ATLANTIC CITY, N.J. – While it's still in the works, the plan for potential corporate recapitalization is expected to have a built-in fail-safe.
Corporate One CEO Lee Butke revealed at the N.J. CU League's Annual Conference that the corporates would be meeting with the NCUA in the middle of October to work out some of the details of how to recapitalize some of the corporates if the membership decides that is what it wants. For those wary of recapitalization for fear of a second failure, he explained that an "escrow-style" account will likely be the way the effort will work.
Mid-Atlantic Corporate CEO Jay Murray said that the corporates would have to be able to demonstrate viability as well before they can convert the capital.
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