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FCNCA
2,051.05
+188.78
(+10.14%)
At close: July 25 at 4:00 PM EDT
2,079.99
+28.94
(+1.41%)
Pre-Market: 7:30 AM EDT
.....WEIRDNESS.....with sonterra, what's new....??......definitely something amiss at the USCA/2.........????........
.....could be a soft suspension, with discussions of a "resolution"....pre-decision.......???.......or the judges are confounded and tied up........???......
.....DECISIONS are long overdue..................definitely NOT being UPHELD, imo......sending back, reluctantly, would be my guess.....which means, this pathetic case is going to continue for a long, long time.......without closure............ughhh!!!!!............
......F**K 'em all............terminate the receiver and send out THE MONEY..........THE MONEY...........THE MONEY...........aimho.......
.
.....AGREED............unless we cash in, BIGTIME, with sonterra......$2-billies, settlement, would get us $20.50.......more on a directed verdict.........
...unfortunately, sonterra is gonna get tossed and the FDIC is gonna low-ball us..................$9.25 per......soon...........OUCH!!!..........$4, of which is a dividend......ordinary income, for tax treatment...........
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YEPPPERS the cash IDEA GOT US HOSED HOPE GUY is happy with his deal
I'd lots rather have the 1/98 ='s $20.76
....super complicated transaction, BEDPAN BOB...................lawyer-layered up the wazoooooo...........GUY THOUGHT WE HAD THE STOCK......100%......so this is so weird...............................maybe frankie's side had the "dominant option"........................because we did capture the increase in the stock, given 340,000 shares........totally traceable.....................
...maybe, water under the bridge, BEDDIE................the situation hurts because FCNCA has gone up 5-fold...............since the conversion...........AND COULD CRATER, someday... .....
....you know our motto, BED..................just better "end well".............and soon...................or else.........or else..........????...................
This money deal DOES NOT sound like it is or was in OUR BEST INTERESTS at all to me
HOW BOUT YOU
AND HE WAS a fiduciary for us at the time he made the deal, SOME DEAL for him apparently new job and all
............ANGER........FCNCA.......$1,998.69.......+136.42.............(+7.33%)..................
once again, BIG BOY POKER, bedpan bob...............just sayin'....................serious, serious BIZ...........and really, as frankie gets BIGGER AND BIGGER........that pesky Denver THRIFT SCANDAL becomes a problem.......................BUTNER PRISON..........................REALITY............(btw, frankie is very, very AWARE of those hater trolls on the internet that have been defaming him (he says) FOR YEARS...............)..............????..............
the sale of the NOLs/tax credits have strict requirements............AND THE SELLERS HAVE NOT BEEN IN RECEIPT OF THE SALE PROCEEDS, yet............a bizarre sale involving frankie's mommie's GRAT FCNCA stock.................pledged...............then withdrawn.................replaced with cash........etc........personal criminality if the transaction does not close and is fraudulent, imo.....
LEVERAGE, bedpan bob................DC EMHOFF has dirty hands, on the Denver THRIFT matter, imo.................would make for a nice SENSATIONALIST NEWS story.....add the drew sandler expose..............(ahem!!)...............bobbie richards/SCOTUS.......kimmie-GATE...............etc..............
we'll get our money, BEDPAN......................hopefully, FIT-TEEN PER.........then we watch frankie's stock take a babby jessica plunge down the cistern................aimho...........
we do note that gruenie got canned, with DC emhoff in tow..........just sayin'..............political.............but now frankie is naked and alone and his undercapitalized credit union has billions and billions of "CIT loans"..................a 20% markdown on the CIT portfolio.................WIPE OUT, for FCNCA............that would take $10-billion in capital off of frankie's cheat sheet.............and he's only got $22B total.......................RECEIVER................
point being..........all bets are OFF on DC EMHOFF, and/or martin j. gruenberg INFLUENCING THE ENDGAME on that unlawfully-seized DENVER THRIFT.......
dunno who's steering..............but the steering wheel broke off and we are going over 100 m.p.h..............hello...................
so, we..................FOLLOW THE MONEY......................(we have $5 per.........100% guaranteed.......earning interest)...........the FDIC money is......UNKNOWN.....heard a couple of months ago.................$300mm ($10 per) was "allocated" by the FDIC for UWBI.....????......add that to the $5......doable.....aimho...........doable...........FIT-TEEN, per...................hello......................
