[...] a hardhead. For one thing, I’ve done my research, and know we’ll never get that extra $4,000 in fees back. And if we pay, it will no doubt end up being the death of our business by cutting into our very [...]

[...] a hardhead. For one thing, I’ve done my research, and know we’ll never get that extra $4,000 in fees back. But what drives me most is that I hate bullies. I will fight tooth and nail until “I’ve [...]

“Because it is considered a Class 9 trade creditor — meaning it had nothing to do with the bankruptcy, as did some of the other unsecured creditors, such as the Federal Deposit Insurance Corporation and banks that were involved in TBW’s financial affairs — the city may be eligible for an additional small amount from the FDIC settlement.”

What exactly does this mean? Isn’t our escrow money insured by the FDIC? Are we getting back our money 100%?

http://www.ocala.com/article/20101222/articles/101229916&tc=yahoo

Taylor Bean Schedules Jan. 19 Confirmation Hearing

Taylor Bean & Whitaker Mortgage Corp., once the largest independent mortgage originator in the U.S., won court approval of the disclosure statement explaining the liquidating Chapter 11 plan.

The bankruptcy judge on Nov. 10 also set aside Jan. 19 for a hearing to confirm the plan. The judge will hold a hearing Nov. 19 to consider approving supplemental disclosure materials explaining a settlement with Wells Fargo Bank NA.

Supported by the official creditors’ committee, the plan will administer $322 million to $521 million. After paying claims with higher priority, between $264 million and $354 million will remain for unsecured creditors with claims totaling more than $8 billion, according to the disclosure statement.

The expected distribution to unsecured creditors is between 3.3 percent and 4.4 percent. The largest claim, $3.25 billion, belongs to the Federal Deposit Insurance Corp. The claim was settled and will be paid under the plan.

Taylor Bean filed under Chapter 11 in August 2009, three weeks after federal investigators searched the offices of the Ocala, Florida-based company. The day after the search, the Federal Housing Administration, Ginnie Mae and Freddie Mac barred the company from issuing new mortgages and terminated servicing rights.

Taylor Bean managed an $80 billion mortgage-servicing portfolio. Assets and debt both exceed $1 billion, the petition showed.

The case is Taylor Bean & Whitaker Mortgage Corp., 09- 07047, U.S. Bankruptcy Court, Middle District of Florida (Jacksonville).