First Place Financial Corp.(fka FPFCQ)

[jaxstraw]

'seems quite simple'....

Only to anyone who is not familiar with this case, the fact First Place Bank no longer belongs to FPFCQ, and really does not have a good grasp of how a CH11 case must proceed and the rules involved.

The $200mm went to First Place Bank which has no affiliation to FPFCQ anymore....it was sold on Jan 1.

Read the APA and understand...here's a good FPFCQ CH11 refresher for you...

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83385362

And Talmer is paying the $2.75mm needed to 'bring out of bankruptcy' FPFCQ by having the court approve to let an outside entity assume the payments of FPFCQ'S fees that include attorneys for the debtor, financial advisers and claims and noticing agents.

Debtors in CH11 can not have another entity pay their bills....lol.

This is basic stuff here.

The $200mm is long gone and has nothing to do with FPFCQ.