: What are the details, status and timing of the proposed transaction which was discussed in the motion to convert the Southeast Banking Corporation case to Chapter 11?
Because of confidentiality restrictions, there is no more additional information to disclose at this point than is indicated in the recent pleadings (motion to approve employment of SCS, as investment banker, and motion to convert to chapter 11), and elsewhere on this website. As previously stated, the assets of the Southeast Banking Corporation estate (including its non-bankrupt subsidiaries) currently consist of cash; an operating history in financial services and financial investments; registered marks and related intellectual property; ownership through subsidiaries of undeveloped land in Jacksonville, Florida; and existing tax attributes, including accumulated net operating loss carryovers. The Chapter 7 Trustee executed a non-binding letter of intent with a highly qualified institutional investor to enter into a transaction that would bring SEBC out of bankruptcy through a Chapter 11 plan, and on the basis of that letter, moved successfully to convert the case to Chapter 11. The
Related Questions
- : What additional information is the Trustee in a position to disclose about the status of the investor and the proposed transaction that is intended to serve as a basis for the Chapter 11 plan?
- : What are the details, status and timing of the proposed transaction which was discussed in the motion to convert the Southeast Banking Corporation case to Chapter 11?
- posted September 21, 2007): Has the Bankruptcy Court ruled on the Trustee’s Motion to Convert the case to a case under Chapter 11, and what happens next?
