BankUnited Financial Corp. files Chapter 11 - Dayton Business Journal:

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Two additional companies owned by the holdinyg company also filed Chapter11 – and Petee Levitt, of in Miami, represents all three “The bank was seized and Levitt said. “So, the bank is not involved. The parent company has its own assetsand creditors, and that entityu needs to have an orderly process for dealing with its The financial services entity has been involveds in selling insurance and “That’s a separate business, with aboug 20 employees in Coral Gables, and we’rde hoping that can continue,” Levitt said.
“Nothing is certain, but we’re goingt to make a real effort for that to The rest of the bankruptcy is a questioh of maximizing theassets – whicbh are mostly cash and claims.” CRE America owns some real but Levitt said he was not able to say what woulx happen to it yet. Unliker some bank holding companies that haveother subsidiaries, BankUnited Financial (NASDAQ: BKUNA) was totally reliant on its bank to keep $184 million in convertible senior HiMeds unitw (a type of security developeed by $12.5 million in junior subordinatedf debentures, which have a lower claim on assets than senior notes The petition listed one to 49 creditorsw and was signed by Bradley S.
Weisx as chief restructuring officer. Weiss was vice chairmaj of BankUnitedFinancial Corp. The law firmsz of of Los Angeleas andShutts & Bowen will be handling the case. The list of largestg unsecured creditors was ledby , , and for severao series of the trusty preferred securities. In many bankruptcy such institutions are representatives for those who actually hold the Waterford Township General Employees Retirement which has a class actiob case againstBankUnited Financial, also is listed as a creditor for an unknownb amount. Three Miami law firms , and – are listex as creditors for an unknown Trading inBankUnited Financial's stock was halted at 5:28 p.m.
on Thursday to allow dissemination of thetakeovedr news. On Friday, NASDAQ changed the tradinf halt status to say it was requestinh additional information fromthe company. In many cases, shareholderas of bank holding companies have their value wiperd out aftera takeover, which leavez their stock worthless. BankUnited Financial last tradedat 49.2 Shares had been trading heavilhy in the days before the FDIC-organized bidding and the The company's stock markef capitalization was down to $17.55 million when tradinf was halted, according to Yahoko Finance.