Seizure Of Banks - Consequences For Holding Companys and Shareholders - 500 Beiträge pro Seite

[Videtorial]

Die Holding Washington Mutual befindet sich in Chapter 11, ausgelöst durch das "Seizure" ihrer Banktöchter im September 2008. An diesem Vorgang waren u.a. die WMI (Holding), WMB (Washington Mutual Bank), die WMBfsb (die kleine Bank) selbst beteiligt. Hinzu kamen der FDIC, die OTS, sowie JPMorgan Chase.

In der Zwischenzeit sind verschiedene Gerichtsverfahren aufgesetzt worden, die das Eigentum der verschiedenen Parteien sichern, bzw. diese vor eventuellen Forderungen der Gegenseite schützen sollen. Der Ausgang dieser Verfahren ist nicht vorhersehbar, jedoch gab es in der Vergangenheit schon Fälle, in denen Banken geschlossen und im Nachgang vor Gericht gestritten wurde.

In diesem Thread sollen Fakten gesammelt werden, die sich mit dem Thema "Seizure" von Banken und der Auswirkung auf die Holdinggesellschaft und ihrer Aktionäre beschäftigen. Dem Interessierten soll die Möglichkeit gegeben werden, ähnliche Fälle zu betrachten und seine Meinung zum aktuellen Fall zu bilden, zu überdenken oder auch zu festigen.

Bitte verwendet diesen Thread als Bibliothek.
Für grundlegende Fragen ist der Hauptthread besser geeignet. Diskussion ist natürlich gewünscht - allerdings sollte sie im Hauptthread geführt und das Ergebnis hier anschließend gesichert werden.

[Looe]

Antwort auf Beitrag Nr.: 37.767.034 von Videtorial am 12.08.09 21:28:09

Hallo Videtorial,

Gute Idee, einen Sonderthread aufzumachen. Das Thema "seizure" wird sicherlich noch ein Dauerbrenner in den USA.

Gruß Looe

[Videtorial]

http://www.nytimes.com/1992/10/31/business/company-news-us-c…

COMPANY NEWS; U.S. Closes First City Bancorp

By STEVEN GREENHOUSE,
Published: Saturday, October 31, 1992


Federal banking authorities announced tonight that they had closed the First City Bancorporation of Houston, one of the largest banks in Texas, after finding that its two largest subsidiaries were insolvent.

Officials of the Federal Deposit Insurance Corporation said the Government's bank insurance fund would put up about $500 million to protect depositors in First City and its 20 bank subsidiaries, which had total assets of $8.8 billion, and prepare the bank for sale to private interests.

Regulators said the $500 million bank bailout would be the 10th-largest ever. The Government says the bailout will be financed by the bank insurance fund, which is financed by premiums paid by banks. But many experts expect that taxpayers will eventually be called on to contribute to future bailouts.

This is the second time in four years that the Government was forced to spend heavily to deal with First City's troubles. In 1988, the F.D.I.C. contributed an emergency infusion of $900 million toward a bailout plan in which a new owner took control of the bank. 104th Closing This Year

The closing of First City highlights the continued problems of many banks even as the industry as a whole is enjoying record profits because of low interest rates. Tonight's move by the F.D.I.C. brought the number of banks closed so far this year to 104, with combined assets of $36.6 billion.

Federal regulators said all offices of the 20 banking subsidiaries of First City would be open on Monday, but as "bridge banks" under F.D.I.C. control. Federal regulators said they hoped to sell the subsidiaries to private owners within three months.

Analysts said that the Chemical Banking Corporation, which already owns the Houston-based Texas Commerce Bank, had expressed interest in acquiring all or part of First City.

Andrew C. Hove Jr., acting chairman of the F.D.I.C., said depositors in the 16 First City subsidiaries that had adequate capital would be fully protected, even the 5,700 accounts in excess of the $100,000 insurance limits.

But it will be a different story for depositors in First City's four subsidiaries in Houston, Dallas, Austin and San Antonio that did not have sufficient capital. While deposits of less than $100,000 will be fully protected, depositors with accounts in excess of $100,000 will receive just 80 percent of their uninsured amount. Those 5,000 accounts with a combined $260 million might receive more than that if sales of the bank's assets exceed expectations.

