This is a terrible deal for shareholders of BBX. They sell off the best assets and keep the worst ones for us, then management may be getting a sweetheart deal in the process.
anyway, I'm all for this lawsuit
New York, New York - Tripp Levy PLLC, a leading national securities law firm, announces an investigation into the asset purchase agreement entered into between BankAtlantic Bancorp and BBT.
BB&T, based in North Carolina, will pay $301 million to acquire roughly $2.1 billion in loans and $3.3 billion in deposits from BankAtlantic, making it one of the largest recent bank mergers this year.
BB&T agreed to buy only the best assets from BankAtlantic, declining to take on nonperforming and other “criticized assets,” which leaves BankAtlantic’s parent company, BankAtlantic Bancorp, holding $623.6 million in assets, more than half of which are troubled loans
The investigation concerns whether the directors of BBX have breached their fiduciary duties to its shareholders. If you are a current holder of BBX and would like additional information, please contact us at 877-772-3975 or firstname.lastname@example.org
Bad is a relative term. A loan that might be "bad" at 100 cents on the dollar could be a gold mine if bought at 50 cents or 20 cents on the dollar. These loans have already been marked down to fair value - if not well below that - by overzealous regulators.