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I haven't read along here for a very long time, but the last postings read to me like the behaviour of small children in kindergarten.....
I would love to see more discussion about the company and not about individual behaviour, thank you.
“Over the last few years, we have developed a good working relationship with First Graphene Ltd This has helped us to understand how graphene can be used as a multifunctional additive in cement systems.” Dr. Meini Su, Senior Lecturer in Structural Engineering in the Department of Mechanical, Aerospace and Civil Engineering at University of Manchester – August 2021
Source: https://www.thegraphenecouncil.org/blogpost/1501180/378700/PureGRAPH-ENHANCES-PERFORMANCE-OF-CEMENT-COMPOSITES
First Graphene (ASX:FGR) reflects on December quarter (20. January 2021)
Overview:
*First Graphene (FGR) has rounded out the December quarter with a review of its leadership changes, financial position and latest activities
*The company spent the Christmas season commercialising its graphene powder range — an additive which can enhance a product's fire retardancy, strength, flexibility and endurance
*It also looked into ways to improve energy storage devices like solar panels
*The December quarter also bought leadership changes — founding director Craig McGuckin tendered his resignation, while Michael Bell was appointed as First Graphene's CEO
*In terms of financials, FGR burnt through over $1.1 million during FY21's second quarter and ended 2020 with roughly $4 million in the bank
*Based on current spending levels, it's enough cash to sustain operations for three full quarters
*Following the quarterly report, First Graphene shares jumped 1.72 per cent to trade at 29.5 cents
Read all at: https://themarketherald.com.au/first-graphene-asxfgr-reflects-on-december-quarter-2021-01-20/
Biotech Analysis Central by Terry Chrisomalis: As the move past COVID-19 continues, the vaccines will take time to get out to the millions of people that will take the doses. As far as biotech goes, there's one ticker I'm leaning heavily on and that is Arbutus Biopharma (ABUS). The reason why is because it already released positive results throughout 2020 from a phase 1/2 study showing that its RNAi drug 60 mg AB-729 can indeed reduce HBsAg in patients with Hepatitis B. The next step is to start phase 2 combination studies that can have patients dosed once every eight or 12 weeks. Results from using 90 mg AB-729 once every eight weeks or 12 weeks are expected in the 1st half of 2021.
Based on this data I believe the company is in a good position long term to advance its product and potentially find a big pharma partner. That's because another RNAi company Arrowhead Pharmaceuticals (ARWR), plus their partner Johnson & Johnson (JNJ) have validated the RNAi approach to treating Hepatitis B using their drug JNJ-3989. Therefore, I can see that Arbutus has potential in this space based on RNAi (RNA interference) being a validated approach to treating this virus.
Long-term value is good as well for Arbutus, because it's looking at developing its very own PD-L1 drug and its own capsid inhibitor (AB-836) to add in with AB-729 as a combination therapy for Hepatitis B. Lastly, the biotech has experience in developing antivirals and is attempting a pan corona virus drug that not only looks at the current COVID-19 virus, but any other similar virus that may arise in the future. Arbutus wants to initiate a proof of concept open-label trial with its partner Assembly Biosciences for Hep B. This will include AB-729, Assembly's vebicorvir, plus a nucleoside analogue to treat Hepatitis B patients. Study expected to start first half 2021.
Disclosure: Long ABUS
Source: https://seekingalpha.com/article/4398318-2021-roundtable-general-outlook-biotech-and-healthcare-investing
Latest News from the company:
December 09.2020 First Graphene Ltd. and 2D Fluidics Pty Ltd. announce novel graphene-fullerene composites for energy storage applications. The unique Vortex Fluidics Device (“VFD”) developed by 2D Fluidics is able to produce graphene-wrapped-fullerene composites which have the potential to be used as an “all carbon” energy storage material. The technology is protected by international patent filings, currently progressing through national phase filings.....
Source:
https://firstgraphene.net/novel-carbons-for-energy-storage-from-2d-fluidics
December 22.2020
*First Graphene Ltd is in receipt of the grant payment from InnovateUK (UK Government).
*Technology transfer is underway, actively supported by Dr. Richard Price of Kainos Innovation Ltd.
*A fully funded Research Technician has been appointed.