Stephen R. Steinbrink, the acting Comptroller of the Currency, said his office moved to close First City after an examination of the First City Bank of Houston, the holding company's largest subsidiary, found that a management-led plan to revive the bank was inadequate.

His office found that First City of Houston, with $2.6 billion in assets, needed to make additional provisions for its reserve to cover potential loan losses. But because the bank had just $15 million in capital, Federal regulators deemed the bank insolvent.

To explain why the F.D.I.C. took this delicate move now, just four days before Election Day and in President Bush's home state, Mr. Steinbrink said, "Once we clearly identify that a bank is insolvent, we must act."

He said that First City had submitted a plan to raise more capital by selling 13 subsidiaries, but added that regulators found the plan would not do enough to shore up its capital.

Also today, the Texas Banking Commissioner, Catherine A. Ghiglieri, closed First City's subsidiary in Dallas after finding it insolvent.

First City has been an object of concern among regulators for years. Four years ago, the bank received the infusion of more than $900 million from the F.D.I.C. as part of a bailout plan that made A. Robert Abboud, the former chairman of the First Chicago Corporation, First City's chairman with a mandate to turn the bank's fortunes around. But the real estate slump and an aggressive foray into foreign lending continued to generate losses, and prompted criticism of the chairman's free-wheeling style.

In August, First City gave up on its search for a merger partner and announced a plan to raise new capital to meet regulatory standards without Federal intervention.

At a news conference today, Mr. Steinbrink said: "The reason it didn't work the first time was because the plan was not sufficient to restore it to clear health. The bank that was left behind continued to suffer losses."

Federal regulators said they had ousted First City's top two executives and had appointed Edward G. Harshfield, a longtime banker, to head the bank. Mr. Harshfield, a former senior officer at Citicorp, heads the executive committee of the Federal Capital Bank in Washington and is chairman of EH Thrift Management in Chicago.

[Videtorial]

Auszug

http://www.highbeam.com/doc/1G1-13399851.html

As Texas Commerce winds up First City purchase, corporate trusts, not munis, may be real prize.

Article from: The Bond Buyer
Article date: February 1, 1993
Author: Racine, John Copyright
COPYRIGHT 1993 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.

DALLAS -- The pending sale of First City Bancorp. to rival Texas Commerce Bank could give the new owners a windfall in the corporate trust area, but the impact on public finance is less certain, officials said.

Texas Commerce, a subsidiary of New York-based Chemical Banking Corp., last week won a 32-bidder sweepstakes to acquire the largest portions of the failed First City bank. Under an agreement to be finalized Feb. 12, Texas Commerce will acquire 73% of the $9.1 billion tn assets, including the large Houston and Dallas operations.
(...)

[born2live]

Antwort auf Beitrag Nr.: 37.767.209 von Videtorial am 12.08.09 21:47:35

First City Bancorp in Plan To Settle Suit With F.D.I.C.
By KATHRYN JONES,
Published: Saturday, December 18, 1993



The First City Bancorporation of Texas and the Federal Deposit Insurance Corporation reached a tentative settlement of a $3 billion lawsuit today that could return $145 million to creditors and depositors and pave the way for First City to emerge from Chapter 11 bankruptcy protection next year.

First City had sued the F.D.I.C. in September, arguing that the agency had acted arbitrarily by declaring the banking company insolvent in October 1992 and seizing its assets, and that the agency would reap a windfall from the sale of those assets.

The board of the F.D.I.C. said today that it had agreed in principle to the arrangement, which would repay in full all unsecured creditors, including uninsured depositors. In addition, the F.D.I.C. said it would eventually return to First City all surpluses from the liquidation of the 20 First City banks. The banks were closed in January and sold to Texas Commerce Bank, a unit of the Chemical Banking Corporation, and others.

Neither side would put a dollar value on the proposed settlement, but First City officials, in testimony at bankruptcy hearings in Dallas, had estimated that it would take $125 million to pay creditors and $20 million to cover uninsured depositors.

Shareholders could receive further benefits as the F.D.I.C. finishes liquidating the $8 billion in assets it seized when it declared First City insolvent.

