Bankruptcy Judge Marci McIvor set Oct. 16 as the date for Capitol Bancorp Ltd. to argue for its plan to turn over its network of struggling community banks to its debtholders before federal bank regulators seize them, Dow Jones DBR Small Cap reported today. The company's reorganization plan looks to turn over ownership of its subsidiary banks located in 10 states to groups owed some of the company's $195.6 million worth of debt.
