Bankruptcy court approves PFF Bancorp asset sale

Mon. January 12, 2009; Posted: 03:42 PM

Jan 10, 2009 (The Press-Enterprise - McClatchy-Tribune Information Services via COMTEX) -- PFFBQ | Quote | Chart | News | PowerRating -- A Delaware bankruptcy court has approved the sale of some assets of Rancho Cucamonga-based PFF Bancorp Inc. to an investment group listed as California Financial Partners. The assets are related to investment service operations of PFF's Glencrest Investment Advisors, including trust and 401(k) accounts, according to a court filing.

The buyer will pay 35 percent of gross sale commissions earned from assets being sold for a period of 48 months. PFF filed for Chapter 11 bankruptcy protection last month after its main holding, PFF Bank & Trust, was seized by federal authorities in November and subsequently acquired by Minnesota-based U.S. Bank.

On Friday, the Web site BankruptcyData.com, which tracks bankruptcy trends, listed PFF Bancorp's filing as the nation's 10th largest in 2008, based on its reported prefiling asset base of more than $4.1 billion. The nation's largest filing last year was by Lehman Brothers Holdings, worth more than $691 billion.

Also Friday, the Sonoma Valley Sun reported that PFF is the subject of a lawsuit by 15 developers, alleging breach of contract over $1.5 million in promised financing they have yet to receive to complete 15 homes in a Northern California subdivision.

PFF is also the target of a proposed shareholder class-action suit filed this week and an earlier suit by former employees, both related to the plunge in PFF Bancorp stock before the bank's collapse. PFF did not return calls seeking comment.

To see more of The Press-Enterprise, or to subscribe to the newspaper, go to http://www.PE.com. Copyright (c) 2009, The Press-Enterprise, Riverside, Calif. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

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