Analysts said the settlement was an embarrassment for the F.D.I.C., which was criticized by First City officials when it closed the bank as they were putting the final touches on a $400 million recapitalization plan.

"In hindsight, it looks like the F.D.I.C. acted too hastily," said Frank W. Anderson, an analyst with Stephens Inc. "It's unusual for them to settle so quickly."

But Andrew Porterfield, a spokesman for the F.D.I.C., said the question "is not whether we should have closed the bank or not."

Rather, he said, the First City case was unusual because the F.D.I.C. had sold the First City banks at a $430 million premium above the value of the deposits. "That helped cut our costs a great deal," Mr. Porterfield said. "We think there will not only be no loss to the bank fund, but there will be a surplus."

The proposed settlement, which is subject to a definitive agreement that must be approved by the Federal Bankruptcy Court, would be paid in two stages. After it filed a reorganization plan, First City would receive cash and other assets to bring it out of bankruptcy. And over time, additional cash and assets would be returned to First City after the F.D.I.C. and the company established the size of the surplus from the receivership and liquidation of the 20 First City banks.

First City, which sued the Office of the Comptroller of the Currency and the Texas Banking Commissioner as well as the F.D.I.C., would drop its lawsuits under the settlement.

The ultimate value of the settlement will depend on the prices the F.D.I.C. receives for the First City assets and negotiations between the two sides over the amount of the surpluses in the receiverships. Working Out Disparities

Bob Brown, the president and chief operating officer of First City, said the agreement would allow for a settlement while the two sides worked out their disparities of estimates on the surplus. The settlement will be the "cornerstone" of First City's attempt to emerge from bankruptcy protection, he said.

On Monday, the company will ask the bankruptcy court for an extension for filing a bankruptcy plan. First City said it could emerge from Chapter 11 by the summer.

"It's pretty good news," Mr. Brown said. "Instead of fighting all the time, it will be nice to get on to something positive."

Mr. Brown said he believed that First City might eventually get back into banking or a banking-related business.
http://www.nytimes.com/1993/12/18/business/first-city-bancor…

[Videtorial]

http://www.nytimes.com/1995/05/08/business/court-backs-settling-texas-banking-suit.html

Court Backs Settling Texas Banking Suit
Published: Monday, May 8, 1995

First City Bancorp of Texas has crossed the last major hurdle to its reorganization following a court approval of a $330 million settlement of litigation with the Federal Deposit Insurance Corporation.

The settlement, which creditors approved last month, is the cornerstone of First City's plan to emerge from Chapter 11 proceedings in bankruptcy court. United States Bankruptcy Judge Harold Abramson in Dallas approved the agreement late on Thursday.

First City sued the F.D.I.C. for $3 billion on Sept. 24, 1993, saying the agency had committed a major error when it seized more than $8 billion in assets from the Houston banking company 11 months earlier. The two sides agreed to settle the case in December 1993 with the F.D.I.C. essentially agreeing to return to First City any cash left over after it liquidated the bank's assets.

Under the settlement approved last week, First City will get about $180 million in cash and securities immediately, and as much as $150 million over the next five years as the F.D.I.C. completes the liquidation process.

The settlement was reluctantly approved by First City creditors and investors who own First City's common and preferred stock. They had said the bank settled for too little, allowing the F.D.I.C. to keep nearly $200 million in "management fees" it had charged the bank's receiverships in the last two years. First City said accepting the settlement was less risky than spending millions of dollars in legal fees to try to win more in court.

With the settlement in hand, First City plans to proceed with its reorganization.

[born2live]

THE FEDS MAY HAVE BOLTED THE DOOR TOO QUICKLY

When Philip Gottlieb bought 7,500 shares of preferred stock in First City Bank Corporation of Texas Inc. at about $2.50 each last October, he thought he was buying into a fairly typical turnaround situation. After all, the Houston bank's bondholders had just agreed to a recapitalization plan that looked promising. But Gottlieb, who heads up a small limited partnership called the Lawrence Fund, was in for a pleasant surprise: Even though the bank was closed by regulators and the preferred shares fell to 1 a share in late December, the stock has since rocketed to $38.50. Gottlieb realized a profit of nearly $88,000 when he sold a third of his shares two weeks ago, and he's sitting on unrealized gains of about $177,000--all for an investment of just $19,243.

