FOR IMMEDIATE RELEASE
For information contact: Laise Lowachee
305-913-6678

Genovese Joblove & Battista Reaches $2.5 Million in Settlements in Significant Alleged Check Kiting Case Involving Suntrust and Colonial Banks

MIAMI- JUNE 10, 2007- Genovese Joblove & Battista, P.A., on the eve of trial and after almost five years of hard fought litigation including an appeal to the district court, have settled a bankruptcy litigation with SunTrust Bank and Colonial Bank following a day long mediation session. SunTrust Bank paid $450,000 and Colonial Bank paid $1,750,000, and settlements with others brought the total recovery to $2.5 million.

"Given the prospect of continued litigation with the banks and appeals we believe that this is a good result for creditors," said John H. Genovese, shareholder of Genovese Joblove & Battista, P.A.

Genovese, David C. Cimo and Brett M. Amron represented Lewis B. Freeman, the Liquidating Trustee of Pacific Forest Products Corp., which was placed into bankruptcy involuntarily by Hamilton Bank in February 2001. GJB filed suit on behalf of Freeman, in February 2003 against Mellon Bank, International Finance Bank, Colonial Bank and SunTrust Bank, and other entities and individuals arising from what Freeman alleged was a $500 million ongoing "check kiting scheme" lasting for more than a year, which freeman alleged was actually detected or should have been detected by the banks.

John H. Genovese is head of the Firm's reorganization and insolvency practice. His areas of proficiency and practice include troubled loan workouts, bankruptcy, insurance insolvencies, with an emphasis on complex litigation in Bankruptcy and U.S. District Courts, and other complex commercial litigation. He has acted as co-counsel for the class action shareholders/noteholders in Enron Chapter 11 proceeding and related matters, which have resulted in settlements, to date, in excess of $7.1 billion. He earned his Juris Doctorate, with distinction, from Ohio Northern University, and earned his Bachelor of Science degree in business, magna cum laude, from Siena College, in 1976. He has also served in the United States Army from 1968-1971.

David C. Cimo specializes in all aspects of commercial litigation, creditors' rights, restructuring and bankruptcy. He is a 1988 cum laude graduate of the University of Miami School of Law and earned from Florida Atlantic University, a Bachelor of Arts degree, with honors, in 1985.

Brett M. Amron practices in the areas of complex commercial litigation, bankruptcy litigation, bankruptcy, insolvency, directors and officer's liability litigation, and insurance litigation. He received his Juris Doctorate, cum laude, in 1998, from the University of Miami School of Law. He earned his Bachelor of Science from the University of Florida in 1995.

Founded on recognized expertise and extensive experience in complex bankruptcy and commercial litigation matters, Genovese Joblove & Battista, P.A., is one of the largest specialty practices in Florida.

###

Distributed By:
Genovese Joblove & Battista, P.A.
100 SE 2nd Street, 44th Floor
Miami, Florida 33131
Laise Lowachee
Phone: 305-913-6678
Fax: 305-349-2310
llowachee@gjb-law.com