1st home liquidating trust
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Klingenstein (Trustee), John Klingenstein, Stanley W.
Willard Tucker, Sit Investment Associates, Inc., Susan T.
Burge Burton, Prime Bank, Kendall Dematteo Berkey, Robin Dematteo, Elizabeth Dematteo Falcone, Cynthia Ann Falcone, Kevin Dematteo, Estate of Katherine Preyer Dematteo (Co-Administrators), Rita A.
Hovis, Patricia Austin Nussbaum Sevier (Trustee), Estate of Sarah Hutchens Brinson, Estate of Anita P.
Holmes, Jr., Investors Management Corporation, National Investors, Dan R.
Winn, Jr., Young Phillips Employee Profit Sharing Plan, F. Employees Profit Sharing Trust, Avery Chope, Alan D.
In other cases, the FHLBB approved the use of purchase-method accounting without entering into a contract. Trying to correct a myriad of issues, Congress adopted FIRREA in 1989, completely restructuring federal thrift regulation.
This practice led to unintended and unfortunate consequences. Thus, an acquiring thrift could create goodwill and recognize it as reserve capital, thus improving its capital footing. Of most relevance here, thrifts were required to maintain set minimum capital requirements, and, following a transition period, supervisory goodwill could no longer be counted as a capital asset for federal regulatory purposes. To encourage such supervisory acquisitions, the FHLBB in some cases offered contractual incentives to the healthy thriftsthe primary incentive being a promise that the acquisitions would be subject to a particular accounting treatment, called purchase-method accounting. Under purchase-method accounting, the acquiring institution could designate the excess of the purchase price over the fair value of all identifiable assets acquired as goodwill, called "supervisory goodwill" in the context of these supervisory mergers. The supervisory goodwill incentivized healthy thrifts to acquire or merge with ailing thrifts because the healthy thrifts could count supervisory goodwill toward the reserve capital requirements imposed by federal regulations, and could amortize the goodwill over a long period of time. Winstar and others then sued the Government for breach of contract.