Posted 9/23/2013 12:00 am
Updated 5 months ago
One Bank & Trust filed a more detailed claim for money allegedly owed by its former chairman, president and CEO, the late Layton “Scooter” Stuart.
The Little Rock bank claims it is entitled to $14.2 million of the $18 million in assets seized by federal agents.
That claim total includes an unusual component: more than $1.1 million in interest charges associated with 17 alleged misappropriations.
The way the bank figures it, the interest accrues from the date of the alleged misappropriation, sort of like a loan that nobody agreed to.
In another legal-accounting twist, the bank is claiming an additional $2.2 million in TARP funds that Stuart allegedly misappropriated. This item also bears an interest claim: $560,229.
One Bank officials are making these two claims for the benefit of One Financial Corp., the recipient and dispenser of the TARP funds, and/or the U.S. Department of Treasury, the source of the TARP funds.
Stuart’s estate owns One Financial Corp., which in turn owns One Bank. That makes the bank’s TARP claim awkward to say the least.
The new math is in response to an emergency petition for the release of some seized funds for Stuart’s family because the value of the assets exceeded earlier claims by at least $4 million. n