*UK Patent Office have confirmed that an exclusively licensed, process patent will be granted in the United Kingdom
*A patent application that covers the production of novel battery materials has been filed.
*Additional Laboratory space is being acquired at the GEIC.
Source:
https://firstgraphene.net/progress-on-hydrogen-generation-and-graphene-based-battery-materials
Realtime:
www.world-of-stocks.com/rt_data/fnma
Left side Germany / right side US
'Some good news today': Amanda Kloots says Nick Cordero is doing better in ongoing battle with COVID-19
'Some good news today,' she began. 'Nick's vent settings today were just numbers we haven't seen in a while, which were just great.'
Kloots added: 'Anything can always happen and, trust me, it does, but today those numbers got me a little bit teary.'
He had to have his right leg amputated in April as a result of complications from the virus and in May, his wife shared that he had suffered major lung damage.
Last week, the Canadian actor began stem cell treatment in a bid to aid his recovery and Kloots said he would receive another treatment on Friday.
Source:
https://www.dailymail.co.uk/tvshowbiz/article-8413409/Amanda-Kloots-says-Nick-Cordero-doing-better-ongoing-battle-COVID-19.html
#4054
Stop spamming......... the second test has not yet started, the company is still waiting for approval for 20 more test persons, so in total 40 test persons (drug and placebo)
@Volcano
Is the amount of posting from you "normal"? I joined this forum to get information about the stock and the company, but I only read you and the umpteen announcements tomorrow, tomorrow, tomorrow....
Hearings
There are no future Hearings events for this case.
Court Calendar Case Number: 09-32303
****************************************
Withdrawal of Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership
A Notice by the Federal Deposit Insurance Corporation on 06/10/2014
ACTION Notice.
SUMMARY The FDIC has withdrawn and set aside its determination that insufficient assets exist in the receivership of Colonial Bank, Montgomery, Alabama, to make any distribution on general unsecured claims and that such claims have no value.
TABLE OF CONTENTS DATES:
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION:
DATES: The FDIC withdrew its determination on June 4, 2014.
FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, you may contact an FDIC Claims Agent at (972) 761-8677. Written correspondence may also be mailed to FDIC as Receiver of Colonial Bank, Attention: Claims Agent, 1601 Bryan Street, Dallas, Texas 75201.
SUPPLEMENTARY INFORMATION: On April 15, 2013, the FDIC determined that the assets of Colonial Bank, Montgomery, Alabama, were insufficient to make any distribution on general unsecured claims, and that such claims therefore had no value. Notice of the determination was published in the Federal Register on April 19, 2013. 78 FR 23565. The FDIC has now withdrawn its determination because the Receivership's theoretically possible recoveries have been revised upward as a result of changed circumstances and could possibly exceed the previously calculated $1.698 billion deficit, which in turn could possibly result in payment on non-deposit claims under the most favorable circumstances.
Dated: At Washington, DC, June 4, 2014.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2014-13423 Filed 6-9-14; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/articles/2014/06/10/2014-13423/withdrawal-of-determination-of-insufficient-assets-to-satisfy-claims-against-financial-institution
Colonial BancGroup, Inc. Securities Litigation - Settlement with Remaining Defendants
.....
If you purchased or acquired publicly traded securities of The Colonial BancGroup, Inc.
(“Colonial” or the “Company”) during the period between April 18, 2007 and August 6, 2009,
inclusive (the “Class Period”), you may be eligible for a payment from a class action settlement.....
more informations
We have to wait....and never forget:
“Everything will be okay in the end. If it's not okay, it's not the end.”
:) :) :)
What does it mean? Have we now to wait till March 2015???? I don´t hope so....
Your Link, wihtout Facebook:
www.kccllc.net/wamu/document/0812229131231000000000003
U.S. judge tosses BofA suit vs FDIC over $1.7 billion investor losses
By Jonathan Stempel
Mon Aug 26, 2013 6:51pm EDT
(Reuters) - A federal judge on Monday threw out Bank of America Corp's (BAC.N) lawsuit against the Federal Deposit Insurance Corp over $1.7 billion of investor losses stemming from the collapses in 2009 of a large regional bank and a large mortgage lender.
