Day: May 27, 2009

Tyler Durden and Marla / Sop and Nowdy: Bitter Financial Intercourse??

I got a kick out of Tyler Durden’s welcome of Marla to  the Zero Hedge blog mainly because it reminded me of how Nowdy and I sometimes interact:

She pisses me off on a regular basis, but, as the only way to truly grow is through conflict, we all will benefit from her (twisted) perspectives.

Actually I think I piss off Nowdy on a regular basis but man o man has she grown over this past 19 months….;-)

Marla’s first post, like many done by my blog partner Nowdy was a hit out of the park. Is the SEC captured and toothless? You betcha!

In the annals of rank regulatory intercourse there isn’t much more severe debauchery than the distant history that is the BankUnited story. Yes, big bank failures have become so common that they seem to pass through the cycle news unnoticed, untapped and unexplored. The ugly girl on prom night. Attended to briefly, then discarded in the blinding haze of hangover blurred Sunday morning sunshine, a rueful shake of the head and the cursed oath never again to drink Jagermeister. Even the deep investigation into IndyMac seems to have joined the ranks of early morning beer goggle mistakes and is now attended by an endless chorus of “who cares” or perhaps “so what?” Last we checked the remnants of BankUnited were about to be acquired by W.L. Ross & Co., Blackstone Group and Carlyle Group. We wonder if some due diligence details haven’t escaped their notice in the rush to vacuum up the marbles.

Picking through some of BankUnited’s public filings we discovered some interesting details.

From BankUnited’s 2007 10-K:

For the 2007, 2006 and 2005 fiscal years, BankUnited retained the law firm of Camner, Lipsitz and Poller, Professional Association (“CLP”), as general counsel. Alfred R. Camner, Chief Executive Officer and Chairman of the Board of Directors of BankUnited, is the Senior Managing Director of CLP. For the 2007, 2006 and 2005 fiscal years, BankUnited paid CLP approximately $4.9 million, $3.6 million, and $3.5 million, respectively, in legal fees allocable to loan closings, foreclosures, litigation, corporate and other matters. Errin Camner, Managing Director of CLP, is the daughter of Alfred R. Camner. Continue reading “Tyler Durden and Marla / Sop and Nowdy: Bitter Financial Intercourse??”

Slabbed Daily – May 27th: Some insurance litigants never catch a break….

At least not career insurance defense medical expert witness David Aiken who evidently couldn’t decide if he loves or hates his paymaster/insurer USAA in a case we blogged on extensively and gavel to gavel back in early 2008. They evidently never forgave USAA’s other experts – the engineers at Rimkus Consulting whom Judge Senter dismissed from the lawsuit after the plaintiff’s portion of the case was presented. Simply put the Aikens had no case against Rimkus.

Early this morning we were emailed the link to the Aiken’s appeal at the 5th Circuit by a lawyer who finds Mr Aiken’s love-hate relationship with USAA amusing.  Evidently so do the folks at the Times Picayune as they have also run an AP story on yesterday’s decision at the 5th Circuit Court of Appeals that appeared at NOLA.com this afternoon. Before we link the story we’ll begin with the decision itself on courtesy of Scribd. Continue reading “Slabbed Daily – May 27th: Some insurance litigants never catch a break….”

O’Keefe the Timex of Katrina litigation – update on O’Keefe v State Farm

In the latest filing in O’Keefe v State Farm, a Response in Opposition to State Farm’s motion for a protective order, O’Keefe once again comes back with a punch – giving cause for considering the case the Timex of Katrina litigation and what, if any, relationship there is between Daniel and Jerry:

Quite simply, State Farm, while acknowledging the Plaintiffs’ right to discover claims procedures, coverage interpretation documents and similar information in the prosecution of their claims for bad faith and fraudulent claims practices, wants to make sure that any evidence  proving Plaintiffs’ allegations of institutional fraud is not made available to the public…

The “Protective Order” proposed by State Farm is, on its face, overly broad. It seeks to make all documents and information produced by State Farm, or any of its agents or  representatives, “confidential”… Continue reading “O’Keefe the Timex of Katrina litigation – update on O’Keefe v State Farm”