UWBKQ 2-5-2012 FDIC OBJECTION TO PLAN OF LIQUIDATION
Transcript of UWBKQ 2-5-2012 FDIC OBJECTION TO PLAN OF LIQUIDATION
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UNITED STATES BANKRUPTCY COURT
DISTRICT OF COLORADO
In re: ))
UNITED WESTERN BANCORP, INC. ) Case No. 12-13815 ABC))
Chapter 11
Debtor )
In re: ))
MATRIX BANCORP TRADING, INC. ) Case No. 11-13822 ABC))
Chapter 11
Debtor )
In re: )
)MATRIX FUNDING CORP. ) Case No. 12-13824 ABC))
Chapter 11
Debtor )) Jointly Administered Under) Case No. 12-13815 ABC)
OBJECTION OF THE FEDERAL DEPOSIT INSURANCE
CORPORATION AS RECEIVER TO DISCLOSURE STATEMENT
FOR DEBTORSPLANS OF LIQUIDATION DATED NOVEMBER 6, 2012
The Federal Deposit Insurance Corporation, in its capacity as receiver for United Western
Bank of Denver, Colorado (the FDIC-Receiver), by and through its undersigned counsel,
hereby objects to approval of the Disclosure Statement for Debtors Plans of Liquidation Dated
November 6, 2012 [Docket No. 213]1(the Disclosure Statement) proposed by United Western
Bancorp, Inc. (UWBK), Matrix Bancorp Trading, Inc. (MBT) and Matrix Funding Corp.
(MF, and together with UWBK and MBT the Debtors). In support of its objection, the
FDIC-Receiver states as follows:
1 Unless otherwise noted all references to Docket Nos. are to chapter 11 case no. 12-13815.
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I. INTRODUCTIONThe Disclosure Statement should not be approved because it fails to contain sufficient
information to enable the FDIC-Receiver and the Debtors creditors to make an informed
judgment about the Plans (defined below) proposed by the Debtors. As is described in more
detail below, on nearly every important factor that is likely to influence the decision of creditors
on whether to support the Plans, the Disclosure Statement fails to provide basic information.
Therefore, the Disclosure Statement should not be approved in its present form.
II. BACKGROUNDOn January 21, 2011, United Western Bank of Denver, Colorado (the Bank) was closed
by the Office of Thrift Supervision and the FDIC-Receiver was named receiver. As the Banks
receiver, the FDIC-Receiver succeeded to all rights, titles, powers and privileges of the insured
depository institution, and of any stockholder, member, accountholder, depositor, officer, or
director of such Bank. 12 U.S.C. 1821(d)(2)(A)(i). Prior to the receivership, the Bank was a
wholly-owned subsidiary of UWBK.
On March 2, 2012 (the Petition Date), the Debtors each filed voluntary petitions
seeking relief under chapter 11 of title 11 of the United States Code (the Bankruptcy Code) in
the United States Bankruptcy Court for the District of Colorado (the Court). To date, no
trustee or examiner has been appointed in the Debtors bankruptcy cases (together, the Chapter
11 Cases) and the Office of the United States Trustee has not appointed an official committee of
unsecured creditors.
On August 30, 2012, the FDIC-Receiver filed a proof of claim in the Chapter 11 Cases
which is identified as Claim No. 28 on the Debtors claim register (the FDIC-Receiver Claim).
Through the FDIC-Receiver Claim, the FDIC-Receiver asserts claims arising from consolidated
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tax returns filed by UWBK on behalf of, among others, the Bank and for tax related
intercompany balances held by the Debtors, including those that may have arisen under law or
pursuant to any tax allocation agreement or tax sharing agreement between the Bank and
UWBK, among others (together, the Tax Refunds). The FDIC-Receiver estimates the amount
of the Tax Refunds to be $4,847,000.00. Through the FDIC-Receiver Claim, the FDIC-Receiver
also asserts claims for fraudulent transfers or unlawful dividends under 12 U.S.C. 1821(d)(17),
ownership rights and entitlements to the proceeds of certain insurance policies and unearned
premiums, and claims for reimbursement. Although the Debtors have not objected to the FDIC-
Receiver Claim, the Debtors contend that all or substantially all of the Tax Refunds belong to the
Debtors and not the FDIC-Receiver.
