Beleaguered real estate speculator Martin List, who filed for bankruptcy protection last week, has agreed to sell his controlling stake in an Orange County bank to a San Antonio family in a deal valued at almost $4.8 million--the same price he paid for it about a year ago.
List, who bought more than 95% of Orange City Bank and renamed it List American Bank, has agreed to sell his 450,000 shares to Emmanuel Nicherie and his son, Daniel Nicherie, for $10.61 a share.
Full details of the agreement could not be determined Tuesday. Neither List nor the Nicheries could be reached for comment.
The Chapter 11 filing does not affect List American Bank, said William Diethrich, the bank's president.
The Nicheries own Diagnostic Centers of America, a nationwide series of outpatient imaging clinics--including an office in Huntington Beach--and have a number of real estate and other investments, said Gary Steven Findley, a Brea lawyer retained by the parties 10 days ago to prepare applications for regulatory approval.
Findley said he does not expect any major changes in personnel at the bank. Diethrich said the bank's name will be changed again, however.