.....off the record, might be time to take a BIG SHORT POSITION in FCNCA......??........
......a couple hundred grand could become $4-5-million..................in a couple of months, or less.............easily.......takes balls and could cost a few million to cover, if frankies mess stays high or gets a buyout bid..........???.............or totally collapse and get SEIZED............?????......
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......decision to forgo the FCNCA stock, for cash and possible FDIC payouts was IN YOUR "BEST INTEREST"........bedpan BOB...........
.................."best interest"........................let the judge decide.................open up the entire can of worms.......and we can create a class action, and move to enjoin the original BANK v. OCC.............frankie, personally and his fudge factory get added to the soiree, BEDPAN...................nice and nasty......................
oh, and the size of the damages to be requested, BEDPAN....................begins with a "B"........and they get trebled....................
....oh baby...............this might get interesting, BEDPAN...................
YOU SHOULDN'T HAVE AGREED to the deal !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
First Citizens BancShares, Inc. (FCNCA)........$1,980.48..........+118.21..............(+6.35%).............
shoulda kept the fudge..................hope mr. gibson has a good attorney, this time.............
....the USCA/2 should shut down sonterra, imo........a farce.......nice try, but c'mon................a reach.......................
.....how----ever------the court is required to apply the LAW......and the LAW is clear.............we/plaintiff should get a chance to present the case to a jury and specify actual damages and move for PUNITIVE DAMAGES on all of libor..............we point out that, in the Deutsche Bank Settlement Agreement, DB said the danger with the case, for the defendant class, is getting in front of a jury of regular people, who inject strong emotions into a verdict....?????......and that with sonterra, a $2-billion punitive damages judgement could be passed down...........then UBS appeals ad-infinitum, or pays...............we'll see...........
....THESE CASES ARE ALWAYS.........ALWAYS...........unpredictable.................being in a case, for a long, long time USUALLY FAVORS THE DEFENDANT CLASS................the judges are deeply analyzing the plaintiff's legal contentions and possibly picking 'em apart...........??????........
.....show us the money, please.....................regardless of any DECISION..............
.....specific frustrations with this sonterra/LIBOR cross appeals..........WE ARE WAITING FOR A DECISION FROM THE USCA/2.............
.....long, long OVERDUE and very peculiar, imo, because the basic case is a fringe, loop-holed STRETCH.......and has the judges twisted in knots....????......
.....the FDIC backs our case and is ROCK SOLID FIGHTING FOR IT........or at least trying to get the basic LIBOR case, in front of a inner-city federal jury and try to get an altruistic punitive damages award for all of LIBOR..................I get it and we stand to gain, HUGELY, because UBS will settle for big dollars.......
....my opinion is...........our claim (which we actually bought via an assignment from a defunct financial firm) is that we were damaged by the LIBOR loan index manipulation.......which was determined to be an ANTITRUST violation.......problem is, the security we traded, F/X futures contracts were not contractually tied to any LIBOR sterling loan index................BUT WERE IMPACTED BY THE CLOUD OF INCLUSION........we lost $38,000 and moved on.......????.....
....the law allows any.....any ANTITRUST victim to sue for PUNITIVE DAMAGES, along with actual damages.........and we have never entered a specific damages claim, to be adjudicated..........(this is our legal tactic, to keep the damages award UNDETERMINED.....and then move for PUNITIVE DAMAGES, when and wherein we have the appropriate court domain..............????...................).......the law is on our side, but the A/court just won't give us the green light, imo.....