On November 9, 2012, the FDIC-Receiver filed the Motion of the Federal Deposit
Insurance Corporation as Receiver for an Order Pursuant to 105 and 363 of the Bankruptcy
Code regarding Establishment of a Segregated Joint Account[Docket No. 199] (the Motion to
Establish Joint Account). By the Motion to Establish Joint Account, the FDIC-Receiver sought
the entry of an order to permit the Tax Refunds to be negotiated and deposited into a segregated
interest-bearing account while the Debtors and the FDIC-Receiver attempt to resolve their
disagreement regarding ownership of the Tax Refunds. On December 26, 2012, the Court
entered the Agreed Order Resolving Motion of the Federal Deposit Insurance Corporation as
Receiver for an Order Pursuant to 105 and 363 of the Bankruptcy Code regarding
Establishment of a Segregated Joint Account [Docket No. 220] (the Agreed Order) which
granted the Motion to Establish Joint Account.
On November 6, 2012, UWBK filed United Western Bancorps Plan of Liquidation
Dated November 6, 2012 [Docket No. 194] (the UWBK Plan) and MBT and MF filedMatrix
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Bancorp Trading, Inc. and Matrix Funding Corp.s Joint Plan of Liquidation Dated November 6,
2012 [Docket No. 36 in chapter 11 case no. 12-13822 and Docket No. 51 in chapter 11 case no.
12-13824] (the MBT/MF Plan, and together with the UWBK Plan the Plans).
On December 12, 2012, the Debtors filed the Disclosure Statement. By order dated
January 8, 2013, the Court set February 7, 2013 as the deadline to file and serve objections to the
Disclosure Statement. By that same order the Court set a hearing to approve the Disclosure
Statement for February 21, 2013.
On January 7, 2013, counsel for the FDIC-Receiver sent email correspondence to counsel
for the Debtors raising various questions and concerns about the adequacy of the Disclosure
Statement. A copy of this correspondence is attached hereto as Exhibit A. Another request to
discuss the Disclosure Statement was made to Debtors counsel on January 16, 2013. Debtors
counsel failed to respond to these requests until February 5, 2013 at 7:17 pm (Eastern - the time
zone where the FDIC-Receivers offices are located); nearly a month after the FDIC-Receiver
first raised some of its concerns to counsel for the Debtors. A copy of the Debtors response is
attached hereto as Exhibit B. The substance of the Debtors response does not sufficiently
address the inadequate information provided in the Disclosure Statement, discussed in detail
below.
III. JURISDICTIONThe Court has jurisdiction over the Chapter 11 Cases commenced by the Debtors
pursuant to 28 U.S.C. 157 and 1334. Approval of the Disclosure Statement is a core
proceeding pursuant to 28 U.S.C. 157(b). Venue regarding the adequacy of the Disclosure
Statement is proper before the Court pursuant to 28 U.S.C. 1408 and 1409.
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The FDIC-Receiver reserves its rights with respect to the jurisdiction of this Court to
resolve the underlying dispute between it and the Debtors. The filing of this objection is not and
shall not constitute an admission by the FDIC-Receiver that the Bankruptcy Court has the
jurisdiction or authority to resolve disputes between the FDIC-Receiver and the Debtors.2
IV. ARGUMENTThe Disclosure Statement may not be approved unless the Court finds that it contains
adequate information. Section 1125(a) of the Bankruptcy Code defines adequate
information as:
[I]nformation of a kind, and in sufficient detail, as far as isreasonably practical in light of the nature and history of the debtorand the condition of the debtors books and records . . . that wouldenable [a creditor] . . . to make an informed judgment about theplan, and in determining whether a disclosure statementprovides adequate information, the court shall consider thecomplexity of the case, the benefit of additional information tocreditors and other parties in interest, and the cost of providingadditional information;
11 U.S.C. 1125(a).
The purpose of a disclosure statement is to inform equity holders and claimants about
the probable financial results of the acceptance or rejection of that particular plan. In re Aspen
Limousine Serv., Inc., 193 B.R. 325, 334 (D. Colo. 1996) (citing In re Stanley Hotel, 13 B.R.
