Alarmed by this plan, officials decided to force a sale. The bank was being sold, and the value of the existing shares would likely be wiped out as investors' equity was used to pay down the bad loans. Shortly after the meeting, the shareholders scrambled to pull their cash out of Scottie. But regulators caught the order, and reversed it. Because Abaco's stock is likely to be rendered worthless, investors in the fund will lose nearly everything.
Regulators say they are still trying to figure out the Atlanta land deals.
Perhaps most damaged is the Monterrey elite's reputation for business savvy. Now the rest of the city is learning that not everything they touch is gold. Inc. All Rights Reserved.