The Alabama State Banking Department closed CapitalSouth Bank, headquartered in Birmingham, Alabama, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with IBERIABANK, headquartered in Lafayette, Louisiana, to assume all the deposits of CapitalSouth Bank, except brokered deposits.
On April 10, 2009, the North Carolina Office of Commissioner of Banks closed Cape Fear Bank, headquartered in Wilmington, North Carolina, and the FDIC was named as receiver.
Bankruptcy Court Hearing Regarding Sale of Lehman’s Investment Management Division
A & F Enterprises, Inc. v. IHOP Franchising LLC (In re A & F Enterprises, Inc.), 2014 WL 494857 (7th Cir. 2014)
The Seventh Circuit has explicitly adopted the Second Circuit’s broad interpretation of the terms “transfer” and “settlement payment” in the Bankruptcy Code’s safe harbor provisions. See Peterson v. Somers Dublin Ltd., No. 12-2463, --- F.3d ----, 2013 WL 4767495 (7th Cir. Sept.
The usual Friday release of a large number of letter rulings by the IRS included several rulings of interest on reorganizations and consolidated return issues.
On Friday, the California Department of Financial Institutions closed Sonoma Valley Bank, headquartered in Sonoma, California, and appointed the FDIC as receiver.
Yesterday, Delaware Bankruptcy Judge Mary Walrath granted a request by Washington Mutual (WaMu) shareholders to appoint an independent examiner, to be chosen by the U.S. trustee, to review assets and claims in the company’s bankruptcy case related primarily to the 2008 seizure and sale of WaMu by the FDIC to JPMorgan Chase for $1.9 million.