Clarifying TruPS Holders' Exercise Of Remedial Rights

Law360, New York (October 9, 2014, 10:41 AM EDT) -- In 2006, FMB Bancshares Inc. — as did many other bank-holding companies before it — entered into a trust-preferred transaction, which is a two-tiered debt structure whereby — in the first instance — the holding company issued debentures that were to be sold to a newly created statutory trust. The trust, a separate legal entity from FMB, the holding company, issued its own preferred (or capital) securities (trust-preferred securities, or TruPS), which were sold to investors, and common securities, which were sold to FMB....

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