FDIC Bridles At Taylor Bean's $25M DIP Cash Bid

Law360, New York (November 4, 2009, 5:35 PM EST) -- Taylor Bean & Whitaker Mortgage Corp. has encountered more flak as it tries to line up $25 million in debtor-in-possession financing, with the Federal Deposit Insurance Corp. arguing that the debtor is discounting the agency’s possible interest in its real estate assets.

The FDIC on Tuesday urged Judge Jerry A. Funk of the U.S. Bankruptcy Court for the Middle District of Florida to deny the bankrupt mortgage lender’s DIP request, saying the financing puts at risk the agency’s security interests as receiver for Colonial Bank, which...
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