Remember the BAC’s $8.5 billion mortgage-bond settlement? According to Bloomberg,
it is scheduled to be considered for approval at a court hearing on May 2, 2013. Here are the details of the news,
“Bank of America Corp.’s $8.5 billion mortgage-bond settlement with investors is scheduled to be considered for approval at a court hearing next May, almost two years after it was filed.
Justice Barbara Kapnick of New York State Supreme Court will hold a final hearing on the settlement, which has been tied up in litigation, on May 2, 2013, according to a scheduling order dated Aug. 10.
The settlement, which would resolve claims tied to Countrywide Financial mortgage bonds, was filed in state court for approval in June 2011. Investors, including American International Group Inc. (AIG), have intervened in the case seeking more information about the agreement.
In her scheduling order, Kapnick set a March 15 deadline for briefs supporting or opposing the settlement.
The case is In the matter of the application of the Bank of New York Mellon, 651786-2011, New York State Supreme Court, New York County (Manhattan).”
So by next May, we will see that the final settlement stamp will be sealed on BAC, and all the mortgage-bond settlement will be left behind.
We might still want to know: what about the objections? Will they derail the final settlement?
Let us see one large hedge fund company recently withdrew its objection.
And how about other objections or intervenes? To response to these, “the institutional investor group defended the settlement in a court filing this week, saying rejection of the deal would be “devastating” for investors. The settlement protects against the risks of a Countrywide bankruptcy and requires mortgage- servicing changes by Bank of America that may spare investors billions of dollars in losses, lawyers for the group said.”
I think the settlement of the case makes perfect sense. Without settlement, do you want to bankrupt BAC and then you will compensate for nothing from the bank?
About Timeless Investor
My name is Samual Lau. I am a long-term value investor and a zealous disciple of Ben Graham. And I am a MBA graduated in May 2010 from Carnegie Mellon University. My concentrations are Finance, Strategy and Marketing.
TimelessInvestor
BAC’s next May hearing
Remember the BAC’s $8.5 billion mortgage-bond settlement? According to Bloomberg,
it is scheduled to be considered for approval at a court hearing on May 2, 2013. Here are the details of the news,
“Bank of America Corp.’s $8.5 billion mortgage-bond settlement with investors is scheduled to be considered for approval at a court hearing next May, almost two years after it was filed.
Justice Barbara Kapnick of New York State Supreme Court will hold a final hearing on the settlement, which has been tied up in litigation, on May 2, 2013, according to a scheduling order dated Aug. 10.
The settlement, which would resolve claims tied to Countrywide Financial mortgage bonds, was filed in state court for approval in June 2011. Investors, including American International Group Inc. (AIG), have intervened in the case seeking more information about the agreement.
In her scheduling order, Kapnick set a March 15 deadline for briefs supporting or opposing the settlement.
The case is In the matter of the application of the Bank of New York Mellon, 651786-2011, New York State Supreme Court, New York County (Manhattan).”
So by next May, we will see that the final settlement stamp will be sealed on BAC, and all the mortgage-bond settlement will be left behind.
We might still want to know: what about the objections? Will they derail the final settlement?
Let us see one large hedge fund company recently withdrew its objection.
And how about other objections or intervenes? To response to these, “the institutional investor group defended the settlement in a court filing this week, saying rejection of the deal would be “devastating” for investors. The settlement protects against the risks of a Countrywide bankruptcy and requires mortgage- servicing changes by Bank of America that may spare investors billions of dollars in losses, lawyers for the group said.”
I think the settlement of the case makes perfect sense. Without settlement, do you want to bankrupt BAC and then you will compensate for nothing from the bank?
About Timeless Investor
My name is Samual Lau. I am a long-term value investor and a zealous disciple of Ben Graham. And I am a MBA graduated in May 2010 from Carnegie Mellon University. My concentrations are Finance, Strategy and Marketing.