Wells Fargo & Co., representing a group of investors, is objecting to the proposed sale of Colorado-based Mile High Banks, saying that the $5.5 million offer would leave the investors with "virtually nothing," Dow Jones Newswires reported on Friday. The bank filed for chapter 11 protection in September with a plan to sell itself, saying that it would be taken over by the Federal Deposit Insurance Corp. if the sale were unsuccessful. Strategic Growth Bancorp Inc. has offered $5.5 million for the 13 locations and pledged to put $9 million toward recapitalizing the bank. In documents filed with the U.S. Bankruptcy Court in Denver, Wells Fargo said that the investors it represents are the only significant creditors in the case and are owed $44 million. Once Mile High's adviser is paid $3 million and $1 million is used as bankruptcy financing, nothing will be left for the investors, it said.
