New Update on Commercial Money Center -Netbank/Lakeland Settle

“Net Bank and Lakeland Bank settled with the Bankruptcy Trustee.

Apparently, they got an assignment of the leases, and didn't bother

filing a UCC Financing Statement! Can you believe that?????

“The upshot is that for Net Bank, they are paying (yes paying) the

Trustee $6.2 million dollars. This is on the heals of major losses at

the Bank. Kit, you might want to do a search on them, their stock

sucks, and the have major reserves for losses this year. After paying

the $6 million, they get to keep the worthless leases. Hey, is that a

good settlement or what?

“Lakeland pays 1.3 million.

“The settlement gets confirmed by Bankruptcy Court later in April.

2003.

“The deal was signed 2/5/03.”

(From a highly reliable source-name with held)