Bankrupt Mercantile Bancorp Urges Approval For $23M Sale

Law360, Wilmington (September 16, 2013, 9:33 PM EDT) -- Mercantile Bancorp Inc. on Monday urged a Delaware bankruptcy judge to approve the bank holding company's $23 million asset sale to United Community Bancorp Inc., while securities holders asked the court to reject the proposed transaction as a bad deal for creditors.

At a sale hearing in Wilmington, Illinois-based MBI attempted to paint the Chapter 11 sale as a sound business decision for the estate, while the official committee of trust preferred securities holders argued the deal would result in a net loss and plumped for...
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