...............bottom line on sonterra and FRANK HOLDING and USA President KAMALA Harris-EMHOFF's husband and the ghost of martin j. gruenberg.......F**K ALL OF THESE AHs.......................aimho..................F**K frank holding again.................another..............once more............this AH is giving the FCNCA Q/2 earnings call, today..............
.......heard there might be a MASSIVE SCANDALOUS backstory on grunie, which includes frankie.......and possibly DC................there is definitely some national newspaper reporters sniffing around...........(I ain't speaking with anyone, because I claim I don't have any of the facts.......appears guy is either bound by an NDA - - although he said he wasn't - - or guy is drunk on the fdic cool-aid because he is super positive on those devils and has never made one negative comment, imo)....
.....whatever..........even a PAGE ONE SCANDAL STORY in the WSJ or NYT ain't gonna put money in the UWBI vermin's pockets.........that's my point.......I think the combination of grunie's exit and DC's wife in the spotlight will accelerate the FDIC shutting down WaMu and UWBI........
....side note.......when the FDIC wants a failed bank's trailing roadkill.........SHUT DOWN..................minutes..........minutes.........minutes........seriously.......I've been there on a similar situation and these animals closed out a huge bank failure, and related claims and litigation and controversies.......1 DAY......ZAP.......done.......
....so, again, we defer back to the FDIC.....their freak show.....total control........and indirectly, they control the release of our holdco monies........aimho and up yours to all.........................$9.25, total, net, per.............................prior to 9.1.24...........................just my guess.............
.....frank holding's popsicle stand is in play, BIGTIME....FCNCA.....$1,873.11...+28.71...(+1.56%)...
....huge volume.....the earnings call is 7/25/24......so the pundits are expecting strong results.......
.....and if frankie's business partner's WIFE......= USA PRESIDENT..........frankie's in the PAINT.......
....whatever........F**K FRANKIE.......F**K DC EMHOFF.......close out UWBI soon or we go public with DC EMHOFF's scandal connected to fcnca/frankenstein........aimho......
Go placidly amid the noise and the haste, and remember what peace there may be in silence. As far as possible, without surrender, be on good terms with all persons.
Speak your truth quietly and clearly; and listen to others, even to the dull and the ignorant; they too have their story.
Avoid loud and aggressive persons; they are vexatious to the spirit. If you compare yourself with others, you may become vain or bitter, for always there will be greater and lesser persons than yourself.
Enjoy your achievements as well as your plans. Keep interested in your own career, however humble; it is a real possession in the changing fortunes of time.
Exercise caution in your business affairs, for the world is full of trickery. But let this not blind you to what virtue there is; many persons strive for high ideals, and everywhere life is full of heroism.
Be yourself. Especially do not feign affection. Neither be cynical about love; for in the face of all aridity and disenchantment, it is as perennial as the grass.
Take kindly the counsel of the years, gracefully surrendering the things of youth.
Nurture strength of spirit to shield you in sudden misfortune. But do not distress yourself with dark imaginings. Many fears are born of fatigue and loneliness.
Beyond a wholesome discipline, be gentle with yourself. You are a child of the universe no less than the trees and the stars; you have a right to be here.
And whether or not it is clear to you, no doubt the universe is unfolding as it should. Therefore be at peace with God, whatever you conceive Him to be. And whatever your labors and aspirations, in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.
by Max Ehrmann ©1927
.....your apologies and applause are TAKEN UNDER ADVISEMENT, newt................you really need to show more respect for authority figures.................
....bottom line on you and this UWBI POS, newt..................all is well that ends well.............and I have hard, direct evidence that uwbi cusip holders are going to receive AT LEAST........AT LEAST.............$9.25 per share.............very soon..................
....beat on me all you want, NEWT.....................I crave attention and my superiority complex feeds off of you scrubs................
.....maybe we meet up in heaven, NEWT..........and I will have a few words with you, there...............and voting for kamala EMHOFF, is not a good look, newt......
.......$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$................................
.....two separate entities, NEWT..............there is THE BANK......still in existence..........that's the DRRIP tracking info............current to 5/24/24........etc............those "securities not purchased" nonsense..............pertains to the BANK................failed, non-existent...........