The lawsuit concerned the FDIC's role as receiver for an banking unit of Alabama's Colonial BancGroup Inc and the implosion of Taylor, Bean & Whitaker Mortgage Corp, home to what federal prosecutors called a $2.9 billion mortgage fraud.
Bank of America, as trustee for notes issued by Taylor Bean's Ocala Funding LLC unit, had contended that the FDIC wrongly denied claims by Ocala noteholders to recover from Colonial Bank. Among the buyers of Ocala's notes were Deutsche Bank AG (DBKGn.DE) and France's BNP Paribas SA (BNPP.PA).
From OTC Markets Group:
Quoting and trading on OTC Link ATS was halted effective 11:15 AM.
Quote close messages and then a ‘market close’ message has been sent out on the market data feed. A ‘market open’ message will be sent out when the market opens.
OTC Markets Group
I did a translatin too and you´re right ist something sexual:
http://translate.google.com/translate?hl=de&sl=ja&tl=en&u=http%3A%2F%2Fwww.nwtechcapital.com%2Fmain%2Fdiary.php
I think everybody who has still shares of this company could book them as a lost...like me. :(
The reason is:
NY judge finds Flagstar liable for $90 mln in mortgage case
Tue Feb 5, 2013 11:27pm EST
* U.S. judge orders Flagstar to pay Assured Guaranty $90.1 million
* Lawsuit focused on quality of loans in mortgage-backed securities
* Assured had sought $116 million
* Flagstar says will appeal the ruling
By Nate Raymond
NEW YORK, Feb 5 (Reuters) - Flagstar Bancorp Inc was ordered on Tuesday to pay $90.1 million to bond insurer Assured Guaranty Ltd in a contract dispute over loans underlying $900 million in mortgage-backed securities.....
http://www.reuters.com/article/2013/02/06/assured-flagstar-verdict-idUSL1N0B5PPP20130206
or
http://www.thestreet.com/story/11834079/1/mbia-shares-jump-as-case-against-bank-of-america-strengthens.html
:)
Bid: 0.68 Ask: 0.70
Ilenes Tweets from today (begins from below upwards)
3h Ilene Slatko ?@DelShareholder
Re W: THJMW re positing the entire issue...is he or is he not covered by indemnification? Does Weil want to litigate every issue?? YES
3h Ilene Slatko Ilene Slatko ?@DelShareholder
Re W: trust arguing that proof of claim rules were followed by trust but not by Rotella. THMJW now cutting him off
3h Ilene Slatko Ilene Slatko ?@DelShareholder
Re W: Spence arguing that FDIC allegations are not supportable and he wants that pp removed
3h Ilene Slatko Ilene Slatko ?@DelShareholder
Re W: at the time of settlement and after a year of negotiation...the officers understood that there was a set aside for their legal defense
7h Ilene Slatko Ilene Slatko ?@DelShareholder
Re: WMIH Amended agenda for today's hearing...now moved to 1:30. Anyone else see a problem here?... fb.me/PRH8CFig
It´s WAHUQ I get also a letter from WMI Liquidating Trust, its the periodic statement 08/01/12-11/01/12.
The news on the stockexchange munich:
http://www.bayerische-boerse.de/wertpapierhandel/produkte/aktien/details/isin/US92936P1003.html
One broker in Germany:
https://www.cortalconsors.de/Kurse-Maerkte/Aktien/Kurs-Snapshot/Kurs-Snapshot/US92936P1003-WMI-HOLDINGS-CORP-REGISTERED-SHARES-DL--00001
Today WMIH has taken up trading on the stock exchange of Munich (germany). WMIH is listed under assurances.
Can somebody summarise the hearing or what has happened?
Edit: Thanks IloveStocks
4/30/2012 10107 James Berg's Limited Objection to the Motion of Examiner for Entry of Order (1) Discharging Examiner; (2) Approving Disposition of Documents; and (3) Granting Related Relief 647 k
http://www.kccllc.net/documents/0812229/0812229120501000000000001.pdf
I think
AON = "All or Nothing"
greetz
Current Court News:
https://ecf.almb.uscourts.gov/pub/opinions?878575711684514-L_967_0-1
Court Calendar
https://ecf.almb.uscourts.gov/pub/calendar
On the left side you find the possibility to type in the Case Number:
List Hearings for
Case Number 09-32303
If you do so, there will be a new page with the upcoming court dates. In the header of the new page you find informations about the last fillings. Nearly every day there are new fillings but I don´t know where you can read it without a pacer account.
