Case Study: In Re Colonial BancGroup

Law360, New York (February 24, 2011, 2:07 PM EST) -- On Jan. 24, 2011, the Honorable Dwight H. Williams Jr. of the U.S. Bankruptcy Court for the Middle District of Alabama denied the Federal Deposit Insurance Corporation’s request for relief from the automatic stay in the Colonial BancGroup Inc. case.[1]

The FDIC, in its capacity as receiver for Colonial BancGroup’s failed banking subsidiary, Colonial Bank, sought to lift the automatic stay to setoff balances held in various demand deposit accounts (collectively, the DDAs) held by Colonial BancGroup (the debtor) totaling approximately $38.4 million at Branch Banking...
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