Corus Bankshares filed for chapter 11 protection on June 15, 2010 and the U.S. Trustee appointed the Committee on June 28, 2010. We know the members of the Committee are:
•U.S. Bank, N.A. as Indenture Trustee for Corus Statutory Trusts I, III & V
•The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee for Corus Statutory Trust II, IV, VI, VIII & IX
•Wilmington Trust Company, as Indenture Trustee for Corus Statutory Trusts VII, X & XIII
•Wells Fargo Bank, N.A., as Indenture Trustee for Corus Statutory Trust XII
•Bank of America, N.A. as Indenture Trustee for Corus Statutory Trust XI
The point here is that the Committee's application asserts that Kilpatrick Stockton (the one's driving the boat) is uniquely positioned to represent creditors in the Corus Bankshares case due to its Creditors' Committee representations in the re BankUnited Financial Corporation, et al., and In re NetBank, Inc. bankruptcy cases. Both such cases "similarly involve the chapter 11 filings of bank holding companies for failed subsidiary banks."
The plan is set, if you're not in "BIG" you're not in. Who here played BKUNQ and profited?? Any thoughts on that particular play?
Thanks in advance.