What's more, several traders and analysts believe even higher prices for the shares are possible before the year is out. The reason: First City is suing the Federal Deposit Insurance Corp. and its other regulators. Among other things, the bank is charging that regulators closed First City's bank units while the franchise still had real value--and shortly before First City was to present a recapitalization plan to its shareholders. First City President and Chief Operating Officer Robert W. Brown says his company would have been worth $1 billion if it had been allowed to remain in business, and First City is suing to recover that amount in damages, as well as punitive damages of $2 billion.

It's highly unlikely that First City will get everything it's demanding in its suit. But on Oct. 8, just two weeks after First City filed suit, the bank and the government announced they would hold talks over the next 60 days. Some investors believe the mere fact that the FDIC and First City went into settlement talks so quickly means the agency will likely agree to a hefty settlement rather than go through a jury trial in First City's home state, and they think that a deal is possible by early December. The FDIC's director of resolutions, Harrison Young, says he can't comment on the agency's discussions with First City.

A big settlement could mean the bank's bondholders, preferred stock owners, and even common shareholders are in for still more gains. In the wake of its earlier recapitalization, First City found itself with much less debt than most banks, so any settlement would cover its bond obligations relatively easily. That's good news for equity investors: The preferred stock Gottlieb owns, for example, has a par value of $50 and accrued dividends of $15 per share. The senior preferred stock, which is trading near its par value of $100, has accrued dividends of nearly $40 per share.

First City has had difficulties for years, having been recapitalized in 1988 with $970 million in Federal assistance and a smaller amount of private investment. By 1992, though, First City was in trouble again. State and federal bank regulators moved in and closed First City's bank units on the last Friday in October, arguing that an early move would stop losses from growing and the government's resolution costs from ballooning. At the time, the FDIC board estimated that the closing would cost the government $500 million.

TRIGGER-HAPPY? Less than six months later, however, the government revised its estimate. After it received bids for First City assets from Chemical Bank and others, the FDIC announced the government would net a surplus of $60 million. "I was astonished by how good a deal we'd gotten," says the FDIC's Young. "By offering the [First City] banks separately, we got better premiums." First City alleges that the surplus is a lot higher than $60 million--more like $400 million to $500 million, according to First City's Brown. "It looks like there was a major error of judgment on the part of the FDIC and the other regulators," says William L. Eddleman Jr., an analyst at Harris Securities Inc. He thinks the FDIC could settle for nearly $400 million, which would be more than enough to cover the full value of First City's preferred stock.

A payment anywhere near that amount could be deeply embarrassing to the FDIC. It could suggest that the bank regulators were trigger-happy.

Plenty of things could still go wrong for investors. The FDIC could refuse to make a large settlement payment, for one thing. First City's estimates of value could also be too high. But optimists among the crowd that is following the First City saga predict that instead of red ink, the FDIC will wind up with a very red face.

Kelley Holland in New York
http://www.businessweek.com/archives/1993/b334660.arc.htm

[Videtorial]

Derek Simon bringt die beiden Fälle zusammen,
spricht bei der First City von einem "precedent".


http://stocks.investopedia.com/stock-analysis/2009/WaMu-Set-…

WaMu Set To Sue

There's an old saying: "If it looks like a duck and acts like a duck … it's probably a duck." Yet, as most of us know, not everything is what it appears to be. In other words, one person's omelet is another person's brain on drugs (as I learned from those illuminating public service announcements of the late 1980s).

Get Free Stock Analysis By Email
So, when the Office of Thrift Supervision shut down Washington Mutual Bank on September 25, 2008, and handed its assets over to the Federal Deposit Insurance Corporation (FDIC), which subsequently sold them to JPMorgan Chase (NYSE:JPM) for $1.9 billion. It could have been that JPMorgan had just been the fortunate recipient of an uncommonly good opportunity, but the deal still had an air of quackery.

When I learned that government officials had made the deal in private, I was even less certain that I'd seen a duck, especially in light of the fact that JPMorgan Chairman and CEO James Dimon had made no secret of his desire to obtain the banking behemoth.

