United Western Bancorp Inc (fka UWBKQ)

[imawswami]

$27 Perfectly, concisely captures the nature of our BK

Exactly the quote we need to sticky to our frig!

10. However, the estate could be viewed as still owning the Bank Stock as an asset after the case is closed."


The essence of our BK7 is not enterprise termination, but rather an accommodation to the FDIC for the maximization of our recoveries. There is a simple proof to this statement.

When UWBKQ filed BK in 2012, it was as a BK11 or REORGANIZATION. That is the purpose of Chapter 11 bankruptcy, a uninterrupted continuation of the business during a debt restructuring.

Now ask yourself, how can a Corp. sell itself off to generate recoveries from NOLs and emerge from Chapter 11 BK as the original entity which filed in the first place?

It can't, IMO (am no BK/corporate expert...just stating that here).

Selling your corporate skin for tax offsets is not REORGANIZATION. It's BK7, dissolution.

But this does not imply that the super-structure that contractually established the public incorporation with Wall Street disappears. The corporate shell/kernel remain, even in BK7, as is stated in the $27 quote.

The question is, what if anything is going back into the shell?

We are certainly being guided along by the language found in the trustee's docs. Why so much emphasis on this 'after-closure' angle, if we as a corporation are condemned an empty shell?

Below is just a guess/opinion, so please take it as darts in the dark:

One fairly obvious source, due to the late stage in the recovery process is this:

https://www.pacermonitor.com/public/case/2765981/United_Western_Bank_v_Banc_of_America_Funding_Corporation_et_al

This was the early 2021 settlement with FDIC, as Receiver for United Western Bank, and Royal Bank of Scotland. The board has discussed this situation before with Newtogame.

No $ amount is stated, thus indicating confidential settlement. DOJ settled with Royal in 2018 over these RMBS loans, but excluded the FDIC/RBS case from the $4.9 billion recovered. Our suit was thus a slam dunk for the FDIC, but we do not know the recovered amount. Bear in mind that over 10 years of interest would have accrued from point of purchase to settlement.
$$$$

Could this be the amount we are seeing on the Asset side of the FDIC/UWB ledger? The figure the trustee implied as a possible recoverable amount...
'Remotely' so.

Thanks $27 for the post. Your moniker is looking more and more prophetic in these final days!

$66 million corporate investment (post taxes say $51-52mm), maybe more with an SPO, all directed by Guy Gibson and with outstanding shares currently at 29.6 million. Interesting....

Stay well my friend.