926, 929 (Bankr. D. Colo. 1981)). In re Unichem Corp., 72 B.R. 95, 97 (Bankr. N.D. Ill. 1987);
see also, In re Egan, 33 B.R. 672, 675 (Bankr. N.D. Ill. 1983) ([T]he purpose of [the] disclosure
[statement] is to present the parties voting on the plan with sufficient factual information to
2 Under 12 U.S.C. 1821(j), no court may take any action . . . to restrain or affect the exercise of powers orfunctions of the [Federal Deposit Insurance Corporation] as a conservator or a receiver. Courts have described
1821(j) as effect[ing] a sweeping ouster of courts' power to grant equitable remedies. Mile High Banks v. Fed.Deposit Ins. Corp., 11-cv-01417-WJM-MJW, 2011 WL 2174004, at *2 (quoting Freeman v. Fed. Deposit Ins. Corp.,56 F.3d 1394, 1399 (D.C. Cir. 1995)); see also Gross v. Bell Sav. Bank, 974 F.2d 403, 408 (3d Cir. 1992) (reversinginjunction). The FDIC-Receiver reserves all of its jurisdictional arguments, under section 1821(j) or otherwise. See
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independently evaluate the merits of the proponents plan.) (internal citations omitted).
Because disclosure statements are intended by Congress to be the primary source of information
upon which creditors and shareholders could rely when making a judgment as to a
reorganization plan, a disclosure statement should contain all facts known to the debtor that may
impact the success or failure of the plan. In re Scioto Valley Mortg. Co., 88 B.R. 168, 170
(Bankr. S.D. Ohio 1988).A disclosure statement that contains bare assertions of opinion without
the supporting facts fails to provide adequate information as required by section 1125(a) of the
Bankruptcy Code. In re Egan, 33 B.R. at 676.
The determination of what is adequate information in a disclosure statement is a
practical and variable inquiry made on a case-by-case basis. In re Sparta Surgical Corp., 06-cv-
02601, 2008 WL 878948, *3 (D. Colo. March 28, 2008) (citing In re Aspen Limousine Serv.,
Inc., 193 B.R. at 334). Beyond the statutory guidelines set forth in section 1125 of the
Bankruptcy Code, the decision to approve or reject a disclosure statement is within the discretion
of the bankruptcy court. Id. The legislative notes to section 1125 of the Bankruptcy Code
provide that [b]oth the kind and form of information are left essentially to the judicial discretion
of the court, guided by the specification . . . that it be of a kind and in sufficient detail that a
reasonable and typical investor can make an informed judgment about the plan. The information
required will necessarily be governed by the circumstances of the case. S. Rep. No. 95-989
(1978).
also 12 U.S.C. 1821(d)(13)(D) (in connection with statutory provisions setting forth receivership claims process,providing that no court shall have jurisdiction over specified claims or actions).
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V. THE DISCLOSURE STATEMENT FAILS TO PROVIDE ADEQUATEINFORMATION
The Disclosure Statement cannot be approved because it fails to meet the most basic
standard required - that it provide adequate information to creditors. Its bare bones presentation
fails to provide interested parties with sufficient facts to evaluate the Plans that it purports to
describe, and with respect to those facts it does contain, it fails to provide sufficient context. In
other instances, it is simply confusing or misleading. Set forth below are specific examples of
where the Disclosure Statement is insufficient.
A. The Disclosure Statement Fails to Explain Why this Liquidation Case ShouldProceed Pursuant to a Plan
Although the Disclosure Statement states that the Debtors assets will be liquidated under the
Plans, there is no adequate explanation as to why the cases filed by the Debtors should proceed as
liquidation proceedings under chapter 11 with an insider appointed as Liquidating Trustee (as defined
in the Disclosure Statement). [Disclosure Statement, Art. IX, XVIII]. There is no business being
conducted by the Debtors that requires any ongoing expertise from present management. [Disclosure
Statement, Art. II]. The Debtors should explain to their creditors why the appointment of a private
trustee is preferable to a chapter 7 trustee who would act under the supervision of this Court. The
proposed Liquidating Trustee is Theodore Abariotes. As UWBKs Chief Restructuring Officer, he
has been paid at the rate of $212,500 per year since the case was filed. During that period, which
started in March 2012, absolutely nothing positive has been accomplished in this case. There is no
reason to expect this will change after confirmation.
B. Inadequate Disclosure of District Court LitigationThe Disclosure Statement contains a cursory description of certain litigation pending in
the United States District Court for the District of Columbia (the District Court Litigation) that
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seeks a monetary recovery for the wrongful takeover by federal authorities of the Bank.
