Failed institution claims
Failed institution claims
In a case dating from the turbulent early 1990s, the U.S. Tenth Circuit Court of Appeals recently handed the Office of Thrift Supervision a victory in a long running fight to enforce a capital commitment made by the bankrupt holding company of a failed savings association.
If that was impossible, the court held that Chapter 11 protection was unavailable and that the debtor would be required to proceed under the liquidation provisions of Chapter 7 of the Bankruptcy Code.
In 1978, Overland Park Financial Corporation was incorporated for the purpose of acquiring Overland Park Savings and Loan Association. As a condition of its 1979 approval by the Federal Home Loan Bank Board, the parent company stipulated that it would take the necessary steps to ensure that the net worth of Overland Park Savings was always maintained at regulatorily required levels.
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