Treasury Decries Wilbur Ross' $45M Bid For First Place Bank

Law360, New York (November 21, 2012, 9:01 PM EST) -- The U.S. Treasury Department on Tuesday objected to turnaround artist Wilbur L. Ross Jr.'s bid to purchase First Place Bank out of Chapter 11 for $45 million, saying the government would not be able to recoup its nearly $73 million bailout of the struggling Ohio-based bank.

The sale is simply moving too fast for Treasury, which says it needs a 90-day extension to shop the bank to other potential bidders and to finalize the net operating loss figures for First Place, the commercial banking arm of...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.