[Disclosure Statement, Art. II]. A successful recovery in the District Court Litigation is the
foundation of the proposed Plans. [Disclosure Statement, Art. II, IX]. While the Disclosure
Statement acknowledges that there are motions pending to dispose of the District Court
Litigation with no recovery, it does not describe the bases for these motions. [Disclosure
Statement, Art. II]. In fact, the Disclosure Statement fails to disclose that the litigation as
originally brought was dismissed in part, and that the District Court has already ruled that the
only proper plaintiff in that litigation is the Bank. United W. Bank v. Office of Thrift
Supervision, 793 F.Supp. 2d 357, 365-68 (D.D.C. 2011). This means that none of the Debtors
are a party plaintiff and the Disclosure Statement provides no explanation of how the Debtors
could even benefit from a successful outcome of the litigation. Further, the section of Financial
Institutions Reform, Recovery and Enforcement Act under which the suit seeks recovery, 12
U.S.C. 1464(d)(2)(B), does not provide for monetary damages but merely for a removal of a
receiver appointed by the Office of Thrift Supervision. There is no discussion in the Disclosure
Statement of how a monetary recovery could be had under such circumstances. These facts
should be disclosed to those voting on the Plans.
C. Inadequate Disclosure of Litigation Regarding the Tax RefundsThe other potential asset described in the Plans as available to the Debtors and recognized
in the Disclosure Statement is the alleged ability to recover certain Tax Refunds. There is a
dispute between the Debtors and the FDIC-Receiver over the ownership of the Tax Refunds.
The Disclosure Statement provides little if any information by which creditors can evaluate the
strength of the Debtors claim to the Tax Refunds . In order to recover the Tax Refunds, the
Debtors will need to rely upon a Tax Allocation Agreement dated as of January 1, 2008 (the
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Tax Allocation Agreement) that states [i]n essence, this Agreement requires that each first-
tier subsidiary be treated as a separate taxpayer with UWBI merely being an intermediary
between an Affiliate and the Internal Revenue Service. This means that the Debtors lack any
ownership interest in the refunds but merely hold the refunds for the benefit of their affiliates.
Given such an express provision, the Debtors should never be awarded the Tax Refunds. In re
Harrison, 430 B.R. 679, 682 (Bankr. D. Kan. 2010) (debtor that only had bare legal interest in
property and no equitable interest in property did not acquire equitable interest in property as a
result of bankruptcy filing and debtor was not entitled to use such property for benefit of
creditors). The Debtors should at least disclose the terms of the Tax Allocation Agreement upon
which their case rests so that creditors can evaluate whether a plan that relies upon a recovery
makes sense. In re Dakota Rail, Inc., 104 B.R. 138, 146-7 (Bankr. D. Minn. 1989) (disclosure
statement not approved where it did not accurately describe debtors claim to certain property
and creditors could not make informed decision regarding whether property was owned by the
debtor or other parties). Further, the Disclosure Statement should make clear that future
litigation over the Tax Refunds is expressly contemplated and not barred.
D. No Disclosure Is Made of the FDIC-Receivers Unsecured ClaimThe FDIC-Receiver filed the FDIC-Receiver Claim herein on August 30, 2012, by which the
FDIC-Receiver asserts, among other things, an unsecured claim in the event it loses the dispute
regarding the Tax Refunds because it will then be entitled to a claim in the amount of the Tax
Refunds owed to it by the Debtors under the terms of the aforementioned Tax Allocation Agreement.
The FDIC-Receivers unsecured claim is not discussed at all in the Disclosure Statement, nor is it
covered by the Plans. [Disclosure Statement, Art. VI E. and F.] (discussing other claims of the FDIC-
Receiver, but not the unsecured claim).
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Although the Disclosure Statements general description of the Plans implies that there will be
future litigation over the Tax Refunds, the Plans also suggests that it resolves all claims against the
estate. [Disclosure Statement, II, VI A.]. This contradiction must be resolved.
E. The Illustration Relating to Distributions is MisleadingThe Disclosure Statement contains an illustration of a possible distribution under the
Plans. [Disclosure Statement, Art. VI. D., E., F.]. The illustration posits a large recovery in the
District Court Litigation and then describes overwhelming recoveries for creditors. Id. Such an
illustration is misleading in that it has no basis in fact. In re Dakota Rail, Inc., 104 B.R. at 149
(A disclosure statement is misleading where it contains glowing opinions or projections, having
little or no basis in fact and/or contradicted by known fact.).
