Kramer Levin represented First Mariner Bancorp, a Maryland bank holding company, in connection with its bankruptcy proceeding commenced in the U.S. Bankruptcy Court for the District of Maryland. The primary goal of the debtor’s bankruptcy was to sell the shares of its wholly owned subsidiary bank (the largest bank headquartered in Maryland) to maximize recoveries for its stakeholders and recapitalize the bank to comply with applicable regulatory directives, failure to comply with which could have resulted in a takeover of the bank. Kramer Levin attorneys successfully managed a bankruptcy sale process that included two separate evidentiary hearings and an active auction that yielded $19 million in cash consideration (nearly a 400 percent increase from the initial stalking horse bid) and the bank being recapitalized in an amount of approximately $100 million. Kramer Levin attorneys assisted the debtor to formulate a Chapter 11 plan of liquidation that dictated distributions to creditors and the debtor’s exit from bankruptcy. The debtor confirmed its Chapter 11 plan and emerged from bankruptcy on Dec. 8, 2014.