United Western Bancorp Inc (fka UWBKQ)

[imawswami]

Chaleco and others, the FDIC cannot.....


Hi Chaleco,
Just so you know, the FDIC cannot close-out UWB's receivership yet, thus this would be the wrong indicator to potentially deduce our payout date in the bankruptcy.

Please refer to post 53902 or this link:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=167776449

The FDIC is still exercising it's legal claims in the LIBOR suits (think recoverable monies) for 38 banks +UWB, so these receiverships must remain open.

Our trustee has been very clear, with its abandonment discussion, that the BK closes before FDIC fully expends its legal claims.

If you are concerned with the delay in processing our personal payout, understand that UWBKQ is a DELISTED security which complicates things.

Further, if you believe in the tax logic of structured settlement defining the bulk of our investor recoveries beyond Fcnca stock, rather than cash as some here tout, these debt securities (e.g. USB Series J et al.) would also gum-up the payout process.

Lastly, if you even doubt that the shareholders will receive anything, the BK docs are quite clear that the FDIC has been cutting checks to our BK for years.... This is a direct violation to the receivership waterfall. Depositors, then bank creditos are paid with recoveries FIRST, and if there are monies left over after all is said and done...the holding company/shareholders is last in line.

But this has not been the case with UWBKQ, according to our own BK docs. Not only did we receive multiple payouts from the FDIC ahead of some depositors, but the trustee had to fight off the IRS seeking to tax our "additional income" stream. With the trustee stating that it successfully blocked the IRS, it could be theorized the squabble was over returned property (untaxable) based on the dropped 2013 appeal over government seizure of property (bank). Think big dollars if this is true.

[Side note: It's funny that those who profess no payout to the shareholder never have a counter to the above information. It's all there in our BK docs....]

Chaleco, hope this helps, and thank you for past kindnesses.