What's The 'King Of Bankruptcy' Doing In Detroit?

Crain’s Detroit Business reported that Talmer Bancorp Inc TLMR has bought back more than 2.5 million warrants from two funds managed by W.L. Ross & Co. LLC.

Wilbur L. Ross Jr., popularly known as the "King of Bankruptcy" said, “When Talmer approached us about the warrant repurchase, we agreed with management's rationale, since the transaction allows the company to efficiently deploy their excess capital while being accretive to diluted earnings per share.”

Ross was quick to point out that the sale doesn't means that their enthusiasm for Talmer has changed, it was just about doing what is right for the company’s strategy.

In a message to investors, Talmer CEO David Provost said it is important as a company transitioning from being privately to public held that they put excess company equity to good use and simplify their capital structure. The company maintains its focus on organic growth and strategic acquisitions.

Talmer Bancorp was trading at $13.73, down 1.8 percent.