Thursday, May 14, 2009

BankUnited Deadline Extended

by Calculated Risk on 5/14/2009 12:44:00 PM

From Dow Jones: BankUnited Auction Extended As Thrift Scrambles For Capital

The auction to find a new buyer for struggling BankUnited Financial Corp. (BKUNA) has been extended until next week, according to a person familiar with the matter.

Bidders were originally asked to submit their pitches to the Federal Deposit Insurance Corporation by noon Thursday. However, that deadline has been extended to next Tuesday, the person said.
Pitches to the FDIC? Kind of says it all ...

Update from Bloomberg: BankUnited Bidders Said to Seek Receivership Before Purchase
Bidders for BankUnited Financial Corp. are asking federal regulators to put the company into receivership before selling its assets, a step that could wipe out shareholders, people familiar with the matter said.

Potential buyers, including a private-equity group led by former North Fork Bancorp Chief Executive Officer John Kanas, have expressed an interest in purchasing the Coral Gables, Florida-based lender out of receivership ... The bidding deadline was pushed to May 19 from today ...