Comeuppance for bankruptcy's bad boy? (Southeast Bank trustee William Brandt Jr.)

From: Florida Trend | Date: June 1, 1998| Author: | Copyright information

On March 31 the Federal Deposit Insurance Corp. (FDIC) wired $122 million into an account to resolve bankruptcy claims of Southeast Bank. The payment by the FDIC, the agency that seizes troubled banks and guarantees their debts, ended years of legal wrangling over the value of the institution's assets.

A day later, William A. Brandt Jr., the bankruptcy trustee who had represented the creditors' interests through six harrowing years of Chapter 7 proceedings [FT, May 1997], promptly declared victory - and resigned as trustee. Brandt boasted that the creditors, principally holders ...

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