Bradley Arant Boult Cummings attorney Chris Glenos was recently quoted regarding the bankruptcy case of The Colonial BancGroup, Inc., former parent of the failed Colonial Bank. Colonial Bank's assets were seized by the FDIC and sold to BB&T in August of 2009. Colonial BancGroup's recent plan was denied because according to the judge, it was not "in the best interest of the creditors." Glenos, who represents BB&T in the bankruptcy case, argued at the confirmation hearing, "The creditors deserve a case run by an impartial Chapter 7 trustee whose actions and compensation are subject to the provisions of the bankruptcy code and the court's oversight, rather than a case run by a committee of hedge funds with their own agenda who want to gamble the bankruptcy estate's assets pursuing scorched-earth, high-stakes litigation."
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