"We are building a company," Dimon told the New York Times shortly after the sale. "We are kind of lucky to have this opportunity to do this. We always had our eye on it."

And with good reason, it would seem. With $307 billion in assets at the time, Washington Mutual Bank was the largest savings and loan in the country. By way of comparison, IndyMac Bank (OTC:IDMCQ) had just $32 billion in assets when it was shut down. Yet IndyMac, which was purchased by a seven-member group of investors headed by Steven T. Mnuchin, co-chief executive of Dune Capital Management, and Michael Dell, the founder of Dell Inc. (NasdaqELL), sold for $13.9 billion. It reminds me of those old V8 commercials: I picture Mnuchin and Dell slapping their foreheads, exclaiming, "We could've had a Washington Mutual."

Rush to Judgment?
Not surprisingly, the "Blue Light Special" that JPMorgan appears to have received on the Seattle-based bank did not escape the notice of many past and present shareholders of its parent company, Washington Mutual Inc. (OTC:WAMUQ), which was forced to declare bankruptcy immediately following the sale of its largest subsidiary. On Friday, WaMu's bankruptcy counsel sued the FDIC for a reported $17 billion plus damages, alleging "fraudulent conveyance", among other things. (Find out why this corporation was developed and how it protects depositors from bank failure in The History Of The FDIC.)

(...)

Fighting the Feds
Then, of course, there is the issue of winning a lawsuit against a federal agency - a David versus Goliath type of endeavor in which David is limited to spit balls rather than stones.

"Congress gave the FDIC authority to take over banks," noted Steve Berman, a managing partner of Hagens Berman Sobol Shapiro LLP, in the October 9 edition of the Seattle Post-Intelligencer. "I can't imagine there would be an avenue to sue them."

Nonetheless, there is a precedent for such legal action. In 1993, The First City Bancorporation of Texas filed a $3 billion suit against the FDIC arguing that it "had acted arbitrarily by declaring the banking company insolvent in October 1992 and seizing its assets," the New York Times reported. First City Bancorp and the FDIC later reached an undisclosed settlement.

Unlike the WaMu case, however, the FDIC sold the First City banks for $430 million more than the value of its deposits. "That helped cut our costs a great deal," Andrew Porterfield, a spokesman for the FDIC told the Times. (...)

The Last Word
So what does a lawsuit mean to Washington Mutual bondholders and shareholders? Well, for the former, the effect would seem to be negligible, at least until all the various creditors' claims are sorted out. The latter, however, could see a bump in share prices, especially if WaMu is granted a jury trial as it has requested.

Investors who've watched their portfolio values erode quicker than dignity on a reality television program aren't complaining. After all, a penny earned is a penny saved.

[born2live]

FDIC's report on First City's situation and resolution

The shareholder litigation begins on page 14 of the .pdf
http://www.fdic.gov/bank/historical/managing/history2-05.pdf

[born2live]

Antwort auf Beitrag Nr.: 37.767.898 von Videtorial am 12.08.09 23:21:13

Auffälligkeiten:

First City Bancorp - FDIC - JPM
Washington Mutual - FDIC - JPM

1993:

Die Bank First City Bancorp wurde von FDIC beschlagnahmt, diese hat gegen FDIC geklagt und gewonnen. Geklagt wurde in Texas. siehe o.g. Beiträge

Danach:

First City Bancorp wurde dann von Chemical Banking gekauft.1996 kaufte diese dann Chase Manhattan Bank, welche übringens unter anderem durch David Rockefeller geführt wurde.

http://i39.tinypic.com/2lm7a8g.jpg

2000 entstand dann das neue "Chase" unter dem Namen JP Morgan & Co. zu JPMorgan Chase.


2008:

Die OTS/FDIC schließen und beschlagnahmen die Washington Mutual Bank, und verkaufen diese in einer Nacht und Nebelaktion an JP Morgan. Einpaar Monate später reicht die Holding verschiedene Klagen ein, auch in Texas.


