Corus Bankshares receives interim approval of stock reporting and transfer procedures

By Jennifer Lanning Drey

Portland, Ore., June 18 - Corus Bankshares Inc. received interim court approval from the U.S. Bankruptcy Court for the Northern District of Illinois of its proposed procedures for reporting and transferring its common stock, according to an 8-K filed with the Securities and Exchange Commission.

Under the interim order, any entity with beneficial ownership of at least 2.4 million shares of the company's common stock must file a notice of such status within 40 days of the date of the notice of the order or 10 days after becoming a substantial shareholder.

The interim order also provides that prior to the transfer of beneficial ownership of the company's stock, the entity must file a declaration with the court.

The company will have 15 days in which to object to any such transfer.

A hearing for final approval of the procedures is scheduled for July 9.

Corus, a Chicago-based bank holding company, filed for bankruptcy on June 15. Its Chapter 11 case number is 10-26881.

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