Southeast Banking Corporation (fka STBPQ)

[MU_Redskin1]

Per bankruptcy document #5011 filed 10/03/2007 US Bank holds a $39.5+ million interest and Bank of New York holds a $27+ million interest .... that is a good motivator for them to see this deal closes and they are treated fairly.

Elliot Capital $11.9 million
Gabriel Capital $11.15 million
Stonehill Capital $4.4 million
Mariner Investment Group $2.095 million

While these amounts may have been paid down slightly within the last few years, these companies are part of our new company moving forward plus they obviously have had a vested interest in crafting the "Plan" to their satisfaction before the common stockholders were brought into the negotiations.

The FDIC currently holds all the Series E Preferred and Norfolk Southern Corp. owns the Series A shares. Those are some nice partners too ...

More DD from the public judicial record ..... here is the accounting of the Preferred and Common stock of STBP/SEBC ....

Series A Preferred stock = 600,000 shares ...

registered to:
Atlantic Investment Company
c/o David Shelton, Esq.
Norfolk Southern Corporation
Three Commerce Place
Norfolk, VA 23510


Series E Preferred stock = 240,000 shares ...

registered to:
FDIC
Division of Resolutions and Receiverships
Manager, Capital Markets and Resolutions
1776 F Street NW
Washington, D.C. 20006


Common stock - Unknown**
holder:
The Depository Trust Company
C/O Southern Business Center
18301Bermuda Green Drive
Tampa, FL 33647

.... the DTC is the record holder of SEBC common stock for the benefit of more than 50 financial institutions, brokerage firms and other participants, many of which, in turn, may hold their participation interests for the benefit of clients, customers and other clients.


** According to SEBC’s 10Q filing for the fiscal year ended December 31, 1990, there were 34,329,064 million shares of common stock outstanding as of that date. SEBC website ... http://www.sebcglobalsettlement.com/faq.htm


Best to all ... good luck and good investing

MU_Redskin1