Contact
NW Tech Capital, Inc.
2360 Corporate Circle
Suite 400
Henderson, NV 89074
Phone: 647-426-1640
Email: corporate@nwtechcapital.com
Free sample article courtesy of Dow Jones Daily Bankruptcy Review
Print | Email
FDIC: Bank Of America Owes $900M For Colonial Mortgages
By Patrick Fitzgerald
17 January 2012
The Federal Deposit Insurance Corp. says Bank of America Corp. owes the failed Colonial Bank $900 million for losses suffered when Colonial collapsed in the wreckage of Taylor Bean & Whitaker Mortgage Corp.'s multibillion-dollar bank fraud.
The FDIC said in a court filing Friday that Bank of America, as the middleman between Colonial and Taylor Bean's Ocala Funding unit "stripped" more than 4,800 mortgage loans from the bank but didn't pay for them.
The FDIC, which was named the receiver of Colonial when the bank collapsed, says Bank of America, in its conflicting roles as a custodian for Colonial as well as Ocala, "injured" the defunct bank.
"That injury caused a $900 million loss to Colonial that was borne by FDIC-R[eceiver] and Colonial's innocent creditors," the FDIC said in papers filed in federal court in Washington, D.C.
Bank of America spokesman William Halldin declined to comment on the FDIC's filing.
Colonial was Taylor Bean's main lender. Both Bank of America and the FDIC, as Colonial's receiver, claim they were victims of the massive fraud at Taylor Bean, which involved the falsifying of books to allow the triple pledging of the same mortgage loans to different buyers.
The exposure of the Taylor Bean fraud, which federal prosecutors claim has resulted in more than $7 billion in losses to investors, resulted in the criminal convictions of some Taylor Bean and Colonial executives and triggered a flurry of civil lawsuits involving investors, banks, regulators and creditors.
At the center of the fraud was the Ocala Funding LLC conduit, a mortgage-financing vehicle that Taylor Bean created in 2005 to purchase its home loans, which were then bundled into securities and sold to investors such as Freddie Mac. It funded its business by issuing short-term notes that it sold to investors.
The investors---Deutsche Bank AG and the mortgage subsidiary of BNP Paribas SA---sued Bank of America in 2009 for breach of contract over the bank's alleged failure to secure $1.75 billion in cash and mortgage loans on their behalf. Bank of America, which served as the trustee for the notes issued by Ocala, has denied any wrongdoing. The litigation between the bank and the investors is pending.
Bank of America in turn sued the FDIC, as receiver for Colonial, back in the fall of 2010 to recover $1.75 billion in losses suffered by investors in Ocala.
The FDIC, which sought to have the Bank of America lawsuit dismissed, countersued, alleging the bank "executed demonstrably false documents---that indicated that BoA had rights in the loans and purported to strip Colonial of its ownership rights---in order to sell the loans to Freddie Mac." The FDIC claims Bank of America's actions constitute breach of contract, malfeasance, bad faith, gross negligence and willful misconduct with respect to Colonial. Bank of America is seeking a dismissal of the FDIC's countersuit.
The Ocala conduit was a key element in the seven-year fraud orchestrated by Taylor Bean founder Lee Farkas.
The scheme involved Colonial "purchasing" mortgage loans from Taylor Bean that had already been sold to other investors. In this way, Taylor Bean masked its financial problems and maintained its licenses as mortgage lender, seller and, importantly, issuer of mortgage-backed securities. Colonial, which was Taylor Bean's main lender and "co-conspirator," according to Bank of America's lawyers, provided the lender with $3 billion in mortgage financing, much of which went through Ocala.
Farkas also tried to pump $300 million into Colonial as part of a fraudulent scheme that would have enabled the struggling bank to become eligible for a $550 million federal bailout under the government's Troubled Asset Relief Program.
