Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership, 52663 [2011-21546]

Download as PDF mstockstill on DSK4VPTVN1PROD with NOTICES Federal Register / Vol. 76, No. 163 / Tuesday, August 23, 2011 / Notices information on the operation of their EAS equipment during a national test of the EAS: (1) Whether they received the alert message during the designated test; (2) whether they retransmitted the alert; and (3) if they were not able to receive and/or transmit the alert, their ‘best effort’ diagnostic analysis regarding the cause or causes for such failure. OMB also authorized the Commission to require EAS Participants to provide it with the date/time of receipt of the EAN message by all stations; and the date/ time of receipt of the EAT message by all stations; a description of their station identification and level of designation (PEP, LP–1, etc.); who they were monitoring at the time of the test, and the make and model number of the EAS equipment that they utilized. In the Third Report and Order in EB Docket No. 04–296, FCC 09–10, the Commission adopted the foregoing rule requirements. In addition, the Commission decided that test data will be presumed confidential and disclosure of test data will be limited to FEMA, NWS and EOP at the federal level. At the State level, test data will be made available only to State government emergency management agencies that have confidential treatment protections at least equal to FOIA. The process by which these agencies would receive test data will comport with those used to provide access to the Commission’s NORS and DIRS data. We seek comment on this revision of the approved collection. In the Third Report and Order, the Commission also indicated that it would establish a voluntary electronic reporting system that EAS test participants may use as part of their participation in the national EAS test. The Commission noted that using this system, EAS test participants could input the same information that they were already required to file manually via a web-based interface into a confidential database that the Commission would use to monitor and assess the test. This information would include identifying information such as station call letters, license identification number, geographic coordinates, EAS assignment (LP, NP, etc), EAS monitoring assignment, as well as a 24/ 7 emergency contact for the EAS Participant. The only difference, other than the electronic nature of the filing, would the the timing of the collection. On the day of the test, EAS Test participants would be able to input immediate test results, (e.g., was the EAN received and did it pass) into a web-based interface. Test participants would submit the identifying data prior to the test date, and the remaining data VerDate Mar<15>2010 16:33 Aug 22, 2011 Jkt 223001 52663 Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims. As of June 30, 2011, the value of assets available for distribution by the Receiver, together with maximum possible recoveries on claims against directors, officers, and other professionals was $86,789,915. As of the same date, administrative expenses and depositor liabilities equaled $220,441,349, exceeding available assets and potential recoveries by $133,651,434. Accordingly, the FDIC has determined that insufficient assets exist to make any distribution on general unsecured creditor claims (and any lower priority claims) and therefore all such claims, asserted or unasserted, will recover nothing and have no value. Federal Deposit Insurance Corporation (FDIC). ACTION: Notice. Dated: August 18, 2011. Robert E. Feldman, Executive Secretary. The FDIC has determined that insufficient assets exist in the receivership of Sun American Bank, Boca Raton, Florida, to make any distribution on general unsecured claims, and therefore such claims will recover nothing and have no value. DATES: The FDIC made its determination on August 18, 2011. FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, you may contact an FDIC Claims Agent at (904) 256–3925. Written correspondence may also be mailed to FDIC as Receiver of Sun American Bank, Attention: Claims Agent, 7777 Baymeadows Way West, Jacksonville, Florida 32256. SUPPLEMENTARY INFORMATION: On March 5, 2010, Sun American Bank, Boca Raton, Florida, (FIN #10192) was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (‘‘FDIC’’) was appointed as its receiver (‘‘Receiver’’). In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund, see 12 U.S.C. 1823(c)(4), the FDIC facilitated a transaction with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to acquire all of the deposits and most of the assets of the failed institution. BILLING CODE 6714–01–P called for by our reporting rules (e.g. the detailed test results) within the 45 day period. The Commission believes that structuring an electronic reporting system in this fashion would allow the participants to populate the database with known information well prior to the test, and thus be able to provide the Commission with actual test data, both close to real-time and within a reasonable period in a minimally burdensome fashion. The Commission also seeks comment on this revision of the approved collection. Federal Communications Commission. Marlene H. Dortch, Secretary, Office of the Secretary, Office of Managing Director. [FR Doc. 2011–21545 Filed 8–22–11; 8:45 am] BILLING CODE 6712–01–P FEDERAL DEPOSIT INSURANCE CORPORATION AGENCY: SUMMARY: PO 00000 Frm 00031 Fmt 4703 Sfmt 4703 [FR Doc. 2011–21546 Filed 8–22–11; 8:45 am] DEPARTMENT OF HEALTH AND HUMAN SERVICES Centers for Disease Control and Prevention (CDC) Notice of Intent To Award Affordable Care Act Funding, DP–09–001 Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS). ACTION: Notice. AGENCY: This notice provides public announcement of CDC’s intent to fund Approved cooperative agreement applications previously received and competed in response to CDC Funding Opportunity, RFA–DP–09–001, ‘‘Health Promotion and Disease Prevention Research Centers (U48).’’ It is the intent of CDC to fund the applications with Patient Protection Affordable Care Act (ACA), Section 4002, appropriations. CFDA Number 93.542 is the ACAspecific CFDA number for this initiative. SUMMARY: Award Information Approximate Current Fiscal Year Funding: $10,000,000. E:\FR\FM\23AUN1.SGM 23AUN1

