Holding Co.'s Creditors Rip Plan To Sell Dallas Bank

Law360, Wilmington (November 1, 2013, 9:03 PM EDT) -- The collateral manager for a group of unsecured creditors of North Texas Bancshares Inc. on Friday blasted the bank holding company's plan to auction its interests in Park Cities Bank as a “sham” that will just enrich insiders while leaving unsecured creditors out in the cold.

In a motion filed in Delaware bankruptcy court, Cohen & Company Financial Management LLC — collateral manager for a group of Alesco funds owed $9 million under junior subordinated debentures issued as trust preferred securities — argued that NTBI's plan...
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