[Federal Register Volume 75, Number 216 (Tuesday, November 9, 2010)]
[Notices]
[Page 68789]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-28226]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Determination of Insufficient Assets To Satisfy Claims Against 
Financial Institution in Receivership

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice.

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SUMMARY: The FDIC has determined that insufficient assets exist in the 
receivership of BankUnited, FSB, Coral Gables, Florida, to make any 
distribution to general unsecured claims, and therefore such claims 
will recover nothing and have no value.

DATES: The FDIC made its determination on November 2, 2010.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this 
notice, you may contact an FDIC Claims Agent at (972) 761-8677. Written 
correspondence may also be mailed to FDIC as Receiver of BankUnited, 
FSB, Attention: Claims Agent, 1601 Bryan Street, Dallas, Texas 75201.

SUPPLEMENTARY INFORMATION: On May 21, 2009, BankUnited, FSB, Coral 
Gables, Florida, (FIN  10061) was closed by the Office of 
Thrift Supervision, and the Federal Deposit Insurance Corporation 
(``FDIC'') was appointed as its receiver (``Receiver''). In complying 
with its statutory duty to resolve the institution in the method that 
is least costly to the deposit insurance fund (see 12 U.S.C. 
1823(c)(4)), the FDIC facilitated a transaction with a newly chartered 
Federal savings bank, BankUnited, Coral Gables, Florida, to acquire 
most of the assets and liabilities of the failed institution.
    Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. 1821(d)(11)(A), sets 
forth the order of priority for distribution of amounts realized from 
the liquidation or other resolution of an insured depository 
institution to pay claims. Under the statutory order of priority, 
administrative expenses and deposit liabilities must be paid in full 
before any distribution may be made to general unsecured creditors or 
any lower priority claims.
    As of June 30, 2010, the value of assets available for distribution 
by the Receiver, together with all expected recovery sources, including 
recoveries on claims against directors, officers, and other 
professionals, claims in bankruptcy, and refunds of Federal and State 
taxes, was $4,321,339,716. As of the same date, administrative expenses 
and depositor liabilities equaled $8,120,876,686, exceeding available 
assets by $3,799,536,970. Accordingly, the FDIC has determined that 
insufficient assets exist to make any distribution on general unsecured 
creditor claims (and any lower priority claims) and therefore all such 
claims, asserted or unasserted, will recover nothing and have no value.

    Dated: November 4, 2010.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2010-28226 Filed 11-8-10; 8:45 am]
BILLING CODE 6714-01-P