On Friday, the Georgia Department of Banking & Finance closed Crescent Bank and Trust Company, headquartered in Jasper, Georgia, and appointed the FDIC as receiver for the bank.
On Friday, the Office of the Comptroller of the Currency closed Williamsburg First National Bank, headquartered in Kingstree, South Carolina, and appointed the FDIC as receiver for the bank.
On Friday, the Office of the Minnesota Department of Commerce closed Community Security Bank, headquartered in New Prague, Minnesota, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Roundbank, headquartered in Waseca, Minnesota, to assume all of the deposits of Community Security Bank.
On Friday, the Florida Office of Financial Regulation closed Sterling Bank, headquartered in Lantana, Florida, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with IBERIABANK, headquartered in Lafayette, Louisiana, to assume all of the deposits of Sterling Bank.
On Friday, the Oregon Department of Consumer and Business Services closed Home Valley Bank, headquartered in Cave Junction, Oregon, and appointed the FDIC as receiver for the bank.
Arbitration proceedings in England are creatures of contract, arising out of the agreement between the parties to refer their disputes to arbitration. However, except in limited circumstances, when one of the parties to an arbitration agreement becomes insolvent, England’s statutory insolvency regime takes precedence over the rules of the arbitration.
The Insolvency Regime in England and Wales
On Friday, American International Group, Inc. (AIG) released its results for the fourth quarter and full year 2009. AIG reported a Q4 net loss of $8.9 billion, bringing 2009’s total net losses to $10.9 billion.
On Monday, the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) released a report entitled “Factors Affecting Efforts to Limit Payments to AIG Counterparties.” The report examines certain transactions related to the rescue of AIG, including the creation of Maiden Lane III, a limited liability company formed last year to facilitate the purchase of assets from counterparties of AIG Financia
In the past two days, AIG has announced the sale of its Hong Kong Financial branch and the sale of additional energy and infrastructure investment assets.
In a recent case1, the High Court concluded that it was right to sanction schemes of arrangement which formed part of a wider debt restructuring that excluded out-of-the-money junior creditors. In doing so, it valued the distressed companies on a going concern basis.
Background