BankUnited Financial Corp. files Chapter 11 - Business First of Louisville:

ihituvofy.wordpress.com
Two additional companies owned by the holdingv company also filed Chapter11 – and Peter of in Miami, represents all three debtors. “The bank was seized and sold,” Levitt “So, the bank is not involved. The parent companyg has its own assetsand creditors, and that entityh needs to have an orderly proceses for dealing with its creditors.” The financial serviceas entity has been involved in sellinbg insurance and annuities. “That’s a separate with about 20 employees inCoral Gables, and we’re hopinhg that can continue,” Levityt said. “Nothing is certain, but we’re going to make a real efforr for thatto continue.
The rest of the bankruptcy is a question of maximizing theassetz – which are mostly cash and CRE America owns some real estate, but Levitt said he was not able to say what wouls happen to it yet. Unlike some bank holding companiees that haveother subsidiaries, BankUnited Financial (NASDAQ: BKUNA) was totallg reliant on its bank to keep operating. $184 million in convertible senior HiMedsunits (a type of securitty developed by $12.5 million in juniod subordinated debentures, which have a lowetr claim on assets than senior notes The petitiomn listed one to 49 creditors and was signecd by Bradley S. Weiss as chief restructuring Weiss was vice chairman of BankUnitedFinancialp Corp.
The law firms of of Los Angeles and Shutts Bowen will be handling the The list of largest unsecured creditors was ledby , , and for severall series of the trustf preferred securities. In many bankruptcy cases, such institutions are representatives for thosw who actually hold the Waterford Township General EmployeesRetiremenf System, which has a class action case against BankUnited also is listed as a creditor for an unknowm amount. Three Miami law firms – , and are listed as creditors for anunknownb amount. Trading in BankUnited Financial's stock was halted at 5:28 p.m. on Thursdauy to allow dissemination of thetakeoverd news.
On Friday, NASDAQ changed the tradingf halt status to say it was requesting additional information fromthe company. In many cases, shareholderz of bank holding companies have their value wipeed out aftera takeover, which leaves their stock BankUnited Financial last traded at 49.2 cents. Sharesz had been trading heavilyt in the days beforethe FDIC-organizeds bidding and the takeover. The company's stock market capitalization was downto $17.555 million when trading was halted, according to Yahook Finance.