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Camner's move appears to be aimed at protecting his interests in the bankruptcy proceedings.
BankUnited Financial Corp. filed to reorganize under Chapter 11 of the federal bankruptcy code last week after BankUnited, its crown jewel and main business, was seized by federal regulators and sold to a consortium of private-equity firms led by New York banker John Kanas.
With its $12-billion asset bank snatched away, it is unclear what BankUnited Financial has left to reorganize. "The challenge for a company with no business is to convince the court there is a business to reorganize or some valid activity to do a Chapter 11 filing," said Thomas Tew, who represents BankUnited Financial.
Under Chapter 11, a company is protected from shareholder suits while it works out a plan to repay its creditors. Under a Chapter 7 filing, a company is liquidated to pay creditor claims.
Camner, who resigned last October as chairman and chief executive shortly after federal regulators slapped the bank with a cease-and-desist order, filed suit in Miami-Dade Circuit Court to force the company to hold the shareholder meeting.
At Wednesday's shareholder meeting -- the third session convened this month -- Lawrence H. Blum and Bradley S. Weiss resigned from the board as part of a settlement between the board and Camner.
Camner, who controls 45 percent of the shares of BankUnited Financial, named his daughter, Danielle Lindholm, to the board, which was trimmed to six members. He also named Doyle Bartlett, a Washington, D.C., lobbyist, and Lester Bliwise, a New York attorney.
Camner -- in an apparent bid to keep a tight rein on the company he founded -- then called for a recess until June 2, rather than allowing the meeting to adjourn. A bankruptcy hearing is set for June 8.
Continuing on the smaller board are Miami investor Allen M. Bernkrant; Dr. Neil H. Messinger; and Marc S. Jacobson, a Miami insurance executive.
In its bankruptcy petition, BankUnited Financial listed total assets of $37.7 million and total debts of $559.7 million, the bulk of it to bondholders and preferred shareholders.
That means there isn't much to go around and the shareholders are wiped out.
The Federal Deposit Insurance Corp., which agreed to shoulder the bulk of the loan losses at BankUnited, estimated the failed Coral Gables-based thrift -- the largest financial institution based in Florida -- will cost its insurance fund $4.9 billion.
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