imawswami, yes, I have looked at the link you so graciously shared with the board and I thank you for sharing. The series I shares will be dispursed on 4/15/2021 which is very encouraging. This may have been used in a redacted settlement approach.
I posted to NTG and other credible posters curious about what they may have found in their due diligence as well as others in this long-running travesty of justice. There are a few here that continue to do excellent research. I believe your posit concerning potential payout is very credible and does explain why this case has not moved forward even though it has appeared ready to move forward in January.
I will share some more information that was sent to get brokers to return CUSSIPs that were taken from their accounts and this was very effective. As I always like to say, actions can be telling!
United Western Bancorp, Inc. Bankruptcy Case Colorado Bankruptcy Court, Case No. 12-13815 District Judge A. Bruce Campbell, presiding
[Logo of US BANK was included as copied from plainsite BK page}
U.S. Bancorp Corporation U.S. Bancorp Corporation, Debtor Officially listed as "United Western Bancorp, Inc."
The implication in the above statement is important: U.S. Bancorp Corporation, Debtor Officially listed as "United Western Bancorp, Inc."
Through a trace in Change of Ownership, Plainsite.org perceives such a transaction has taken place during bankruptcy, with U.S. Bancorp assuming the debtor position until resolution.
A company such as United Western Bancorp, incurring losses through subsidiaries in excess of $500,000,000, could become a target of acquisition by a larger (read profitable) entity in order to acquire the tax offsets (NOL). It would seem that U.S. Bancorp (holding company for the 5th largest bank in the US) has acquired UWBKQ.
Typical purchase rate is near 30% of loss, placing the value of UWBKQ acquisition at close to $150,000,000, less current bankruptcy debts close to $50 million. $100mm divided among 30mm shares would place the value at $3.33/sh.
This security has substantial value, something am sure the DTC would fret over while destroying the physical non-transferable shares. The combined Etrade accounts in question possess over xxxxxx shares of United Western Bancorp, or nearly x% of the outstanding.
It should be obvious to a brokerage firm in the midst of merger (Morgan Stanley 19th largest U.S. Bank), that maintaining their client's best interests -including preserving a tangible record of account value- is paramount.
To summarize the above: United Western Bancorp is an active company which should allow this security to avoid the non-transferable status and remain in shareholder's account. From other UWBKQ shareholders with Schwab brokerage accounts, this is the conclusion that Schwab made in keeping the non-transferable shares in their respective accounts during the Schwab/TD Ameritrade merger.
If you wish to assess a fee covering the DTC maintenance costs, we would gladly pay. Not often you read a customer stating this am sure! The fee does remove any burden of liability, while generating a novel revenue stream. If the shareholder fails to pay, the brokerage has free rein to remove with implied consent. Customer tranquility is maintained.
If though you persist in removal of personal property, thus denying the right to preserve personal property in an account, i will first contact your counterparts with Morgan Stanley, followed by legal action if this matter is not resolved.
Respond within 14 days of receipt of this document. Legal consideration requested.
U.S. Bancorp announces redemption of all outstanding depositary shares representing interests in its Series I non-cumulative perpetual preferred stock
MINNEAPOLIS (March 4, 2021) — U.S. Bancorp announced today that it will redeem on April 15, 2021 all of its outstanding Series I Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (the “Series I Preferred Stock”), and the corresponding depositary shares, each representing a 1/25th interest in a share of the Series I Preferred Stock (the “Series I Depositary Shares”). The Series I Preferred Stock will be redeemed at a redemption price per share equal to $25,000 (equivalent to $1,000 per Series I Depositary Share). Because the redemption date is also a dividend payment date, the redemption price does not include any declared and unpaid dividends. The regular quarterly dividend for the full current quarterly dividend period from, and including, January 15, 2021 to, but excluding, April 15, 2021 will be paid separately in the customary manner on April 15, 2021 to holders of record on March 31, 2021.
The Series I Depositary Shares (CUSIP No. 902973AY2) are held in book-entry form through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the procedures of DTC. Upon redemption, the Series I Preferred Stock and the Series I Depositary Shares will no longer be outstanding and all rights with respect to such stock and depositary shares will cease and terminate, except the right to payment of the redemption price.
Payment to DTC will be made by U.S. Bank National Association, U.S. Bancorp’s redemption agent for the Series I Depositary Shares. Questions regarding redemption of the Series I Depositary Shares or the procedures therefor may be referred to U.S. Bank National Association at 111 Fillmore Avenue East, St. Paul, MN 55107-1402, Attention: Corporate Trust Services, Telephone No.: (800) 934-6802.
This news release does not constitute a notice of redemption under the certificate of designations governing the Series I Preferred Stock or the deposit agreement governing the Series I Depositary Shares and is qualified in its entirety by reference to the notice of redemption issued by U.S. Bancorp.
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