Taylor, Bean & Whitaker Files For Chapter ll

It’s probably worthy of note that Taylor, Bean & Whitaker, the large Florida mortgage bank, has in the span of three weeks, closed its mortgage business, been kicked out the door by FHA and today filed for Chapter ll.

I have no idea why they filed an eleven as opposed to a seven, other than “hope springs eternal.” If ever there was a dead company walking this is it. It’s probably less about and serious intent of reorganizing the company than it is about keeping it alive as a source of defense dollars for the officers and directors.

As I keep saying, stay tuned. When they are finished digging through TBW and Colonial and the ties between the two and among their customers, it all might turn out to be one of the biggest stories of the entire recession episode.

more: here (NYT on BK) and here and here (Prior posts on TBW)

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