Money in the Bank?!
Below is opinion and conjecture. No need to believe it. Am here to entertain.
Forget for a moment, the legal wherefores in the BK filings, and walk with me, a step or two backward for the wide-angle on this beast.
Here we can ask ourselves a Big Picture question: Why must the bank holding company, spawned by Guy Gibson and gutted by the FDIC, extinguish after BK7?
Because it lost it's main asset to receivership, as the docs profess? Procedural Liquidation? Abandonment? Pick one or all?.....
But as we've read in the BK rules of the past post, the corporate entity lingers on in the shadows, empty and waiting, yes?
Question; What would happen if substantial monies providentially fall into this shadow entity -say as elaborated on in the last post or the BK docs, like the FDIC eventually finishes with recoveries and "discovers" (post BK) some residuals due the holding company? Or say this was by plan....
Yes, we would be describing a very complex, well laid out scenario here.
Like Guy Gibson confidentially stipulated, say. What if Gibby did not want his corporate legacy to disappear after a questionable seizure?
Well, for $hits and giggles, say $66mm falls into the corporate lap, someone's got to arrange to pay the taxes. Meaning we need a CEO type to oversee and an accountant -board of directors for legitimacy sake.
Next, you would need direction -where to place the after tax monies? CFO and Chief legal counsel. Looks like the corporate structure is already being reformed as we speak.
So, Special divies to the shareholders to end the corporation once and for all, maybe right?
But wait, is Gibson back on the payroll and directing us again, so do we really put his corporation into the dirt?
Maybe Guy has a plan for the money...
Now sure, none of this may transpire. After all it sure gets complicated really quick and obviously it's no wonder why the BK trustee would want to tie this off with abandonment. But this may be the exact path a corporate founder might take to recover from a wrongful seizure of personal property. To feel some vindication, to move forward again.
Last thing we leave you with. After this BK closure, those individuals holding share positions in the millions (Gibson and principles had to have held at least 50% of outstanding shares to control legal process in UWBKQ vs. FDIC) will probably be sitting on tens of or 100's of millions of dollars in shareholder payout.
Does Guy Gibson strike you as the kind of individual that will curl-up in retirement -by the fire of his custom Denver mansion, reading the WSJ?
Arguably, he would be at the top of his game if having had his Bank placed in receivership, he managed to secure a favorable legal settlement from the FDIC, as the BK implies with multiple payments to the holding company over the years.
To Swami, forget about retirement, this chairman has too much fire in the belly to let his legacy fade. With money in the Bank Holding Company..... he pushes on.
Let's watch and see.
