Categoria: Nacionais

Valor Econômico (Cristine Prestes)

When the bankruptcy of Banco Santos was ordered by Justice on September 20, 2005, the expectation of receiving credit for the estate was almost nil. Exactly six years later, the scenario is quite different. Over $1 billion in assets has been recovered and two payments have been made among the creditors, amounting to $ 760.5 million.

Although the debt left by former banker Edemar Cid Ferreira still reach $ 2.5 billion, there is more money to be recovered.  It is in this climate that the second general meeting of creditors of the bank, scheduled for November 23, will occur.

The creditors’ meeting of Banco Santos will be held at the auditorium of the Public Attorney of São Paulo and the official press notice is to be published soon.  At the meeting agenda is a resolution of 1,944 unsecured creditors (no priority in the receipt) on the need for maintenance of the committee of creditors and, if so, the election of a new representative. The current representative, Jorge Queiroz, will leave the post he has held since the beginning of bankruptcy. Creditors will also have to define, at the meeting, which will be the 6 years’ retroactive payment of de Queiroz,  Court of Appeals approved but never defined until today,  and future earnings of the new representative to be elected.

After the meeting, creditors will be presented to the proposal for the creation of a “Receivables Investment Fund (FIDC)” comprised of most legal claims filed by the estate. The idea was conceived in 2009 and since then circulates between groups of creditors, but was never formally presented. Last week, the law firm of Rosman, Penalva, Souza Leon Franco Bar Association, which developed the idea in conjunction with Cadence, filed the proposal to the bankruptcy process.

By the proposed regulation, the Banco Santos FIDC would be comprised of all the legal claims of the estate – which includes both the cash already recovered and in the estate’s bank accounts as well as the claims filed by the estate that still depend on judicial decisions to be effectively collected. The shareholders of the fund would be the creditors, whose number of shares would be equivalent to the nominal value of their claims.

The creation of the FIDC, however, has some obstacles.  The first is its cost. Until now, the cost of recovery claims of the estate corresponds to about 2.6%. According to the regulation proposed by the FIDC, the creditors would pay  $ 2.8 million a year in management and administration fees, excluding the performance fee, which varies with the amount recovered and the recovery time. The other obstacle to the implementation of the FIDC is transferring the values ​​that the estate has in cash reserves. “These assets are not receivables,” says the public attorney Eronides dos Santos, who accompanies the bankruptcy process. “That’s impossible,” he says. Contacted by Valor Economico, the attorneys at Rosman, Penalva, Souza Leon Franco lawyers did not return until the close of this edition.

The FIDC is an alternative to supposedly ensure greater agility on the recovery of assets and liquidation of Banco Santos. Today the estate charges in court, in hundreds of cases, amounts owed by customers to the bank involving claims of reciprocity and operations involving non-financial companies of Edemar Cid Ferreira. The portfolio of lawsuits, however, is considered “junk”. In an assessment made by Directa of the $ 3.29 billion charged to borrowers in legal proceedings  and presented in May of last year,  it would be possible to raise only a maximum of $277 million.

Despite the fact that there are numerous processes for recovery stuck in court and with minimal chances of recovery, there are still expectations that the estate will recover substantial amounts. The São Paulo Court of Appeals (TJSP) will soon judge appeals filed against decisions made by bankruptcy judge that applied the principle of substantive consolidation of assets under the bankruptcy of Banco Santos to include some of the other companies controlled by Edemar Cid Ferreira.  If the substantial consolidation is confirmed, companies like Atalanta, Finsec and Cid Collection, will enter the assets of the bankrupt estate, to be auctioned, the real estate and other assets which belong to them. Atalanta, for example, is the owner of the mansion of former banker in the neighborhood of Morumbi. With five floors, an elevator, eight parking spaces and a heliport, the mansion is valued at $ 60 million. Atalanta also owns several other properties well located in the state’s capital.

Another area of ​​asset recovery is the international asset tracing over Edemar Cid Ferreira and firms open for him offshore that is still in progress . The estate was able to get a U.S. court decision to extend the bankruptcy of Banco Santos in that country, which allowed the search for information, documents and bank transfers by former banker abroad. With these initiatives, the estate can find assets that have not yet been located and increase the amount of assets recovered.

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