I passed along last night the news release on the sale of Metropolitan National Bank of Little Rock to a Texas private equity fund for $16 million and a promise of recapitalization. The release mentioned a bankruptcy filing by the holding company that owns the bank to facilitate the transaction and handle payment of debts owed to those, including the federal government, who'd loaned money to prop up the bank as it tried to work out of a hole created by real estate misadventures.
I haven't had time for looking into the details yet, but I thought I'd provide a service to those interested by sharing some of the key documents in the Chapter 11 bankruptcy filing.
First is the bankruptcy petition.
Then there's an elaborating motion for reorganization. It includes a history of the bank's difficulties and its effort over several years to interest dozens of investors in the property, before the Texas group stepped up.
And, there's also this lengthy appendix, among some other documents.
If you've nothing better to do today (I have to go buy some blackberries and make a cobbler), read and report.