Auffälligkeiten gibt es auch im Management.

z.B. Alan Fishman

Dieser wird etwa drei Wochen vor der Beschlagnahme bei der Washington Mutual Bank eingestellt.
http://www.chicagotribune.com/business/chi-alan-fishman-0809…

Für diese 3 (Arbeits)wochen hat der noch 19 Millionen für Gehalt,Boni, Abfindung kassiert!!!!!

http://latimesblogs.latimes.com/laland/2008/09/wamu-moolah-c…


Wenn man nun sein Lebenslauf sich anschaut, fällt auf, dass dieser ganz zufällig auch bei der Chemical Bank (vorher First City Bank) gearbeitet hat.

Career
Vice president Chemical Bank, 1974-76, senior vice president, 1976-79, senior vice president fin., 1979-81, executive vice president fin., 1983—1988; executive vice president, CFO Chemical New York Corp., 1981-83, senior executive vice president; with Neuberger & Berman, 1988—1989; managing partner Adler & Shaykin, 1990—1992, Columbia Financial Partners, L.P., 1992—2001; president, CEO ContiFinancial Corp., 1999—2001, Independence Community Bank, Brooklyn, 2001—2006; president, COO Sovereign Bancorp Inc., Wyomissing, Pennsylvania, 2006; chairman Meridian Capital Group LLC, New York City, 2007—2008; CEO Washington Mutual, Inc., Seattle, 2008
http://www.marquiswhoswho.com/biogs/Biography.aspx?tbn=wXmqv…

[born2live]

Zum Thema FDIC und dem Gesetz FIRREA

http://www.law.com/jsp/article.jsp?id=1202425662023
http://en.wikipedia.org/wiki/Financial_Institutions_Reform,_…

[Videtorial]

http://www.usnews.com/blogs/the-ticker/2008/09/26/top-10-ban…


Top 10 Bank Failures: WaMu Heads the List

September 26, 2008

Here's a list of the top 10 bank failures of all time from Reuters. WaMu is No. 1.

1. Washington Mutual of Henderson, Nev., and Park City, Utah:
Seized September 25 with $307 billion in assets as of June 30.

2. Continental Illinois of Chicago:
Collapsed in 1984 with $40.0 billion in assets.

3. First RepublicBank Corp. of Dallas:
Failed in 1988 with $32.5 billion in assets.

4. IndyMac Bank FSB of Pasadena, Calif.:
Collapsed in July with assets of $32 billion.

5. The American Savings & Loan Association of Stockton, Calif.:
Failed in 1988 with assets of $30.2 billion.

6. Bank of New England Corp.:
Collapsed in 1991 with assets of $21.7 billion.

7. MCorp of Dallas:
Failed in 1989 with assets of $15.6 billion.

8. Gilbraltar Savings of Simi Valley, Calif.:
Collapsed in 1989 with assets of $15.1 billion.

9. First City Bancorp of Houston:
Failed in 1988 with assets of $13.0 billion.

10. Homefed Bank FA of San Diego:
Failed in 1992 with assets of $12.2 billion.

Note: Information taken from FDIC database and Office of Thrift Supervision.

[dig101]

Antwort auf Beitrag Nr.: 37.785.868 von Videtorial am 14.08.09 20:02:32

indymac ist für 15 mrd weg gegangen


und wir für 1,88 mrd


was stimmt da nicht

[born2live]

Aus
http://members.cox.net/raggztwitches/JPMAppealBrief.pdf

[body1]

Here's some interesting historical precedent.

---------------------------

First City Bancorp in Plan To Settle Suit With F.D.I.C.
By KATHRYN JONES,
Published: Saturday, December 18, 1993

The First City Bancorporation of Texas and the Federal Deposit Insurance Corporation reached a tentative settlement of a $3 billion lawsuit today that could return $145 million to creditors and depositors and pave the way for First City to emerge from Chapter 11 bankruptcy protection next year.

First City had sued the F.D.I.C. in September, arguing that the agency had acted arbitrarily by declaring the banking company insolvent in October 1992 and seizing its assets, and that the agency would reap a windfall from the sale of those assets.

The board of the F.D.I.C. said today that it had agreed in principle to the arrangement, which would repay in full all unsecured creditors, including uninsured depositors. In addition, the F.D.I.C. said it would eventually return to First City all surpluses from the liquidation of the 20 First City banks. The banks were closed in January and sold to Texas Commerce Bank, a unit of the Chemical Banking Corporation, and others.

