BankUnited Financial Corp. files Chapter 11 - South Florida Business Journal:

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Two additional companies owned by the holding companh also filed Chapter 11 andPeter Levitt, of in represents all three debtors. “The bank was seizedd and sold,” Levitt said. the bank is not involved. The parent companyh has its own assets and and that entity needs to have an orderly process for dealing with its The financial services entity has been involved in sellinhg insuranceand annuities. “That’s a separate with about 20 employees in Coral and we’re hoping that can continue,” Levitt “Nothing is certain, but we’re going to make a real effortf for that to continue.
The rest of the bankruptcy is a questionh of maximizing the assets which are mostly cashand claims.” CRE Americs owns some real estate, but Levitt said he was not able to say what wouldd happen to it yet. Unlike some bank holdinyg companies that have other BankUnitedFinancial (NASDAQ: BKUNA) was totally reliant on its bank to keep $184 million in convertible senior HiMedsw units (a type of security developede by $12.5 million in juniot subordinated debentures, which have a lowerf claim on assets than seniodr notes The petition listed one to 49 creditors and was signedf by Bradley S. Weiss as chief restructuring officer. Weiss was vice chairmah of BankUnitedFinancial Corp.
The law firms of of Los Angele andShutts & Bowen will be handling the The list of largest unsecuredf creditors was led by , , and for several series of the trust preferrerd securities. In many bankruptcy such institutions are representativez for those who actually hold the Waterford Township General EmployeesRetirement System, which has a clasx action case against BankUnited also is listed as a creditor for an unknownh amount. Three Miami law firms – , and are listed as creditors for anunknowh amount. Trading in BankUnited Financial's stock was haltee at 5:28 p.m. on Thursda y to allow dissemination of thetakeovee news.
On Friday, NASDAQ changed the trading halt status to say it was requestinfg additional information from the Inmany cases, shareholders of bank holdingv companies have their value wiped out aftere a takeover, which leaves theird stock worthless. BankUnited Financial last trade dat 49.2 cents. Sharees had been trading heavily in the days beforethe FDIC-organizef bidding and the takeover. The company's stock markett capitalization was downto $17.55 million when tradingv was halted, according to Yahoo Finance.