Appalachian Bancshares Inc. (fka APAB)

[RonnieD]

here is the filing from March pertaining to the seizure.
what happenned here is one subsidiary was closed by the state of Georgia and put into receivership of the FDIC, along with its NOL's, yet the other subsidiary of the bank, Appalachian Community Bank, although closed, was never put in receivership.
APAB went into default on a loan covenant, (4.9 million dollars in total).
http://www.sec.gov/Archives/edgar/data/1019883/000119312510065886/d8k.htm
Strangely enough, only a month before, they raised about $2mil by issuing stock to Charles Edmondson for 50 cents on the dollar (this is on a stock that only had 5 million total shares).

here is a link to the chronological filings. Take some time to go through it carefully in order. Although this may be winding down, it hasn't gone bankrupt. There are a handful of players with large percentages of the float. At the very least it's an attractive shell, but the continuing ownership and Hensley's SUDDEN emergence is intriguing.
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001019883&owner=exclude&count=40