Neither side would put a dollar value on the proposed settlement, but First City officials, in testimony at bankruptcy hearings in Dallas, had estimated that it would take $125 million to pay creditors and $20 million to cover uninsured depositors.

Shareholders could receive further benefits as the F.D.I.C. finishes liquidating the $8 billion in assets it seized when it declared First City insolvent.

Analysts said the settlement was an embarrassment for the F.D.I.C., which was criticized by First City officials when it closed the bank as they were putting the final touches on a $400 million recapitalization plan.

"In hindsight, it looks like the F.D.I.C. acted too hastily," said Frank W. Anderson, an analyst with Stephens Inc. "It's unusual for them to settle so quickly."

But Andrew Porterfield, a spokesman for the F.D.I.C., said the question "is not whether we should have closed the bank or not."

Rather, he said, the First City case was unusual because the F.D.I.C. had sold the First City banks at a $430 million premium above the value of the deposits. "That helped cut our costs a great deal," Mr. Porterfield said. "We think there will not only be no loss to the bank fund, but there will be a surplus."

The proposed settlement, which is subject to a definitive agreement that must be approved by the Federal Bankruptcy Court, would be paid in two stages. After it filed a reorganization plan, First City would receive cash and other assets to bring it out of bankruptcy. And over time, additional cash and assets would be returned to First City after the F.D.I.C. and the company established the size of the surplus from the receivership and liquidation of the 20 First City banks.

First City, which sued the Office of the Comptroller of the Currency and the Texas Banking Commissioner as well as the F.D.I.C., would drop its lawsuits under the settlement.

The ultimate value of the settlement will depend on the prices the F.D.I.C. receives for the First City assets and negotiations between the two sides over the amount of the surpluses in the receiverships. Working Out Disparities

Bob Brown, the president and chief operating officer of First City, said the agreement would allow for a settlement while the two sides worked out their disparities of estimates on the surplus. The settlement will be the "cornerstone" of First City's attempt to emerge from bankruptcy protection, he said.

On Monday, the company will ask the bankruptcy court for an extension for filing a bankruptcy plan. First City said it could emerge from Chapter 11 by the summer.

"It's pretty good news," Mr. Brown said. "Instead of fighting all the time, it will be nice to get on to something positive."

Mr. Brown said he believed that First City might eventually get back into banking or a banking-related business.

http://investorshub.advfn.com/boards/read_msg.aspx?message_i…

[body1]

Antwort auf Beitrag Nr.: 38.036.249 von body1 am 23.09.09 08:49:35

man sollte es mal mit dem 10-Q report von JPM abgleichen ! verblüffend !

http://investor.shareholder.com/jpmorganchase/secfiling.cfm?…

[okgo]

Antwort auf Beitrag Nr.: 38.036.294 von body1 am 23.09.09 08:56:20

Seite 37: rechter Absatz

Extraordinary gain
The Firm recorded an extraordinary gain of $1.9 billion in 2008 associated with the acquisition of the banking operations of Washington Mutual. The transaction is being accounted for under the purchase method of accounting in accordance with SFAS 141. The adjusted fair value of net assets of the banking operations, after purchase accounting adjustments, was higher than JPMorgan Chase’s purchase price. There were no extraordinary gains recorded in 2007 or 2006.

[okgo]

Antwort auf Beitrag Nr.: 38.042.944 von okgo am 23.09.09 20:00:28

könnte man das als zugeständnis bezüglich eines weitaus höheren Kaufpreises sehen???

[body1]

Antwort auf Beitrag Nr.: 38.042.978 von okgo am 23.09.09 20:02:58

[okgo]

es liegt an wo... hab auch gerade den blauen balken erwähnt... ist doch ein witz... wen wollen die eigentlich verschaukeln???

[extremrelaxer]

für VID:

http://forum.finanzen.net/forum/st_jean_cap_f-t364286?page=1…








Und was lernen wir daraus? Wer wartet, bis eine Meldung zu einem Settlement kommt, der kommt zu spät! We bei Bear Stearns direkt nach der Meldung gekauft hat, der hat sie für ca 13 USD bekommen und somit zum bescheidensten Kurs!

