Supreme Court of Delaware.https://leagle.com/images/logo.png
Submitted: February 15, 2012.
Decided: February 27, 2012.
Attorney(s) appearing for the Case
Kenneth J. Nachbar , Megan Ward Cascio , Shannon E. German , Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware; Jonathan E. Pickhardt , Richard I. Werder, Jr. , Rex Lee , Ali M. Arain , Quinn Emanuel Urquhart & Sullivan, LLP, New York, New York; Attorneys for Plaintiffs Hildene Capital Management, LLC, Hildene Opportunities Master Fund, Ltd., Brett Jefferson, Alesco Preferred Funding IV, Ltd., Alesco Preferred Funding XVI, Ltd., Alesco Preferred Funding XVII, Ltd., Trapeza CDO I, LLC, Trapeza CDO II, LLC, and Trapeza CDO III, LLC.
Defendant BankAtlantic Bancorp, Inc. ("Bancorp") is a bank holding company. Bancorp holds 100% of the equity of BankAtlantic, a federal savings bank, which is Bancorp's only substantial asset. Bancorp has agreed to sell BankAtlantic to BB & T Corporation. As consideration, Bancorp will receive 100% of the equity of a newly formed entity that will own BankAtlantic's "criticized assets," such as non-performing loans and foreclosed real estate...
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