per.................to our Easter basket, which has about $9.25 per, in it...............chocolate bunnies, fortified with THC extract...............hello.....???......
....no worries....either......$10.50.......boxcars......or $20.50.......PURRRRRR, kitty........?.....aimho...
Dow Jones Industrial Average (^DJI)....RECORD....40,152.88....+399.13..1.00%)......
Inflation running at 1.9%.....Interest rates coming straight down.....KAMALA HARRIS-EMHOFF next USA President.........legal weed in Florida 11.5.2024..........
WHAT COULD POSSIBLY GO WRONG...?....even if donnie does another insurrection....(yawn)...
uwbi cusips.........????..............$9.25 per..................9.1.24.....................sure.............
.....I'm two mouse (CLICKS) away from $10mm, net.....and nothing from sonterra/LIBOR, ms. sandflea dear.....with $1,450 accruing, daily.................
........donnie, kamala, rfk.....joey.......restore the magna carta.........??.....sack tingle, sandy..............
....ok, ok, sandy..............PRESIDENT KAMALA HARRIS-EMHOFF.......happy now, sandy...??....
....admit that you like that Hermes purse, sandy...........
.
What WAS in those gummies you just ate?!?
............PRESIDENT KAMALA HARRIS............................????....................
.
......pre-cross appeals "resolution"..............???...................puma ruma.....................and the "artificial" delay on a routine uphold DECISION(s).......at the USCA/2....???......
....whatever.............true or untrue..............???.................
.
.....REALITY, ms. sandflea...............$$$$$$$$$$$$ in my g-string...................particularly given the injustice, relative to our original investment...............
....turn a stone into gold, fleabag darling...............ZEN.........kamala/DC, notwithstanding.........................
.....or was it the Hermes purse, sandy...........????........
....one more point, sandy......da electoral college in the USA.........finicky.......fuzzy math........
.
In terms of your first statement, we are all wondering what alternative universe you live in?
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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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