F. Inadequate Disclosure of Risk FactorsThe section of the Disclosure Statement on risk factors, consisting of two paragraphs,
does little to explain to creditors the consequences of the risks involved in going forward with
the Plans, and the descriptions of the risks themselves, relating to litigation, are inadequate for
the reasons outlined above. [Disclosure Statement, Art. XVI]; In re Cardinal Congregate I, 121
B.R. 760, 765 (Bankr. S.D. Ohio 1990). (Generally, a disclosure statement must contain all
pertinent information bearing on the success or failure of the proposals in the plan of
reorganization.). The Disclosure Statements description of the risks associated with the dispute
over the Tax Refunds is entirely inadequate. The Disclosure Statement only states that there is
a risk that the FDIC will prevail against Debtor UWBK in a dispute over ownership of the Tax
Refunds, and does not contain any discussion of the merits of either the FDIC-Receivers
arguments or the Debtors arguments. [Disclosure Statement, Art. XVI B.]. Further, the
Disclosure Statement fails to adequately disclose that the Tax Refunds, which the Debtors claim
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will be used to make distributions to unsecured creditors, may also be used and consumed to pay
some of the costs and expenses incurred in the Debtors pursuit of the District Court Litigation.
This is particularly troubling considering that if the Debtors recover any damages in the District
Court Litigation, those damages will be for the primary benefit of the Debtors secured creditors
and professionals. [Disclosure Statement, Art. IX E.].
G. There Is No Liquidation AnalysisAt a minimum, the disclosure statement must include a liquidation analysis . In re
S.E.T. Income Prop., III, 83 B.R. 791, 792 (Bankr. N.D. Okla. 1988); see also, In re Scioto Valley, 88
B.R. at 171 (including a liquidation analysis in a list of the type of information which should be
addressed by a disclosure statement). The Disclosure Statement contains no such analysis. At a
minimum, the Disclosure Statement should comply with the basic liquidation analysis set forth in
Official Form 25B (Exhibit E) applicable to disclosure statements in small business cases under
chapter 11. Further, any meaningful liquidation analysis in this case would require a thoughtful
evaluation of the likelihood of litigation recoveries. Such an analysis is completely absent from the
Disclosure Statement.
H. Inadequate Information Regarding the Liquidating TrusteeThe Plans are to be administered by a Liquidating Trustee who is a former officer of the
Debtors. The Disclosure Statement provides no information on the background or experience of the
proposed Liquidating Trustee to determine if he has any potential conflicts or other impediments that
would make him an inappropriate candidate for the job. For instance, are there potential claims
against former officers and directors?3 How could this Liquidating Trustee possibly evaluate them?
The Liquidating Trustee is also being compensated based on the outcome of the District Court
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Litigation. [Disclosure Statement, IX D.]. Although any settlement will require approval, how can
the Debtors creditors be confident in the Liquidating Trustees judgments concerning litigation
strategy? From what little we know, Mr. Abariotes was involved in the Debtors failure and because
his compensation is based on the outcome of the District Court Litigation, his individual interests
(both financial and personal) could diverge from that of the creditors. Ches v. Archer, 827 F.Supp.
159, 168 (W.D.N.Y. 1993) (Where an officer/trustee clearly has substantial career and financial
interests conflicting with a plans beneficiaries, the Court noted it may be almost impossible for him
to discharge his duties solely in the beneficiaries interest and the fiduciary may need to step aside, at
least temporarily, from the management of the plan wherein he faces the conflicting interests and for
the duration of the event that is creating the conflict.) (citations omitted). Mr. Abariotes conflict of
interest is unlike the conflict that an appointed chapter 7 or chapter 11 trustee would face, because
unlike an appointed trustee Mr. Abariotes compensation is not subject to any requirement that it be
reasonable or related in any way to the hours or effort he exerts. See In re MiniScribe Corp., 309
F.3d 1234 (10th Cir. 2002) (a chapter 7 trustee is only allowed reasonable compensation which is
subject to a lodestar test and a statutory cap under 326(a)). Instead, Mr. Abariotes compensation
will be based on the amount of any recovery in the District Court Litigation. As such, he is
incentivized to pursue the District Court Litigation regardless of the costs and delays it may impose
upon the Debtors bankruptcy estates so that he can preserve his own chance at a financial windfall in
that case, perhaps to the detriment of preserving tax refunds owed to the entire consolidated group.
Without adequate disclosure, at a minimum, no judgment on plan approval can be responsibly made.
3 The Disclosure Statement suggests that there are, but does not describe what these claims might be. [DisclosureStatement, Art. IX A.].
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I. Inadequate Information Is Provided in Order to Determine the Priority ofClaimants
The Disclosure Statement describes the priority schedule under the UWBK plan. [Disclosure
Statement, Art. VI E.]. Among the parties to be paid as unsecured creditors are certain debenture
holding claimants. [Disclosure Statement, Art. VI F.(5), IX E.]. At least one of the debentures is
described as junior subordinated debentures. Id. A more complete description is needed in order to
evaluate whether the plan treats the holders of these instruments appropriately. Who are they junior
to? Are they properly classified? This is the essence of adequate disclosure.
