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Investors worry about Colorado bank sale

8:55 AM, Nov 13, 2012   |    comments
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Big Sandy Holding Co., the Longmont-based bank's owner, filed for Chapter 11 bankruptcy last month after announcing it had signed a deal to sell to a Texas banking group for $5.5 million. 

According to the Denver Post (http://tinyurl.com/c8et9pc), holders of about $44 million in unsecured debts are worried that they'll end up losing their investments. 

The sale can be approved only after a public auction, scheduled to close Dec. 6.

Another buyer would have to beat the amount offered by El Paso-based Strategic Growth Bancorp. 

The buyers said they will provide as much as $90 million in additional capital. 

They have already loaned $1 million in working capital.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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