[Videtorial]

Antwort auf Beitrag Nr.: 38.094.776 von extremrelaxer am 01.10.09 14:22:06

Nicht für mich alleine, sondern für jeden, der sich informieren
möchte und die Geschichte anderer Bankenpleiten verstehen will.

Danke, ER.

Gruß aus Hamburg,

Videtorial

[body1]

!

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[extremrelaxer]

Manchmal sagen Bilder mehr als Worte:

WAMPQ:




WAMKQ:




WAHUQ:




Interessant: WAMPQ notierte 2008 im Gegensatz zu WAHUQ und WAMKQ zeitweise deutlich oberhalb des Liquidationswertes (bei WAMPQ 1000 USD), wahrscheinlich aufgrund der hohen Verzinsung von 7,75%.

Die Charts habe ich schonmal amm 22.09.09 im WAMU-Hauptthread gepostet, dort sind sie aber leider vollkommen untergegangen.

Grüsse, ER

[Videtorial]

Ein Artikel vom 19. August 2009

FDIC looks to benefit from bank rescues
When the FDIC swooped in last week to facilitate the sale of failed Colonial BancGroup to BB&T, it pushed for something new called a "clawback." Karen Petrou of Federal Financial Analytics explains the new policy with Tess Vigeland.

http://marketplace.publicradio.org/display/web/2009/08/19/pm…

[ms-trader]

Anatomy of a Bank Seizure



Quelle:
http://seattle.bizjournals.com/seattle/stories/2009/12/07/st…

Gruß,
ms

[paulus_x]

da kann man ja hoffen !

paulus

[Videtorial]

Washington State Banks at Risk

Ein Interview mit Kirsten Grind zum Thema
"Banken in Washington"

http://kcts9.org/video/washington-state-banks-risk

[Videtorial]

Hier ein sehr interessanter Artikel zu AmTrust, vom
1. Dezember 2009.
Seht Euch an, mit welchem Tier1 ratio die Bank in den
Monaten Oktober und November weiterbetrieben wurde.

Bitte achtet noch darauf, wie die "Guidelines der FDIC" sind.

AmTrust Bank parent files Chapter 11

AmTrust had a Tier 1 core capital ratio of 2.47 percent and a total risk-based capital ratio of 4.15 percent as of Sept. 30. Federal Deposit Insurance Corp. guidelines consider a bank “significantly undercapitalized” when those ratios fall below 3 percent and 6 percent, respectively.

http://seattle.bizjournals.com/southflorida/stories/2009/11/…

[MaatMod]

Sehr geehrter Wallstreet-online Nutzer,
@all Guten Tag,

um jedem User eine bessere Übersicht zu vorhanden Diskussionen zum Thema Washington Mutual
zu gewährleisten werden wir folgende Threads aktiv lassen.

Washington Mut - Grösste Sparkasse der USA! Chancen & Risiken.
Thread: Washington Mutual - Faktentread

WASHINGTON MUT. IN -- Aufarbeitung von Fakten und Quellen für die Presse
Thread: WASHINGTON MUTUAL -- Aufarbeitung von Fakten und Quellen für die Presse

Washington Mutual Realtime Charts
Thread: Washington Mutual Realtime Charts

Über die Funktion "zu Favoriten" im Kopf einer Diskussion lässt sich der neue Thread auf die Merkliste setzen,
so dass Ihr euren Thread schnell wiederfindet.

Es ist mit Sicherheit nicht leicht von lieb gewonnenen Dingen Abschied zu nehmen, jedoch macht gerade
der Austausch von Meinungen und die Fülle derer eine vorwärtsgerichtete Diskussion aus.
Dabei sollte jeder Teilnehmer auch offen für andere Argumente sein.

Wir gehen davon aus, daß jeder User den für sich geeigneten Thread findet und dort schreiben bzw. diskutieren kann.
Weiter erhoffen wir uns eine angenehme Diskussionsatmosphäre.

Dieser Diskussionsstrang wird für neue Beiträge geschlossen.
Alle bisherigen Beiträge bleiben zum Lesen erhalten.

Vielen Dank für das Verständnis und eine konstruktive Diskussion wünscht das w : o -Team

MfG MaatMOD