J. The Disclosure Statement Contains an Incorrect Cross-ReferenceThe cross reference on Page 20 of the Disclosure Statement to Section 7.4 makes no sense.
[Disclosure Statement, Art. IX E.(2)].
[remainder of page intentionally left blank]
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VI. CONCLUSIONWHEREFORE, because the Disclosure Statement does not provide the adequate
information required by section 1125 of the Bankruptcy Code, the FDIC-Receiver requests that
the Court deny approval of the Disclosure Statement and grant such other and further relief as the
Court deems just and proper.
Dated: February 6, 2013/s/ John F. Young
John F. Young, #26989Markus Williams Young & Zimmerman LLC1700 Lincoln Street, Suite 4000Denver, Colorado 80203-4505Telephone: (303) 830-0800Facsimile: (303) 830-0809E-mail: [email protected]
- and -
Alan P. SolowDLA Piper LLP (US)203 North LaSalle Street, Suite 1900Chicago, Illinois 60601Telephone: (312) 368-4000Facsimile: (312) 630-6303E-mail: [email protected]
Counsel for the Federal Deposit Insurance
Corporation, in its capacity as Receiver of United
Western Bank of Denver, Colorado
Of Counsel:
B. Amon James, Acting Senior CounselJason Ballard, CounselFederal Deposit Insurance Corporation3501 Fairfax DriveArlington, Virginia 22226Telephone: (703) 562-2631
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CERTIFICATE OF SERVICE
The undersigned certifies that on February 6, 2013, I caused to be served by CM/ECFelectronic service the OBJECTION OF THE FEDERAL DEPOSIT INSURANCECORPORATION AS RECEIVER TO DISCLOSURE STATEMENT FOR DEBTORS
PLANS OF LIQUIDATION DATED NOVEMBER 6, 2012 on all parties against whom reliefis sought and those otherwise entitled to service pursuant to the Fed. R. Bankr. P. and theseL.B.R. at the following Address:
Theodore Brin1601 Blake St., Ste. 305Denver, CO 80202
Maria J. Flora1763 Franklin St.Denver, CO 80218
Paul G. Urtz1660 Lincoln St., Ste. 2850Denver, CO 80264
Jeffrey M. Lippa1200 17th St.,Ste. 2400Denver, CO 80202
Ethan Birnberg600 17th St., Ste. 1800Denver, CO 80202
Jessica Kumar155 N. Wacker Dr., Ste. 3200Chicago, IL 60606
Regina Ries1660 Lincoln St., Ste. 2200Denver, CO 80264
Harvey Sender1660 Lincoln St., Ste. 2200Denver, CO 80264
David Warner1660 Lincoln St., Ste. 2200Denver, CO 80264
Matthew D. SkeenP.O. Box 218Georgetown, CO 80444
Joel Laufer
5290 DTC Pkwy, Ste. 150Englewood, CO 80111
Brendon C. Reese
1300 Broadway, 8th FloorDenver, CO 80203
Angela D. Dodd175 W. Jackson Blvd., Ste. 900Chicago, IL 60604
Jarrod Martin999 18th St. Ste. 1551Denver, CO 80202
Alan K. MotesUnited States Trustee Program999 18th St., Ste. 1551Denver, CO 80202
Jared S. RoachReed Smith, LLP225 Fifth AvenuePittsburgh, PA 15222
United Western Bancorp, Inc.
Matrix Bancorp Trading, Inc., andMatrix Funding Corp.
12301 Grant Street, Suite 110Thornton, CO 80241
/s/ Jenny F. Tokuoka
Jenny F. Tokuoka
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Case:12-13815-ABC Doc#:236-2 Filed:02/06/13 Entered:02/06/13 15:31:13 Page1 of 3
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7/29/2019 UWBKQ 2-5-2012 FDIC OBJECTION TO PLAN OF LIQUIDATION
20/21
Case:12-13815-ABC Doc#:236-2 Filed:02/06/13 Entered:02/06/13 15:31:13 Page2 of 3
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7/29/2019 UWBKQ 2-5-2012 FDIC OBJECTION TO PLAN OF LIQUIDATION
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Case:12-13815-ABC Doc#:236-2 Filed:02/06/13 Entered:02/06/13 15:31:13 Page3 of 3