Posted 2/17/2014 12:00 am
Updated 10 months ago
You might recall that a postponed hearing to haggle out some differences between One Bank & Trust officials and Dick Torti was supposed to happen last month.
Well it didn’t.
We’re told the parties came to an understanding that addressed a big point of contention.
Officials at the $386.4 million-asset bank agreed not to challenge Torti’s dual role as executor of Layton “Scooter” Stuart’s estate and trustee of the Stuart family trust.
The family trust was the designated recipient of a $17.7 million life insurance payout on Stuart, who was chairman, CEO and president of One Bank until federal regulators ousted him in September 2012.
The money was seized last year by federal officials along with cash and other assets that pushed the total to about $18 million.
Torti agreed not to fight the appointment of a mediator in disputed matters involving the Little Rock bank, its holding company, OneFinancial Corp., or the insurance proceeds.
We continue to hear talk of a global settlement between the parties regarding distribution of the seized assets.
One Bank has laid an $18.8 million claim, representing money that Stuart allegedly pulled out of the bank through systemic self-dealing.
In addition to One Bank, the Stuart estate and the Stuart family trust, the list includes BHL Financing LLC, led by Johnelle Hunt, which is owed $15.1 million. The debt is secured by Stuart’s 99.9 percent ownership of OneFinancial Corp., which in turn owns the bank.
Also in the mix is the U.S. Treasury, which is owed about $13.5 million in TARP funding that flowed to OneFinancial and into One Bank.
The bank lost $6.6 million during 2013 and ended the year with total equity of $14.7 million.