Law360, Wilmington (January 26, 2012, 9:51 PM ET) -- One week after the U.S. Securities and Exchange Commission sued the bank for fraud, BankAtlantic Bancorp Inc. on Thursday sparred with investors seeking to block the $3.1 billion sale of the bank’s prime assets to BB&T Corp.
In November, investors in BankAtlantic’s trust-preferred securities alleged in a Delaware lawsuit that the deal permits BB&T to cherry-pick BankAtlantic’s choice assets — a 78-branch savings bank, high-quality loans and $3.3 billion in deposits — while leaving behind a “carcass” of questionable assets backing $333 million of TPS at...
BankAtlantic, Investors Battle Over BB&T Deal's Value
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