Farkas, a Florida businessman who built Taylor Bean from a small mortgage company into the U.S.'s largest mortgage lender not owned by a bank, is serving a 30-year prison sentence for his role in the scheme. A handful of other executives from Colonial and Taylor Bean have also been sentenced to prison for their roles in the fraud.
Taylor Bean collapsed after federal regulators uncovered evidence of fraud and suspended its authority to make loans insured by the government agencies.
Colonial Bank, which had $25 billion in assets and $20 billion in deposits, was the biggest bank failure of 2009. The FDIC estimates Colonial's collapse will cost its insurance fund around $5 billion, making it one of the most expensive bank failures in U.S. history.
The FDIC was named receiver of Colonial Bank after regulators seized the Montgomery, Ala., bank on Aug. 14, 2009, and sold its assets to BB&T Corp. Taylor Bean filed for Chapter 11 bankruptcy protection 10 days later.
Document DJFDBR0020120117e81hl2wqv
(c) 2012 Dow Jones & Company, Inc.
Source: https://www.fis.dowjones.com/WebBlogs.aspx?aid=DJFDBR0020120117e81hl2wqv&ProductIDFromApplication=&r=wsjblog&s=djfdbr
Left Side US-Markets, right Side Frankfurt Germany
http://www.medwedonok.de/realtime2.html
11/07/2011 1:00 PM
115-A) 09-32303 The Colonial BancGroup, Inc.
Chapter: 11
C. Edward Dobbs representing Debtor
John J. Clark representing FDIC
1607 Motion OF THE FDIC-RECEIVER FOR AN ORDER (1) CONFIRMING THAT THE AUTOMATIC
STAY DOES NOT APPLY OR, (2) IN THE ALTERNATIVE, MODIFYING THE AUTOMATIC STAY TO
PERMIT THE FDIC-RECEIVER TO COMMUNICATE WITH THE INTERNAL REVENUE SERVICE Filed by
Michael A. Fritz Sr. on behalf of Federal Deposit Insurance Corporation, in its capacity as receiver for Colonial
Bank, Montgomery, Alabama. (Attachments: # 1 Exhibit) (Fritz, Michael) (Entered: 11/03/2011)
1608 Motion to Strike FDIC-Receiver's Motion for Relief from Stay Pursuant to 11 U.S.C. §§ 105(a) and
107(b) and Bankruptcy Rule 9018 and Request for Expedited Hearing Filed by Rufus T. Dorsey IV on behalf of
The Colonial BancGroup Inc. (RE: related document(s)1607 Motion filed by Interested Party Federal Deposit
Insurance Corporation, in its capacity as receiver for Colonial Bank, Montgomery, Alabama). (Dorsey, Rufus)
(Entered: 11/04/2011)
Colonial Execs, Investors Settle Fraud Suit For $10.5M
Law360, New York (August 12, 2011) -- Colonial BancGroup Inc. shareholders reached a $10.5 million settlement in a putative class action Friday in Alabama to resolve claims the company's executives engineered a multipart fraud that gutted investors and drove the company into bankruptcy.
In a motion requesting preliminary approval of the settlement, the shareholders called the agreement an "outstanding result" for the class, which was battling a company with limited resources.
"Although lead plaintiffs and their counsel believe their case to be strong, their ability to construct a case would be hampered by the fact that Colonial was in bankruptcy," the plaintiffs said.
The latest consolidated complaint, filed in April, alleges that Colonial's officers misled investors and drove the company into bankruptcy in 2009.
Investors also claim that its former auditor PricewaterhouseCoopers LLP engaged in fraud and that underwriters Banc of America Securities LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. Inc. are liable for shareholder losses.
Colonial BancGroup was the holding company for Colonial Bank, a regional bank that aggressively and, investors say, unscrupulously expanded its lending operations. Colonial executives also allegedly conspired with their largest client, Taylor Bean & Whitaker Corp., to inflate Colonial's warehouse lending assets.
Taylor Bean’s former Chairman Lee Farkas and other executives, meanwhile, have been convicted of defrauding banks of $2.9 billion. The securities that Colonial held on its books for Taylor Bean were in reality backed by fictitious or unmarketable loans and contributed to the bank’s collapse, according to the complaint.
