Corus Bankshares' Future Looks Grim: Auditor

Law360, New York (April 7, 2009, 12:00 AM EDT) -- With its auditor voicing doubts about Corus Bankshares Inc.’s ability to absorb continuing losses, the teetering real estate lender is looking for buyers as a way to avoid receivership or liquidation.

In a regulatory filing Monday, Corus said its auditor had taken a dim view of the company’s chances of continuing as a going concern as its loan portfolio continues to deteriorate, and the construction lender’s heavy losses show no sign of relenting.

While Corus has been exploring strategic alternatives, whether landing a capital infusion or...
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