BankAtlantic Investors Sue To Halt $5.4B BB&T Deal

Law360, Wilmington (November 28, 2011, 3:59 PM EST) -- A group of BankAtlantic Bancorp Inc. investors sued Monday in Delaware to halt the $5.4 billion sale of the bank’s prime assets to BB&T Corp., saying the deal improperly allows the buyer to evade a contract to repay $333 million in trust-preferred securities.

The deal permits BB&T to “unlawfully cherry-pick” BankAtlantic’s 78-branch savings bank — its only operating subsidiary — $2.1 billion of high-quality loans and $3.3 billion in deposits, while leaving behind a “carcass” of questionable assets backing the TPS, according to a suit lodged...
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