Tuesday, February 12, 2013
Shareholders Suing U.S. Century Bank. By Geniusofdespair
Interesting to note, the head of Shoma Homes (also a U.S. Century Bank Shareholder), Masoud Shojaee, is suing his fellow home builders/bank officers over at U.S. Century Bank. I wonder if Juan J. Herran is suing relatives, Augustin and Manuel Herran.
Rodney Barreto, a director of the bank, modified his mortgage with U.S. Century on January 15th but unfortunately I cannot access the document to see what he did. Sergio Pino, another director, also modified a mortgage held by U.S. Century Bank on January 28th. Why are direcrors/former directors modifying their mortgages? The mortgage that Sergio Pino is modifying had an initial indebtedness secured by $500,000, maximum principal indebtedness $10,000,000. A third officer, Armando Guerra also modified a mortgage December 12th. His original mortgage was for $3,004,400. I didn't see modifications for the other officers.
The Miami Herald reported today that U.S. Century is close to recapitalizing the Bank. The shareholders have to agree to the deal with Jimmy Tate and Sergio Rok putting $50 million in to wipe out bad loans. I wonder if Masoud Shojaee likes the deal? Personally, I like any deal that will help pay back the $50.2 million in Tarp funds this bank got.