The Court approved the sale because 44 institutions were targeted for solicitation of acquiring the assets of First Bank by an independent firm hired to seek out bidders back in Oct 2012.
43 passed on the deal.
Only 1 potential bidder was willing to acquire the Banks entire franchise.
Talmer.
And Talmer was willing to take on the debt of $60mm+ of the Trust Preferred Securities along with possession of the Bank.
It was basically the only option next to complete liquidation Chapter 7.
It was back in Oct 2012 when this was disclosed that I realized that FPFCQ had major problems......when 44 institutions pass on a deal and only 1 bids...and then it goes to a Stalking Horse bid process and there are still no other bids.... it waved a big red flag to me.
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