On Aug. 1, the underwriter defendants moved to dismiss claims that they misled Colonial investors about the quality of Colonial Bank's mortgage portfolio and business practices. The underwriters maintain the Colonial investors lack standing to bring claims against the financial firms and are unable to tie their losses to the alleged misstatements in connection with Colonial's note and stock offerings.
PwC also urged the court to let the auditor exit the arena, contending that the investors are asserting securities fraud by hindsight and disregarding the fact that the auditor had limited involvement with Colonial.
While PwC audited Colonial’s financial statements in 2007 and 2008, the company cannot be held liable for failing to detect the fraud perpetrated by the head of Colonial’s mortgage warehouse lending arm and Taylor Bean executives.
Representatives for the parties could not immediately be reached for comment on Friday.
The plaintiffs are represented by liaison counsel Tyrone Means, H. Lewis Gillis and Gerald Brooks of Thomas Means Gillis & Seay PC, and proposed lead counsel Thomas Dubbs, James Johnson and Matthew Moehlman of Labaton Sucharow LLP, among others.
The director and officer defendants are represented by Larry B. Childs and William C. Athanas of Waller Lansden Dortch & Davis LLP.
The case is In re: Colonial BancGroup Inc. Securities Litigation, case number 2:09-cv-00104, in the U.S. District Court for the Middle District of Alabama.
--Additional reporting by Samuel Howard. Editing by Andrew Park.
You can find realtime courses of WMI on this page:
medwedonok.de/realtime2.html
DJ Judge Halts Discovery In Legal Fight Between Colonial, FDIC
06/05/2011 18:32 | BB&T Corp
By Patrick Fitzgerald
Of DOW JONES DAILY BANKRUPTCY REVIEW
A federal judge agreed to a temporary halt in Colonial BancGroup Inc.'s upcoming trial with the Federal Deposit Insurance Corp. over more than $1.5 billion in disputed assets, allowing him to rule on the holding company's plan to exit bankruptcy.
Judge Dwight H. Williams Jr. of U.S. Bankruptcy Court in Montgomery, Ala., Thursday signed off on a consent order, staying discovery in the case through May 26. That's almost two weeks after the May 13 hearing at which Williams is set to consider confirmation of Colonial's Chapter 11 exit plan.
The FDIC agreed to the discovery extension despite sharply criticizing what it called Colonial's courtroom "gamesmanship" and "stalling tactics."
Williams acknowledged the FDIC's concerns regarding the pace of the case in his order, noting "the FDIC strongly objects to any extension of the trial and the discovery bar dates." But the judge also stressed that he has the "inherent power" to control the court's schedule.
Judge Myron H. Thompson of the U.S. District in Montgomery is overseeing Colonial's lawsuit against the FDIC. Thompson, however, referred all discovery-related issues to the bankruptcy court.
The FDIC, which is the receiver for Colonial Bank, has been sparring with the bank's parent since it took over the bank in 2009. Colonial BancGroup is suing the FDIC to recoup some $1.5 billion in funds transferred to its banking subsidiary in the months before it was taken over.
A trial on the dispute is slated to start this fall in federal court in Alabama, but Colonial had sought a stay of discovery pending the hearing on its plan to exit bankruptcy protection. That request, the FDIC argued, would throw off the trial schedule and should be rejected.
In a key ruling last fall, Williams rejected the FDIC's bid to hold the holding company accountable for failing to maintain capital levels at the bank.
The decision represented a setback for the FDIC in bankruptcy court, where the agency, as receiver, has sparred with a number of bank-holding companies that are under Chapter 11 protection as the result of hundreds of bank closures by regulators in recent years. The FDIC, however, says Williams erred and appealed the ruling.
In addition to the fight over capital commitments, two sides are also battling over tax refunds estimated at $253 million, real-estate investment trust preferred securities worth $300 million, insurance and other assets.
Colonial, which has no revenue or business prospects, isn't seeking to reorganize, according to the FDIC. Instead, the Chapter 11 bankruptcy has become a platform for creditors who bought debt at a deep discount to pursue "an aggressive litigation strategy" aimed mostly at the FDIC, the agency said recently.
The FDIC was named receiver of Colonial Bank after state regulators seized the Montgomery, Ala., bank. It then sold most of Colonial's holdings to North Carolina's BB&T Corp. (BBT).
