Mercantile Bancorp Securities Holders Blast $22M Sale Plan

Law360, Wilmington (July 22, 2013, 4:12 PM EDT) -- The official committee of trust preferred securities holders in the Mercantile Bancorp Inc. bankruptcy case on Monday slammed the debtor's Chapter 11 sale strategy, arguing that the $22 million stalking horse bid from United Community Bancorp Inc. is really a private sale dressed up as an auction.

During a telephone hearing in the U.S. Bankruptcy Court for the District of Delaware, committee attorney David R. Seligman of Kirkland & Ellis LLP argued the sale price would need to come up by “multimillions of dollars” in order...
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