....the RECEIVER..........is a separate manifestation...............the books or financial records are separate..........(the RECEIVER only tallies "recoveries" - - there aren't any offsets and the recoveries are not blended into the BANK's ongoing financial reporting)..........
....I'm not trying to be an arrogant ass, MS. NEWT...............simple situation..........and I've been thru a few of these.............nothing this long and involved......and the recoveries are GARGANTUAN, compared to most failed banks - - should end up at $150mm, on our pip-squeak bank............
....(btw, newt.....TRAVEL magazine was describing the beautiful area of upstate NY - - except for one bad area.......BATH......called a "drug drop," and a "toilet".......and net-jet doesn't go anywhere near there - - so, no shareholder party invite and I won't be stopping by to BYA.....).................
....sirs: please re-read the UWBI BK TRUSTEE's statement on the "abandonment" by the shareholder claimant.......a sizable cash payment was expected (??) and would have an income tax requirement the TRUSTEE would not be in a position to meet..................?????.....................
....point is...........serious BIZ............and BIG MONEY...................just sayin'..................this is REALITY..........it ain't mental midget loser SANDFLEA's piddling on i-HUB......
So ---where did the recoveries that the FDIC procured come from?????
Did the recoveries come from the securities listed ????????????
Go ahead you arrogant ass, and tell me where the recoveries came from !!!!!!!!!!!!!!
.......day one, JPM wrote a check for $80mm, payable to the FDIC receiver for the mortgage fraud........the D&O settlement, heck, the ITR we gave to the FDIC is ours, in the end.....the state of NY/BAC suit...........RBS settlement, expert????.......$30mm..........my tally is $116mm, without RBS....nor sonterra..........("Last Updated: 5/30/2024").....
....the recoveries are buried on the FDIC failed bank DRRIP website..................and you can email them a request...............you can also file a formal request of the FED, requesting the recoveries to date...........on the complaint form..................USA AG will also respond............FDIC has to be transparent, in the end...............
....please note, NEWT, that the FDIC will destroy all BANK records 10 days after the termination notice is published in the F/R...............
....BK records are already long gone.......this website ain't gonna be around much longer, imo..........so, good-bye, forever, NEWT..............
So ---where did the recoveries that the FDIC procured come from?????
Did the recoveries come from the securities listed ????????????
Go ahead you arrogant ass, and tell me where the recoveries came from !!!!!!!!!!!!!!
....coming from the EXPERT on RBS and LIBOR................????....................
.....dunno how big the brain of a NEWT is, nor the size of the newt's man region.....nibs??.....
......the "assets not purchased" grid is drivel from the dinosaur age........meaningless and you idiots conveniently leave out the "liabilities" side of the sheet......the $450-million, section......and there it is, newt........SUBROGATED LIABILITIES......minus $144-million............
.....you, newt and your band of non-binary BANKERS have stiffed USA taxpayers to the tune of $144mm......PAY UP OR GET OUT OF THE USA, newt.......
..........no more fairy tales, please........................take your expertise over to etsy, or pinterest.............peewee herman wannabes not welcome here.......
The pied piper always talks about the recoveries that the FDIC has gotten (RMBS)
3.5 Assets Not Purchased by Assuming Institution
3.5 (l)Excluded Securities
the securities listed on the attached Schedule 3.5(1)
$256,846,259.85
3.5 (p)Excluded Loans
the loans listed on the attached Schedule 3.5(p)
$228,251,513.08
What about the loans that were not sold to FCNA---I'm sure that the FDIC recovered the $228 mil
.............GUARANTEED...........THIS NIGHTMARE IS ALMOST OVER....................
check's in the mail, etc..........uwbi was gruenie's baby...............guy believes the fascists want to make full atonement and recompense????......
one small recovery attempt, left (FAIL).......and we watch the brokerage accounts for the...................MONEY.................CLOSURE.........soon.....very very soon......
tennessee windchimes......11.......flirtation with boxcars......12...........PER.........ALL MATH...irony is holdco balance is right at $150mm......ditto for the devil.......
