Here is Fridays closing Corus is not on it but I am sure it will be soon!!!! I find it interesting no news about these failures anywhere this came from the FDIC failed bank list First State Bank Flagstaff AZ Platinum Community Bank Rolling Meadows IL Vantus Bank Sioux City IA InBank Oak Forest IL First Bank of Kansas City http://www.fdic.gov/bank/individual/failed/banklist.html
It's interesting CORS didn't make it on FDIC's list for Friday Sept. 4th. Bids for CORS were due Thursday Sept. 3rd & I figured a shut-down annoucement would come out on Friday, Sept.4th. Anyway, that has been FDIC's playbook in the past, it's odd it didn't play out that way this time. Maybe there weren't any bidders or maybe there is more interest in CORS commercial loans than anticipated.
See my post for possible explanations. I doubt it's due to a bidding war developing unless they divided up the assets into so many different pools and got so many different iterations that it's taking extra time to figure out which is the least costly. It's just not the FDIC's style to make a bid really complicated. Rather, this situation could resemble what happened with BankUnited when they first tried to sell their assets back in February and Wilbur Ross refused to play the sucker. The FDIC simply postponed the auction until this summer and Ross's group ended up still being the winner -- they just didn't pay up because they had all the cards. Same thing happened with Colonial and BB&T's heavily discounted bids. The market price of these commercial assets is much less than any regulator realizes (including the SEC that allows the banks to post fictitious values) and the amount of bidders with the cash to buy is small.
We'll see when they finally announce a winner and the details. This closing is going to cost a bundle.
THings you gotta know out there. There is good news if u read between the lines. Every penny stock that delist and is replaced raise that stock market index in 2 ways, 1 the stock is no longer averaged and 2 the stock that replaces it is being sold at an awesome premium compared to the 25c cors is selling for. This was a big part of the uptick in indicies after the dot com bust and once again now. It is part of the "RECOVERY" being trumpeted.