By Oliver Wright Esq.
The bankruptcy court overseeing the liquidation of mortgage lender Taylor Bean & Whitaker has approved a stalking-horse bid on the nonbank’s real estate-owned portfolio which includes almost 2,000 properties. The portfolio has been appraised at $330 million. A stalking-horse bid is a strategy whereby a bankrupt company obtains an initial bid on its assets from an interested buyer of their choosing. TBW’s chief restructuring officer plans to accept competing bids on Dec. 9. Ocala, Fla.-based TBW filed for bankruptcy protection in August after the Department of Housing and Urban Development pulled its FHA credentials.
