% | $
Quotes you view appear here for quick access.

Popular, Inc. Message Board

you are viewing a single comment's thread.

view the rest of the posts
  • factual_observer factual_observer May 1, 2010 9:13 PM Flag

    Lookign for Answers, Prefered Shares from Western Bank

    Catolica, the bank, which was the Holding Company's main asset, is no longer theirs. The small insurance agency and the Hato Rey "World Plaza" building were part of the bank, not of the Holding Co. At some point soon the Holding Co. will need to do a public filing showing exactly what, if anything, might be left in it, but I am not optimistic it will be anything worthwhile.

    The only hope for a small recovery by the stockholders might be a class action lawsuit against Frank Stipes and his Board of Directors for negligence and mismanagement of the bank. There might be Directors Liability insurance to go after, also the external auditors will be considered "deep pockets" by the lawyers, but these things often drag out over many years, and any amount recovered very seldom is close to what you might have paid for your shares.

34.25-0.50(-1.44%)Apr 24 4:00 PMEDT