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Representation of Bank Holding Company in Chapter 11 Proceedings

America Capital Corporation
Counsel to America Capital Corporation ("ACC") in its chapter 11 case in the Southern District of Florida. Headquartered in Miami, ACC held a 65% interest in TransCapital Financial Corporation (TCFC), a holding and management company conducting its operations through its wholly-owned subsidiary, Transohio Savings Bank, FSB, primarily engaged in banking and residential mortgage lending. After the RTC seized Transohio Savings in 1992, ACC and TCFC sued the FDIC (as successor to the RTC) and obtained a $109 million judgment, later reduced on appeal to $33 million. When ACC filed for protection from its creditors, it listed total assets of over $52 million and total debts of over $207 million. After extensive negotiations and several days of mediation, ACC filed a consensual plan of liquidation.
Related Practices
Jeffrey I. Snyder

Jeffrey I. Snyder

Partner, Assistant General Counsel

Successful representation of California bank in complex mortgage foreclosure debt recovery action through state court and bankruptcy court in the Southern District of Florida, which resulted in the criminal indictment of the borrower's principal for bank fraud.