Vineyard National creditors committee authorized to pursue claims

By Angela McDaniels

Tacoma, Wash., Oct. 22 - Vineyard National Bancorp's committee of unsecured creditors has been granted the authority to pursue and settle claims against the company and its directors, and the company has been ordered to cooperate, according to filings made with the U.S. Bankruptcy Court for the Central District of California on Thursday.

For derivative claims specifically, the court ordered that the committee and not the company will pursue these claims.

The company has 30 days to file a report detailing the compensation of its officers and directors, its activities since the filing of the case and its projected activities and estimated time table for the completion of its wind-down.

The U.S. trustee and the committee will then review the report and give their assessment of the "necessity and propriety" of the company's actions since the bankruptcy filing, according to the filing.

Vineyard National, the Corona, Calif., holding company for Vineyard Bank, filed for bankruptcy on July 21 in the U.S. Bankruptcy Court for the Central District of California. Its Chapter 11 case number is 09-26401.

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