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IN RE PETITION OF COMM'R OF MICH. FINANCIAL INSTITUTIONS BUREAU

Docket No. 54049.

116 Mich. App. 267 (1982)

324 N.W.2d 332

IN THE MATTER OF THE PETITION OF THE COMMISSIONER OF THE MICHIGAN FINANCIAL INSTITUTIONS BUREAU FOR THE APPOINTMENT OF A RECEIVER FOR BIRMINGHAM BLOOMFIELD BANK

Michigan Court of Appeals.

Decided May 19, 1982.

Attorney(s) appearing for the Case

James L. Elsman, for BBB Shareholder Group.

Kerr, Russell & Weber (by Richard D. Weber and James R. Case), for Continental Illinois National Bank and Trust Company.

Hardig, Goetz, Heath, Merritt & Reebel (by H. Kay Maxwell and James L. Allen), for Triple B Investment Company.

Before: ALLEN, P.J., and D.C. RILEY and R.R. FERGUSON, JJ.

ALLEN, P.J.

In this appeal, we are asked to decide an issue of first impression: Where some $2,000,000 is now available for distribution to shareholders of a once insolvent bank, does MCL 487.552(h); MSA 23.710(252)(h), governing the distribution of net assets of a bank in receivership, require the duly appointed receiver of such bank to distribute such funds to the shareholders ratably in proportion to the number of shares held, or may the receiver consider equitable...

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