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NetBank Says Stockholders Will Get Nothing

Law360 (November 27, 2007, 12:00 AM EST) -- NetBank Inc., the holding company behind the former online bank, said in a regulatory filing that it believes its equity securities are worthless and that the company's Chapter 11 plan will be a blueprint for liquidation that provides no recovery for stockholders.

Federal regulators announced that they had shuttered Netbank's banking division, billed as the oldest online bank in the U.S., on Sept. 28, the same day the company sought bankruptcy protection in Florida, listing assets of $87 million and debts of $42 million on its...
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