................ZEN......................opinion waiver, larry.................kamala is repulsive and repugnant...............good karma for her hub-stub, DC EMHOFF.......kamala karma (I'm gonna copyright this blurb)..........kamala karma..................kamala karma......................kamala karma.........
.................................USA President Kamala Harris-EMHOFF...........................
we wonders if this gal will offer REPARATIONS and REMUNERATIONS to the shareholders of that Denver THRIFT - - which was unlawfully seized......(1/2011)...
couple of internet trolls ALLEGE Mrs. harris-EMHOFF's loving husband, "DC"......assisted in the "engineering" of said SEIZURE/SCANDAL.....???......
job kickbacks, tortious conspiracies to commit unlawful acts, FIRREA aiding and abetments................ETC.............felonious..........................................
too weird..........the UWBI boys continually getting BEATEN........rock on......promises from martin j. gruenberg......where be he.....???.....aimho.......(larry's.....I ain't touching this one)..................
.....very pessimistic, BEDPAN BOB............but good resonance.............my reference was cynical, in that every moment of LIFE IS A MIRACLE..........ENJOY......
.......health is really everything, BEDPAN............gotta face death to appreciate this FACT........since dying on 9/14/23, I am a changed fella.......seriously.......still doing what I do, but the fight is gone......unrelated to this UWBI monster........although a fresh $10-mill will help the cause and the timing MIGHT BE....MIGHT BE perfect........DONNIE is gonna get an ECONOMIC TSUNAMI that might be the worst ever.......radical collapse of the world economies........all will rebuild but not for 10-20 years................imho...............
.
"".life's a b*tch (YOU SUFFER )and then you die........
...DISASTER ON THE ECONOMIC HORIZON...100% certainty...basic laws of economics..
....no solution to the current LOCKUP........except a meltdown to correct the IMBALANCES.......the duration mis-match on over 400 banks balance sheets is warning enough, to me........THE FED SEES THIS.............LOWERING INTEREST RATES, at any level, but short-term, which is what the FED controls.......WILL ACCELERATE INFLATION...............AND....AND.....CAUSE THE LOSS OF JOBS..............
......add the DONNIE DRAMA.....and we have a mess in the USA............I'm winning either way, so F**K everybody.....sorry......life's a b*tch and then you die........
....as for that Denver THRIFT stock - no worries in the least....ARMAGEDDON...$9.25....per....today or in 2 years (with accruals on the holdco proceeds).....either or....sonterra is a laughable, pathetic case..........waste of time, but good try.....onward, speer.......aimho and up yours to all......except not to usa president EMHOFF, nor her hubby......
okay, flea dear.......I'd do it, if you throw in some BLOW.......but my focus is on her dub-hub...........DC...............baggage, skeletons in the closet.........internet trolls ALLEGE this DC cat assisted in the "engineering" of acquisition by his law firm's business partner.........frank holding????......a banker.......???.....job kickbacks, violations of FIRREA, etc...............dunno.......
gotta shut off that LIBOR suit, sandflea sweets.........weak, but the law is the law......FDIC is trying to cash in with an ALTRUISTIC platform.....????......should get tossed this week, imo..........(yawn)................
no worries and no hurries, fleabag dear........pay us soon, or stretch it into 2025......tyia.....
WEIRDNESS............in the usa, world, UWBI, florida, idaho, somalia, useppa yacht club, and other areas of interest......opinion waiver and up yours to all.......
I dunno, Frodo, she comes across as a real party girl...might just be your type. Probably explains all the nervous laughing.
.....COUNTDOWN to splashdown.......minutes.........boxcars, per.....sonterra is DEAD...............
.......NO COMMENT.................on president kamala harris-EMHOFF...............
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.......................(CLICK).........................(CLICK)........................................
.......$$$$$$$$$$$$$$$$$$$$$$$$$$.....................................................
...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......
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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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