And imho EXACTLY WHY he called this out from the get go as a 5TH TAKING CASE, he aint TUPID!!!!!!!!!!!!!!!! If any are gonna know the value they held at the time of seizure it WOULD BE GUY and his crew. AND HE LET THE FDIC incriminate themselves by COOKING the BOOKs and filing their last tax return, WITH NO NO NO INPUT BY ANY COMPANY OFFICERS or accountants.
Here are a few to look at WITH NO RICO ADDED ON TO IT, NOW do that times TREBLE DAMAGES and tell me GUY LETS this all go for nothing........
3.5 Not Purchased by Assuming Institution 3.5 (l))Excluded Securities the securities listed on the attached Schedule 3.5(1) $256,846,259.85 3.5 (p)Excluded Loans the loans listed on the attached Schedule 3.5(p) $228,251,513.08
UWB is one of the 38 plaintiff banks (receiverships represented by FDIC) listed in the original LIBOR suit 2014.
It was consolidated, with a bunch of other claimants, into a multi-district mess of a New York court -which has been extremely friendly to the defendants, those TBTF banks on the hook for $billions.
Plaintiffs all stated the same. "Big banks hurt us by manipulating interest rates" (compensatory damages), and (more importantly) the TBTF did this by fixing the rates in an organized fashion(Clayton Antitrust Act/RICO).
The basic claim, from my understanding, all/ or nearly all plaintiffs have settled (including FDIC).
Triple damages though for that last, and it remains active...Buchwald, initially threw out antitrust claim and this was appealed (Newtogame referred to this earlier). Additionally, judge would not allow antitrust charges against foreign banks (e.g. Royal Bank of Scotland, Deutsche, UBS, etc....) because of their sovereign laws differing to US..
FDIC said, "No problem, we can go after them on their home turf". And they did:
Claim is for damages to 39 banks under receivership of FDIC (think Puerto Rico Bank was added. UWB is obviously in the mix based on the number (+1) identical to 2014 claim. FDIC put a dollar amount to damages, assessing $7 million per % point, equaling $100's millions in damages (am imagining this amount does not reflect interest on penalty beginning 2007-2009).
Obviously, there is now some overlap here, since the appeal ruling in December.
With that said, imho do not believe Libor case is holding up BK payout. Why? Are trustee was pretty clear in stating (as Fred mentioned) abandonment issue, to tie-off accounting onus on the BK court for "future income". If the Libor monies come our way later, great, if they have already been factored in.....even better.
UWBKQ BK filing:
12.The Balance Sheet for the Receivership currently shows a net deficit of $(139,298,000.00). https://receivership.fdic.gov/drripbal/bank/10331?FIN=10331
Thus, the likelihood of a distribution to UWBI on its Bank Stock is very remote. 13.On the other hand, despite the large deficit, the Receivership shows on the asset side of the balance sheet cash and investments of $ 66,364,000.00 that could potentially generate future income.
If you go to the FDIC link provided above, the latest number on the ASSET side is $50,000,000 light... $66,364,000 - $16,241,000
Since our Trustee directed us to this page, gosh, i wonder if maybe $50mm could be in our pockets.....or used to refloat UWBKQ?
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