Colonial, which had $25 billion in assets and $20 billion in deposits, was the biggest bank failure of 2009. The FDIC estimates Colonial's collapse will cost its insurance fund $3.8 billion, making it one of the most expensive bank failures in U.S. history.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection)
-By Patrick Fitzgerald; Dow Jones Daily Bankruptcy Review; 202-862-3544; patrick.fitzgerald@dowjones.com
(END) Dow Jones Newswires
May 06, 2011 13:32 ET (17:32 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.
http://www.morningstar.co.uk/uk/markets/newsfeeditem.aspx?id=138501958340710
Judgment about a similar case like Ambac:
JPMorgan loses court ruling over loan putbacks
NEW YORK | Mon Mar 28, 2011 11:51am EDT
NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N) could be forced to repurchase thousands of home equity loans, after a judge ruled in favor of a bond insurer that argued it could build its case based on a sampling of loans.
The ruling against EMC Mortgage Corp, once a unit of Bear Stearns Cos, comes amid many lawsuits seeking to force banks to buy back tens of billions of dollars of mortgage and other home loans that went sour. JPMorgan bought Bear Stearns in 2008.
Syncora Guarantee Inc now can pursue claims concerning the entire 9,871-loan pool that backed a securities issue, according to the ruling late Friday from U.S. District Judge Paul Crotty in Manhattan.
The ruling lowers the hurdle for insurers trying to prove they were deceived by banks, and increases the potential that banks could be forced to buy back more loans.
Crotty rejected EMC's claim that Syncora be forced to show breaches related to individual loans.
Syncora had insured the interest and principal payments on part of a $666 million mortgage bond backed by the loans.
EMC is reviewing the ruling, said John Callagy, a lawyer for the company. A lawyer for Syncora, Philip Forlenza, declined to comment.
Syncora said it was misled before agreeing to insure investors who bought pieces of the bond, which was created in March 2007 by EMC and backed by the 9,871 home loans.
Once known as XL Capital Assurance Inc, Syncora contended that EMC breached its representations on 85 percent of the loan pool, based on a random sample of about 400 loans.
It said this prevented it from evaluating how risky it would be to insure the securities.
Crotty concluded that Syncora has "especially broad" rights because "it bears the greatest loss if the loans underperform and the other parties break their contractual obligations."
The judge also chided EMC for the speed with which it appeared to fix problem loans. He said EMC had remedied only 20 of the 1,300 loans Syncora had submitted for repurchase.
"EMC cannot reasonably expect the court to examine each of the 9,871 transactions to determine whether there has been a breach, with the sole remedy of putting them back one by one," Crotty wrote in a footnote.
The case is Syncora Guarantee Inc v. EMC Mortgage Corp, U.S. District Court, Southern District of New York, No. 09-3106.
(Reporting by Jonathan Stempel and Clare Baldwin, editing by Gerald E. McCormick)
www.reuters.com/article/2011/03/28/business-us-jpmorgan-emc-ruling-idUKTRE72R4EU20110328?type=companyNews
Ambac Receives Approval for New Lease at One State Street
Ambac Financial Group Inc., the parent holding company for an insurance company partially in rehabilitation, was authorized by the bankruptcy judge last week to enter into a new lease with the landlord for the headquarters in Manhattan’s Wall Street district. For details, click here for the March 4 Bloomberg bankruptcy report.
The insurance subsidiary stopped paying dividends to the parent in 2007 and stopped writing new business entirely in mid- 2008. The Ambac parent filed under Chapter 11 in November. The Ambac parent listed assets of $90.7 million and liabilities totaling $1.624 billion, virtually all unsecured. Almost all the debt is made of up $1.622 billion owing on seven note issues. One issue for $400 million is subordinated.
The state insurance rehabilitation case is In re The Rehabilitation of Segregated Account of Ambac Assurance Corp., 2010cv001576, Dane County, Wisconsin, Circuit Court (Madison). The parent’s Chapter 11 case is In re Ambac Financial Group Inc., 10-15973, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
www.businessweek.com/news/2011-03-28/harry-david-blockbuster-madoff-lehman-bankruptcy.html