Reply #59: Parent of BankUnited had assets of $37.7 million and total debts of $559.7 million [View All]

It is in bankruptcy court, and there's a fight going on

BankUnited seizure spurs fight within former parent firm
BankUnited founder Alfred Camner angled for position Friday after the thrift's parent company filed for bankruptcy protection.
BY MARTHA BRANNIGAN
mbrannigan@MiamiHerald.com

BankUnited reopened for business as usual Friday morning after federal regulators seized the thrift and sold it to new investors.

But an acrimonious battle erupted between founder Alfred Camner and the board of the former parent company, BankUnited Financial Corp., at a shareholder meeting Friday morning.

Camner wants to say who will be the bankruptcy counsel for the corporation and to name his own slate of directors.

The jockeying for position appears to be aimed at getting the best spot to pick over the carcass of BankUnited Financial after its main business, BankUnited, was sold Thursday to a group of private equity firms led by New York banker John Kanas.

BankUnited Financial filed for protection under Chapter 11 of the federal bankruptcy code Thursday, listing total assets of $37.7 million and total debts of $559.7 million.

That means there isn't much to go around, and the shareholders are wiped out.

Still, Camner, the largest shareholder with about 45 percent, was angling to protect his interests at the shareholder meeting at the Coral Gables Hyatt Regency.

http://www.miamiherald.com/news/breaking-news/story/1061234.html


A bunch of cronyism and stealth going on in the business of the parent's bankruptcy.

Ha, someone at the meeting even asked if there was fraud involved.