Agencies

[Federal Register Volume 76, Number 163 (Tuesday, August 23, 2011)]
[Notices]
[Page 52663]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-21546]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Determination of Insufficient Assets To Satisfy Claims Against 
Financial Institution in Receivership

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice.

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SUMMARY: The FDIC has determined that insufficient assets exist in the 
receivership of Sun American Bank, Boca Raton, Florida, to make any 
distribution on general unsecured claims, and therefore such claims 
will recover nothing and have no value.

DATES: The FDIC made its determination on August 18, 2011.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this 
notice, you may contact an FDIC Claims Agent at (904) 256-3925. Written 
correspondence may also be mailed to FDIC as Receiver of Sun American 
Bank, Attention: Claims Agent, 7777 Baymeadows Way West, Jacksonville, 
Florida 32256.

SUPPLEMENTARY INFORMATION: On March 5, 2010, Sun American Bank, Boca 
Raton, Florida, (FIN 10192) was closed by the Florida Office 
of Financial Regulation, and the Federal Deposit Insurance Corporation 
(``FDIC'') was appointed as its receiver (``Receiver''). In complying 
with its statutory duty to resolve the institution in the method that 
is least costly to the deposit insurance fund, see 12 U.S.C. 
1823(c)(4), the FDIC facilitated a transaction with First-Citizens Bank 
& Trust Company, Raleigh, North Carolina, to acquire all of the 
deposits and most of the assets of the failed institution.
    Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. 1821(d)(11)(A), sets 
forth the order of priority for distribution of amounts realized from 
the liquidation or other resolution of an insured depository 
institution to pay claims. Under the statutory order of priority, 
administrative expenses and deposit liabilities must be paid in full 
before any distribution may be made to general unsecured creditors or 
any lower priority claims.
    As of June 30, 2011, the value of assets available for distribution 
by the Receiver, together with maximum possible recoveries on claims 
against directors, officers, and other professionals was $86,789,915. 
As of the same date, administrative expenses and depositor liabilities 
equaled $220,441,349, exceeding available assets and potential 
recoveries by $133,651,434. Accordingly, the FDIC has determined that 
insufficient assets exist to make any distribution on general unsecured 
creditor claims (and any lower priority claims) and therefore all such 
claims, asserted or unasserted, will recover nothing and have no value.

    Dated: August 18, 2011.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2011-21546 Filed 8-22-11; 8:45 am]
BILLING CODE 6714-01-P