United Western Bancorp Inc (fka UWBKQ)

[imawswami]

Round peg in a square hole


This is all in my opinion and am struggling like everyone else to
figure this BK/recoveries situation out.

Here is what am believing:

Plainsite's algorithm picked up some (but not all) data points that implied close relationship between UWBKQ and USB. In other words, USB was not a random bank, picked out of a hat and tied to the UWBKQ Chapter 7.

Fred once referred to USB as 'captured' (presumably by the FDIC to do it's bidding) when describing their relationship to UWBKQ. The activities or bond between the two was strong enough to trip Plainsite's shell corp. red flags and the "officially listed as" wording was used throughout the docs. Perhaps if USB was the conduit for FDIC recoveries to UWBKQ, the flow of funds could do the trick.

Many on this board (myself included) believe FCNCA is involved in UWBKQ NOLs, so the question is: If the NOLs require an ownership change why are we not reading any of that in the BK docs (directly implying confidentiality or secrecy) and why did Plainsite not catch such a change and use language like -FCNCA as Officially Listed as Debtor?

I cannot explain this or the current situation as it is playing out (e.g. the removal of USB on Plainsite BK pages), but can share what few people on this board know that may tie in directly with what we are seeing.



United Western Bank and U.S. Bank shared a close relationship over a long period of time. Here is one example:

USB was paying agent & underwriter for Matrix Bancorp Capital Trust I (circa 1999), a TRUP (trust preferred security) issued by the bank to raise capital. They were also beneficial owner of Matrix securities, having at one point over 9% stock ownership in us.

https://sec.report/Document/0000927356-99-000989/

"The parent company of U.S. Bancorp Piper Jaffray Inc. is U.S. Bancorp. U.S. Bancorp provides financing to Matrix Financial under a warehouse line of credit and to Matrix Bank under a bank stock loan."


Main Point: When UWBKQ needed money (capital) they turned to USB for revolving credit/run a TRUP (debt security) to gain it.

So in the obverse, would it be such a surprise that when UWBKQ now had the money (recoveries), they would turn to USB to help securitize it?

USB was not a random corp. picked by Plainsite, but rather a chimera of sorts, that would not easily fit into an algorithm for hidden ownership which the legal doc firm was running. Round peg/square hole

All in my opinion