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The Anatomy of A Bank Sweep: What to Do After It Happens, And What You May Want to Try Before It Does
Session Description:
This presentation: defines “Bank Sweeps”; provides both the Bank’s perspective and the Surety’s perspective; the underlying competing objective of mitigation of losses; taking a proactive approach; quantifying that portion of the sweep that came from bonded versus non-bonded contract revenues; priority interests as to each; and steps the Surety can take to go about protecting those interests.
We will also address practical ways to co-exist with banks and how to potentially achieve a win-win for both the Surety and the Bank as to the available Indemnitor funds, while avoiding protracted and expensive litigation (keeping in mind that the bank sweep may have already occurred before the Surety was contacted by the principal).
Bob J. Moody, CPA, CFE, Moody's Inc
Robert J. Moody is President of Moody's CPA's & CFE's, Inc., located in Midlothian, Illinois. Mr. Moody received his B.S. degree in accounting from DePaul University in Chicago. He is a Certified Public Accountant and a Certified Fraud Examiner. His practice is confined to surety and fidelity bond claims. He has given extensive deposition and trail testimony, including expert testimony. Moody's is heavily involved in funds control services for sureties.
Michael W Spinelli, Cashin Spinelli & Ferretti
Frank Wendt, Brown & Ruprecht
Frank Wendt provided free legal services to homeless families at the Salvation Army Family Shelter in Kansas City and the empathy for clients under extreme stress he developed there influences his work with commercial bankruptcy, insolvency, and litigation. For over 25 years inside and outside state and federal courts, Frank has worked extensively with commercial creditors and debtors to aggressively protect their interests and to resolve their legal problems. Frank speaks and writes on issues of bankruptcy, real estate, and mechanics' lien issues.
