California Liquidation Proposal
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How to fill out Liquidation Proposal?
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FAQ
By late 2022, SI shares had plummeted below the $20 mark, and the stock was last seen trading in single-digit territory. For the year-to-date, Silvergate stock is down more than 96%. If anyone welcomed the collapse of SI, it was short sellers.
Liquidation is the process of permanently closing a bank and its branches, selling off any assets and using the proceeds to settle as many of the bank's remaining liabilities as possible. Typically, customer accounts are closed and checks are mailed to account holders for the amount of their insured deposits.
Silvergate's liquidation stemmed from its concentration in crypto industry deposit customers, rapid growth, and multilayered funding risks due to nearly all of the bank's deposits being uninsured and noninterest bearing. It also had significant weaknesses in its corporate governance and risk management capabilities.
There's Little Hope for a Recovery With SI Stock The collapse of Silvergate Capital has been spectacular, with the company's share price plummeting from over $200 to less than $2 in a year and a half. It's hard to even define what a ?recovery? would mean at this point.
Investment firms Citadel Securities and BlackRock recently took major stakes in Silvergate, buying up 5.5% and 7%, respectively.
Silvergate said a voluntary liquidation of the bank was ?the best path forward? in light of ?recent industry and regulatory developments?. The failure of FTX sparked renewed volatility in the crypto markets. Silvergate also revealed it was being investigated by the US Department of Justice.
Shares of Silvergate Capital Corp. crashed after announcing the liquidation of its crypto bank and SEN network. The San Diego bank had failed to file its annual report and faced investigations. Silvergate was unable to recover from an $8 billion run on its deposits.
Simply put: Silvergate is still trading on a major exchange, unlike Silicon Valley Bank or Signature Bank, because it wasn't involuntarily liquidated and placed into bankruptcy protection, it was voluntarily liquidated, isn't undervalued, and still has ample liquidity and demand for shares (short or long, doesn't ...