A Delaware court has blocked the proposed sale of BankAtlantic to BB&T Corp.
The Delaware Court of Chancery had been asked to intervene by a group of investors in BankAtlantic Bancorp's trust preferred securities, led by Hildene Capital. The investors had objected to the terms of the sale, which would have left them holding a stake in a reinvented BankAtlantic. BB&T, based in Winston-Salem, N.C., agreed last fall to essentially buy the deposits and the performing assets of BankAtlantic's thrift unit. The investors argued that BB&T should have also agreed to have taken on the company's debt.