There are a hundred unanswered questions - Post 51092 from the Yahoo board a muct read
Hi, Kids!
Today I spoke with the FDIC, and a few of our questions were answered quite clearly.
1) Is Nextcard responsible for the uninsured deposits? He stated, "no, the NextBANK stockholders and the parent company are. NextBANK is no longer NextCARD's liability, nor is it an asset."
I always thought NextCARD WAS the parent company, but he told me I needed to "look at the way these things are incorporated." He said Nextcard and Nextbank were like brother/sister in relationship, and I told him that this complicated scenario was "way too incestuous and Mississippi-ish" for my blood. I asked if NCI was the parent company, but he said we need to look at the articles of incorporation and the way they were drawn up in this particular instance.
2) Is Nextcard still in possession of their credit card portfolio? He said that the FDIC is regulating the portfolio, but that Nextcard can still sell the portfolio and list it as an asset. When I called Nextcard a shell company, he quickly stated it was much more than just a shell.
3) Nextcard is not closed, and he said it made perfect sense that they would still want to sell the company.
Eliter, Periclytes, anyone who likes to read documents... have at it. This is my confusing and very blonde contribution for the day. I hope you all had a good one.
Waif |
