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News for 'CORS' - (Potential Corus buyer files for shelf charter)

Sep 04, 2009 (Chicago Tribune - McClatchy-Tribune Information Services via
COMTEX) -- A New York real estate firm that has been mentioned as a potential
bidder for Chicago-based Corus Bankshares Inc. has applied to receive a shelf
charter from the U.S. Office of the Comptroller of the Currency to possibly buy
a failed or troubled institution through a bid process with the Federal Deposit
Insurance Corp.

A representative for Stephen Ross and Jeff Blau -- both executives at New
York-based Related Cos. -- declined to comment on what banks they're interested
in in seeking a so-called "shelf charter."

A shelf charter gives preliminary approval to private investors, including
private equity firms, for a national bank charter. The charter remains "on the
shelf" until the investor is in the position to bid on a troubled bank.

Many private-equity firms and other investment funds are flush with cash and
have expressed interest in buying failed insured banks. The FDIC, on the one
hand, wants to preserve its insurance fund and would like to find investors to
take failed banks off its hands, but it also wants to ensure that the failed
banks' new owners don't c reate more problems down the road.

By granting preliminary approval through a shelf charter, the OCC expands the
pool of potential buyers available to buy troubled institutions, through the
FDIC's bid process.

Ross and Blau's application said they're also seeking to obtain deposit
insurance from the FDIC.

"The investors are prepared to make a significant, long-term investment to
ensure that the bank will be and remain strong and well capitalized," the
application said.

They cite their experience as financiers, developers and owners of multifamily
and affordable residential real estate, as well as commercial real estate.

Corus specializes in condominium loans, mostly in Nevada and Florida, and about
half of its loans are seriously delinquent.

Over the past several decades, the investors and their affiliates have built or
bought $22 billion of real estate, including mixed-use developments such as Time
Warner Center in New York and CityPlace in West Palm Beach, Florida. They also
manage a real estate portfolio of more than $15 biillion consisting of 5,000
luxury residential rental units, 25,000 affordable housing units and more than
11 million square feet of commercial space.

The bank would be known as SJB National Bank.


To see more of the Chicago Tribune, or to subscribe to the newspaper, go to Copyright (c) 2009, Chicago Tribune Distributed

by McClatchy-Tribune Information Services. For reprints, email

tmsreprints*, call 800-374-7985 or 847-635-6550, send a fax

to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave.,

Suite 303, Glenview, IL 60025, USA.

Becky Yerak

Copyright (C) 2009, Chicago Tribune



All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

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Icon 1 posted      Profile for Sam229     Send New Private Message       Edit/Delete Post   Reply With Quote 
In at 0.26 today morning.
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still a roll of the dice for the common share holders. So far it has been holding up pretty well.

All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

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Leave it to The Street to try and cause extra retail havoc. gain.html?cm_ven=AOL&cm_cat=Free&cm_pla=Feed&cm_ite=Feed

Bank-Failure Details Are Leaked Again

CHICAGO (TheStreet) -- Regulators are trying to make deals to sell the assets of Corus Bankshares(CORS Quote) by the end of the month, according to a published report.
More on CORS
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Banco Bilbao Vizcaya Argentaria SA| BBV DOWNCorus Bankshares Inc.| CORS UPThe New York Times said on Thursday that regulators were looking to "cleave the bank in two and sell its banking operations and condominium loans separately."
This is the third time in the past month that details have emerged in advance of a large bank's failure.
News of the Federal Deposit Insurance Corp.'s intention to sell the deposits and branches of Guaranty Bank to Banco Bilbao Vizcaya Argentaria SA(BBV Quote) leaked on Aug. 20, and Guaranty failed the next day.
Early on Aug. 14, Dow Jones reported that Colonial BancGroup was set to be seized by regulators, with the FDIC selling its deposits to BB&T(BBT Quote). The FDIC announced Colonial's failure after the close of business that day.
Since those two leaks occurred right before the banks were seized by regulators, they probably didn't cause much damage, but the early release of the details of an FDIC auction of a failing bank's assets at an earlier stage in the process could cause an outflow of deposits. Of course, with Corus reporting that it was insolvent as of June 30 with negative capital ratios, any depositors with balances exceeding FDIC insurance limits were likely to have already taken action.
The FDIC's temporary increase of the basic individual deposit insurance limit to $250,000 (set to expire) has limited the likelihood of runs on deposits at troubled banks. The temporary increase on individual deposit insurance coverage has been extended to the end of 2013. The temporary waiver of all limits on non-interest-bearing transaction accounts (mainly business-checking accounts) has been an even bigger factor in limiting the chances of deposit runs, since even small businesses can keep very large sums of operating funds in these accounts. Deposit coverage on these checking accounts is set to revert to the standard $100,000 limit on June 30, 2010.

Maybe someone has a better understanding of what is to come but to me it looks like the common shareholders will be left out on the street just as if this was going through a normal ch-11. By my dd glickman still maintains a small position but may not be big enough to need to report anymore. Anyway, after hours trading saw a pretty nice jump. I'm on the sidelines now so we'll see how it works out. I predict this to dip pretty good but who knows. Either way, do your DD and don't be fooled by MM manipulation.

CORUS Bankshares, Inc.(NasdaqGS: CORS)
After Hours: 0.00 N/A (N/A) 8:00PM EThelp
Last Trade: 0.3302
Trade Time: Sep 10
Change: 0.00 (0.00%)
Prev Close: 0.3302
Open: N/A
Bid: 0.20 x 10000
Ask: 0.29 x 2500
1y Target Est: 1.00
Day's Range: N/A - N/A
52wk Range: 0.00 - 9.66
Volume: 0
Avg Vol (3m): 3,327,750
Market Cap: 17.74M
P/E (ttm): N/A
EPS (ttm): -22.958
Div & Yield

After Hours Trade Reporting
Pre-Market Charts | After Hours Charts After Hours
Last: $ .26 After Hours
High: $ .369
After Hours
Volume: 2,066,456 After Hours
Low: $ .22

All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

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