Bankruptcy Court Announces Ruling for BankUnited Financial Corporation on Ownership of Tax Refunds
2:05 PM ET 10/20/11 | BusinessWire
BankUnited Financial Corporation, a Florida corporation and debtor-in-possession (the "Company"), announced that the United States Bankruptcy Court for the Southern District of Florida on October 19, 2011 announced a ruling in the Company's favor relating to the ownership of anticipated federal tax refunds in the estimated amount in excess of $45 million. United States Bankruptcy Judge Laurel M. Isicoff announced that she will issue a written decision and order granting the Company's motion for summary judgment and denying the cross motion for summary judgment filed by Federal Deposit Insurance Corporation as Receiver (the "FDIC-R') for the Company's failed bank subsidiary. The effect of the ruling is a determination that the Company's bankruptcy estate is the sole owner of the tax refunds, subject to the right of the FDIC to receive the first $7.5 million of the refund and assert a general unsecured claim against the estate of $45 million under a prior settlement agreement approved by the Court. The written ruling is expected to be issued within the next two weeks, and the FDIC is expected to appeal the decision.
This information set forth above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's current beliefs, plans and expectations. Words such as "expects," "may" or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties. Actual outcomes could differ materially from those expressed in or anticipated by such forward-looking statements due to a variety of factors.
SOURCE: BankUnited Financial Corporation
BankUnited
Joseph Luzinski, 305-374-2717
Chief Restructuring Officer
