Attached files
file | filename |
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8-K/A - 8-K/A - CORUS BANKSHARES INC | c96031e8vkza.htm |
EX-99.2 - EXHIBIT 99.2 - CORUS BANKSHARES INC | c96031exv99w2.htm |
EX-99.1 - EXHIBIT 99.1 - CORUS BANKSHARES INC | c96031exv99w1.htm |
Exhibit 99.3
10 S. Riverside Plaza, Suite 1800
Chicago, IL 60606
(312) 474-6388
Chicago, IL 60606
(312) 474-6388
February 1, 2010
Mr. Robert W. Kruse, III
Bank of America, N.A.
540 West Madison Street, 18th Floor
Chicago, Illinois 60661
Attention: Global Securities Solutions Corus Statutory Trust XI
Bank of America, N.A.
540 West Madison Street, 18th Floor
Chicago, Illinois 60661
Attention: Global Securities Solutions Corus Statutory Trust XI
Re: Notice of Default
Ladies and Gentlemen:
On January 27, 2010, for the first time we received copies of two letters (the Default
Notices) dated January 5, 2010, one addressed to Alesco Preferred Funding IX (Alesco IX) and the
other to Alesco Preferred Funding X (together with Alesco IX, the Securityholders), notifying the
Securityholders that an Event of Default has occurred pursuant to Section 5.01(e) (the Specified
Event of Default) of that certain Indenture (the Indenture) dated as of December 19, 2005, by
and among Corus Bankshares, Inc. (the Company) and Bank of America, N.A. (as successor by merger
to LaSalle Bank National Association), as Trustee, relating to the Junior Subordinated Debt
Securities due March 15, 2036 issued by the Company. Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in the Indenture.
You are hereby advised that the Company disagrees with any allegation that the Specified Event
of Default (or any other Event of Default under the Indenture) has occurred. The Specified Event
of Default reads as follows:
(e) a court having jurisdiction in the premises shall enter a decree or order for
relief in respect of the Company in an involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or appoints
a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Company or for any substantial part of its property, or orders the
winding-up or liquidation of its affairs and such decree or order shall remain
unstayed and in effect for a period of 90 consecutive days; or
Upon review, the Company is certain that you will conclude that there is no supportable argument
for the existence of the Specified Event of Default because, among other things, no court has taken
any of the above described actions with respect to the Company or any substantial part of its
property.
Further, while the Default Notices do not state that an Event of Default has occurred under
Section 5.01(f) of the Indenture, we note that there is also no basis for concluding that an Event
of Default has occurred under that Section because, among other things, contrary to the assertion
in the Default Notices the Company has at no time consented to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of the Company or of any substantial part of its property.
For the reasons set forth above, the Company requests the Trustee to immediately rescind and
withdraw the Default Notices.
Please note that the Company does not waive, and hereby expressly reserves, all rights and
remedies with respect to the foregoing or any other matter relating to the Indenture and related
agreements.
We would kindly request to be copied on any future written correspondence from the Trustee to
the Securityholders or others concerning this, or any related, matter. Please replace the address
for notices and other communications with the Company as set forth in Section 14.04 of the
Indenture with the following:
Corus Bankshares, Inc.
10 South Riverside Plaza, Suite 1800
Chicago, Illinois 60606
Attention: Michael J. Minnaugh
Fax: (312) 474-6382
Email: mminnaugh@corusbankshares.com
10 South Riverside Plaza, Suite 1800
Chicago, Illinois 60606
Attention: Michael J. Minnaugh
Fax: (312) 474-6382
Email: mminnaugh@corusbankshares.com
Please contact Michael Minnaugh at (312) 474-6391 with any questions concerning this letter.
Sincerely, CORUS BANKSHARES, INC. |
||||
By: | ||||
Name: | Michael J. Minnaugh | |||
Title: | Chief Financial Officer |
cc:
|
Alesco Preferred Funding IX, Michael Quaile | |
Alesco Preferred Funding X, Steven Gomes |