Treasury Decries Wilbur Ross' $45M Bid For First Place Bank

Law360, New York (November 21, 2012, 9:01 PM EST) -- The U.S. Treasury Department on Tuesday objected to turnaround artist Wilbur L. Ross Jr.'s bid to purchase First Place Bank out of Chapter 11 for $45 million, saying the government would not be able to recoup its nearly $73 million bailout of the struggling Ohio-based bank.

The sale is simply moving too fast for Treasury, which says it needs a 90-day extension to shop the bank to other potential bidders and to finalize the net operating loss figures for First Place, the commercial banking arm of...
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