Phoenix on Blue Spruce
Docket #710
13. On the other hand, despite the large deficit, the Receivership shows on the asset side of the balance sheet cash and investments of $66,364,000.00 that could potentially generate future income...
Evening,
In the past, based on a convergence of facts presented by both Fred and Newtogame, FCNCA appeared to have purchased the Net Operating Losses of the Colorado holding company UWBKQ. $178 million was that approximate amount found both in FCNCA docs. by Fred and the same dollars derived from the January 2017 BK7 updated FDIC numbers presented by NTG.
As we know with NOLS transactions, this exchange of value-for-value is cost neutral to the acquirer. Fact is, there is more than likely a net gain on the transaction for the purchaser.
Thus, there would be no penalty on a wrongful seizure (assuming it was) to a participant such as First Citizens Bancshares, let alone a repayment of the immense profit gained off the hide of this tainted event. Read again the Market gloat over our demise and the enrichment it brings FCNCA first Quarter 2011:
FIRST CITIZENS REPORTS EARNING FOR FIRST QUARTER 2011
APRIL 25, 2011
FIRST QUARTER HIGHLIGHTS:
"A $65.5 million bargain purchase gain on the United Western Bank transaction"
Yes, quite the 'bargain'. But I wonder. Did the FDIC allow FCNCA to keep that profit after the Federal Agency starting cutting checks from it's own coffers to repay UWBKQ for potential wrongdoings?
Remember now, FDIC was just the enforcer of the seizure, not the department that conspired to seize...
Nah, FDIC had to have been Pissssed at the last remaining culprit (OTS at this point has been dissolved into the OCC and John Bowman gone to parts unknown), and the burning question would be (in my mind), "How to move FCNCA's gain off it's books and returned to the rightful owner, UWBKQ?
After what FRED shared about FCNCA buying Matrix Funding Corp. (sub. of UWBKQ) 2016, it got me thinking about that
FDIC asset sitting on their books and referred to by our BK trustee.....$66 MILLION DOLLARS.
Did the agency maybe 'force' a sale for an overpriced asset (Matrix Funding Corp. =shell?!) and count it as 'recoveries' to the tune of $66mm?
The irony here would be pretty thick: Profit on the demise of a company is returned (post BK!?} to launch it's corporate rebirth 2021.
A Phoenix rises in Denver.
Coincidence that the FDIC asset matches the amount FCNCA profited off our hide 2011? Just like the match between Fred's quoted NOLS purchase of $178 million and the $178mm amount recovered by the FDIC 2016 and discovered in the math, by Newtogame, from the TRUSTEE January 2017 report?
No matter what, it seems pretty convincing that the Liability side of the FDIC UWB receivership ($149mm) carries little weight, if that same agency can cut checks to the UWKBQ estate for YEARS without even a glance at such an incredible sum.
The above are just personal impressions, not necessarily fact.
night
