Capitol Bancorp, Ltd. Message Board
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HEaring Adjourned to 3-5-13
01/25/2013 286 Order Adjourning the Combined Hearing on Approval of Solicitation Procedures, Adequacy of the Disclosure Statement and Confirmation of the Plan (RE: related document(s)56 Order To Set Hearing and 285 Stipulation). Hearing to be held on 3/5/2013 at 10:30 AM Courtroom 1875 for 56, (jmk) (Entered: 01/25/2013)
Any Objections of the Committee must be (a) filed with the Court and (b) served
upon all parties on the Special Service List no later than 5:00 p.m. on February 26, 2013 (or
seven days prior to the date that the Court schedules for the Combined Hearing) (the “Extended
Deadline”). The Extended Deadline shall apply only to the Committee.
CBC represented to the Court as follows:
"The Debtors represent that, in furtherance of the Equity Infusion (as defined in the Plan)
and Bulk Sale contemplated by the Debtors’ Plan and Disclosure Statement, the Debtors are in
negotiations with potential new investors relating to a potential Equity Infusion and Bulk Sale
which would allow the Debtors to successfully effectuate the Plan upon its confirmation. These
negotiations are ongoing and, in the interest of time, are proceeding concurrently with the
necessary due diligence processes of such potential investors.
The Combined Hearing is currently scheduled to be held on January 29, 2013. However,
the Debtors believe an adjournment of the Combined Hearing is necessary to allow for the
completion of both the negotiations with potential investors and their due diligence processes.
According to the Debtors, this extension is necessary due, in part, to the tax complexities of the
Equity Infusion and the corresponding due diligence. The Debtors are optimistic that the due
diligence processes will be completed and that the Debtors will be able to secure financing
commitments from potential investors in the next several weeks and will be in a position to
confirm the Plan before March 5, 2013."
So, the silver lining is that potential investors are already on board and have commenced due diligence. Though I am disappointed by the delay, and there is additional risk of FDIC takeover now, I am much more confident about approval of the plan today then I was after Valstone backed out because they could not start due diligence.Sentiment: Buy
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Lord of the trades have you heard anything on the CBCR May 16 conformation hearings?
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Any idea of when next hearing will be held?
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Lord of the bad trades---are you still advising our military? Are you still trading this looser 'to perfection'.
How long have you been 'singing the praises' of this Doggy style dog? 2 years...3?
You haven't had a bit of luck in your prognostications.
I PRAY it is you patting your own weenie in these chains, rather than another soul you have coerced into Crapital Bank.- 1 Reply to cddirect
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Actually, if you followed the board closely, then, you would know that I have many times been negative and recommended selling. I myself booked a handsome profit on a run-up last year and even if the stock went to zero my profit from last year would still result in me being profitable on this stock. But, thank you for taking such an interest in my personal finances, it is very much appreciated.
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thanks for the info - I am still holding TONS of common and pref
management has worked hard and been on our side so far - lets hope that continues and a pre pack deal gets reached- 1 Reply to haoleboy1967
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Thanks for the court update. It's very positive that they are sticking with the pre-pack plan despite the loss of Valstone. Also very positive that they feel they can delay until March without taking any short term drastic measures to raise capital.
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Where did you get this info?
Sentiment: Buy
- 1 Reply to seansy777
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PACER website.
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