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.
“The deal was signed 2/5/03.”
(From a highly reliable source-name with held)