FEDERAL DEPOSIT INSURANCE, CORP. v. FBOP CORP.

Case No. 14 CV 4307, Case No. 14 CV 4307.

252 F.Supp.3d 664 (2017)

FEDERAL DEPOSIT INSURANCE, CORPORATION, as a separate and distinct Receiver of Bank USA, N.A., California National Bank, Citizens National, Bank of Teague, Madisonville State Bank, North, Houston Bank, Pacific National Bank, Park National Bank, and San Diego National Bank, Plaintiff, v. FBOP CORPORATION; Patrick D. Cavanaugh, of High Ridge Partners, Inc., not individually, but solely as Trustee-Assignee under FBOP Corporation's Trust Agreement and Assignment for the Benefit of Creditors; JPMorgan Chase Bank, N.A., as Agent; BMO Harris Bank, N.A., as successor in interest to M & I Marshall & Ilsley Bank; Ore Hill Hub Fund Ltd.; Canyon Balanced Master Fund, Ltd.; Canyon GRF Master Fund, L.P.; Mariner Tricada Credit Strategies Master Fund, Ltd.; PMT Credit Opportunities Fund Ltd.; Prospect Mountain Fund Limited; Structured Credit Opportunities Fund II, LP; and Gordon C. Watson, Defendants. Pension Benefit Guaranty Corporation, Plaintiff-Intervenor, v. FBOP Corporation; Patrick D. Cavanaugh of High Ridge Partners, Inc., solely in his capacity as Trustee-Assignee under FBOP Corporation's Trust Agreement and Assignment for the Benefit of Creditors; Federal Deposit Insurance Corporation, as Receiver for Bank USA, N.A., California National Bank, Citizens National Bank of Teague, Madisonville State Bank, North Houston Bank, Pacific National Bank, Park National Bank, and San Diego National Bank; Wells Fargo Bank, N.A., as escrow agent pursuant to the escrow agreement among the Federal Deposit Insurance Corporation, FBOP Corporation and Wells Fargo Bank, N.A., Defendants.

United States District Court, N.D. Illinois, Eastern Division.

Signed May 12, 2017.

Editors Note
Applicable Law: 28 U.S.C. § 2201
Cause: 28 U.S.C. § 2201 Declaratory Judgement
Nature of Suit: 430 Banks and Banking
Source: PACER


Attorney(s) appearing for the Case

David F. Proano , Eric R. Goodman , Adam L. Fletcher , Joseph F. Hutchinson , Baker & Hostetler LLP, Cleveland, OH, Karin Scholz Jenson , Baker & Hostetler LLP, New York, NY, Erin Bolan Hines , Baker Hostetler LLP, Chicago, IL, for Plaintiff.

Edward C. Fitzpatrick , Kate E. Middleton , Faegre Baker Daniels LLP, Alison R. Leff, Sidley Austin LLP, John Clay deMoulpied , William Scott Porterfield , William John Barrett , Barack Ferrazzano Kirschbaum & Nagelberg LLP, Carrie A. Hall , Christopher R. Parker , Michael Best & Friedrich LLP, Thomas P. Cimino, Jr. , Douglas Joseph Lipke , William W. Thorsness, III , Vedder Price P.C., Chicago, IL, Adam E. Witkov , Michael Best & Friedrich LLP, Milwaukee, WI, for Defendants.


MEMORANDUM OPINION AND ORDER

INTRODUCTION

STANDARD OF REVIEW

BACKGROUND

A. THE RISE AND FALL OF FBOP AND THE BANKS

B. THE CORPORATE DEBT OF FBOP AND THE PERSONAL DEBT OF ITS CHAIRMAN

Let's get started

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