by Bill McBride on 12/03/2009 02:44:00 PM
Thursday, December 03, 2009
From the Plain Dealer: AmTrust sale appears inevitable, according to attorneys
Peter Goldberg doesn't expect to be the CEO of AmTrust Bank much longer, but his expertise will be needed to help the AmTrust and its employees once the bank is taken over by regulators and sold to another bank.This is probably forcing the FDIC's hand to take action soon (like tomorrow).
That revelation was among many made Thursday during the initial hearing of AmTrust Bank's parent company, AmTrust Financial Corp., in U.S. Bankruptcy Court in Cleveland.
... attorneys for AmTrust Financial and its major creditors ... talked candidly about AmTrust's dismal condition and made it clear they've already started planning for what happens after AmTrust is sold.
Here is another article from the Plain Dealer on the bankruptcy filing of the bank hold company: AmTrust's bankruptcy filing may be a lesson learned from WaMu
Posted by Bill McBride on 12/03/2009 02:44:00 PM