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AmTrust Lawyers Discuss Bank Seizure

By Anonymous

From the Plain Dealer: AmTrust sale appears inevitable, according to attorneys

Peter Goldberg doesn't expect to be the CEO of AmTrust Bank much longer, but his expertise will be needed to help the AmTrust and its employees once the bank is taken over by regulators and sold to another bank.

That revelation was among many made Thursday during the initial hearing of AmTrust Bank's parent company, AmTrust Financial Corp., in U.S. Bankruptcy Court in Cleveland.

... attorneys for AmTrust Financial and its major creditors ... talked candidly about AmTrust's dismal condition and made it clear they've already started planning for what happens after AmTrust is sold.

This is probably forcing the FDIC's hand to take action soon (like tomorrow).

Here is another article from the Plain Dealer on the bankruptcy filing of the bank hold company: AmTrust's bankruptcy filing may be a lesson learned from WaMu

Full post as published by Calculated Risk on December 03, 2009 (boomark / email).