Federal Deposit Insurance Corporation, as Receiver for Colonial Bank v. The Colonial BancGroup, Inc.

Filing 59

ORDER that there is no longer a need to extend the stay entered December 30,2011 55 . Because the January 24 and 25 opinion and orders have been vacated, the parties are back where they were just prior of January 24 (subject to the consent order of January 28, 2011), with the result that the status quo is preserved and with appellee Colonial BancGroup, Inc. having no access to the demand-deposit accounts at issue (beyond the agreed-to January 28 consent order) until the bankruptcy court has had an opportunity to reconsider its January 24 and 25 opinion and orders. Signed by Honorable Judge Myron H. Thompson on 1/4/2012. (jg, ) TERMINATED ORAL ARGUMENT January 20, 2012, at 10:30 a.m.

IN THE DISTRICT COURT OF THE UNITED STATES FOR THE
MIDDLE DISTRICT OF ALABAMA, NORTHERN DIVISION

IN RE THE COLONIAL
BANCGROUP, INC.,

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Debtor.

FEDERAL DEPOSIT INSURANCE
CORPORATION, as Receiver
for Colonial Bank,
Appellant,
v.
THE COLONIAL BANCGROUP,
INC., et al.,
Appellees,

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CIVIL ACTION NO.
2:11cv133
(WO)

ORDER
This court having vacated the bankruptcy court’s
‘setoff’ opinion and orders of January 24 and 25, 2011,
which found that appellant Federal Deposit Insurance
Corporation, in its capacity as receiver for Colonial
Bank, had no right of setoff, it is ORDERED that there is
no longer a need to extend the stay entered December 30,
2011 (Doc. No. 55).

Because the January 24 and 25

opinion and orders have been vacated, the parties are
back where they were just prior of January 24 (subject to
the consent order of January 28, 2011), with the result
that

the

status

quo

is

preserved

and

with

appellee

Colonial BancGroup, Inc. having no access to the demanddeposit accounts at issue (beyond the agreed-to January
28 consent order) until the bankruptcy court has had an
opportunity to reconsider its January 24 and 25 opinion
and orders.
DONE, this the 4th day of January, 2012.

/s/ Myron H. Thompson
UNITED STATES DISTRICT JUDGE