Law360, Wilmington (January 30, 2012, 9:47 PM ET) -- BankAtlantic Bancorp Inc.’s CEO defended the proposed sale of the bank’s prime assets to BB&T Corp. in a Delaware court Monday, saying the deal was the bank’s only option as a regulatory noose tightened around its operations.
Investors in BankAtlantic’s trust-preferred securities, or TruPS, sued to block the deal in November, alleging it allows 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 TruPS...
BankAtlantic CEO Pins Blame For BB&T Deal On Regulators
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