Bankruptcy – Trustee Can’t Assert FDIC’s Claims

Bankruptcy – Trustee Can’t Assert FDIC’s Claims (access required)

In re: Beach First National Bancshares Inc. A bankruptcy trustee for debtor corporation whose principal asset, a bank, went into receivership with the FDIC, may not assert derivative claims against the corporate directors for breach of fiduciary duties, as these claims properly belong to the FDIC; however, the 4th Circuit says the trustee may assert a claim for improper subordination of debtor’s interest in an LLC that owned real estate.

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