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| TFIN.PK > SEC Filings for TFIN.PK > Form 8-K on 13-Apr-2009 | All Recent SEC Filings |
13-Apr-2009
Bankruptcy or Receivership, Triggering Events That Accelerate or Increase
On April 5, 2009, Team Financial, Inc. (the "Registrant") filed for voluntary bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Kansas (Wichita) (the "Bankruptcy Court"), under case number 09-10925. The proceeding is entitled In re Team Financial, Inc.
The Bankruptcy Court assumed jurisdiction over the assets of the Registrant, including Team Financial Acquisition Subsidiary, Inc. and Post Bancorp, Inc., both wholly owned subsidiaries of the Registrant, as of the respective date of the filing of the bankruptcy petition. The Registrant will remain in possession of its assets, and continue to manage and operate its businesses and properties, as debtor-in-possession, subject to the provisions of the U.S. Bankruptcy Code and the supervision and orders of the Bankruptcy Court. To date no trustee or examiner has been appointed. The business operations of TeamBank, N.A. and Colorado National Bank were discontinued on March 20, 2009 when these banks were closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation was appointed as receiver of the banks.
The Registrant was unable to file its Form 10-K Annual Report for 2008 and anticipates that there will be no funds available for distribution to equity holders of the Registrant.
On March 30, 2009, Team Financial, Inc. (the "Registrant") received notice (the "Notice") from U.S. Bank, N.A. ("U.S. Bank") that the Registrant was in default of the Revolving Credit Agreement, dated March 18, 2004 and amended effective February 17, 2009 (the "Credit Agreement") by and between the Registrant and U.S. Bank. The default is based upon the Registrant's failure to make a required interest payment on or about March 24, 2009. The Notice demands full payment of the principal and accrued interest. As of March 27, 2009, the Credit Agreement had a current outstanding balance of $4 million in principal and $41,388.89 accrued but unpaid interest. The Registrant does not have the means to comply with the demands of the Notice, nor does the Registrant anticipate that it will be able to comply with the demands of the Notice in the foreseeable future.
On April 3, 2009, Kaila Beeman, resigned as Principal Accounting Officer of the Registrant, effective immediately. On April 8, 2009, Sandra J. Moll resigned as Principal Executive Officer, Chief Operating Officer and member of the Board of Directors of the Registrant, effective immediately.
None.
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