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Indymac Bancorp filed for bankruptcy today

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Anonymous Coward
User ID: 452223
8/1/2008 6:58 AM
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Indymac Bancorp filed for bankruptcy today	Quote
Could`not find a link in english Anyone?

Anonymous Coward
User ID: 452223 (OP)
8/1/2008 7:07 AM

Re: Indymac Bancorp filed for bankruptcy today

Quote

[link to www.reuters.com]

IndyMac plans Chapter 7 bankruptcy filing

Aug 1 (Reuters) - IndyMac Bancorp (IDMC.PK: Quote, Profile, Research, Stock Buzz), the third-largest banking failure in U.S. history, said it would file for Chapter 7 protection in federal bankruptcy court.

IndyMac, which ranked as the ninth-largest U.S. mortgage lender in 2007, has been run by the Federal Deposit Insurance Corp since July 14.

The bank was seized by the FDIC, which has been trying to sell its assets.

In a filing with the U.S. Securities and Exchange Commission, IndyMac said it would file a Chapter 7 case in federal bankruptcy court and expected the court to soon appoint a trustee. The filing gave no other details about the bankruptcy petition.

A Chapter 7 bankruptcy case usually seeks to liquidate the assets of a company.

California-based IndyMac specialized in a type of mortgage that often required minimal documents from borrowers. (Reporting by Julie Vorman in Bangalore; Editing by Vinu Pilakkott)

Anonymous Coward
User ID: 473438
8/1/2008 7:12 AM

Re: Indymac Bancorp filed for bankruptcy today	Quote
WHAT WOULD HAPPEN NOW TO ITS employees?

RHSC
User ID: 461218
8/1/2008 4:54 PM

Re: Indymac Bancorp filed for bankruptcy today

Quote

[link to www.bloomberg.com]

IndyMac Bancorp Files for Liquidation After Seizure (Update5)

By Jeff St.Onge and Tiffany Kary

Aug. 1 (Bloomberg) -- IndyMac Bancorp Inc., once the second- largest U.S. independent mortgage lender, filed to liquidate its remaining assets three weeks after its bank was seized by U.S. regulators and put under other management.

IndyMac's liabilities are between $100 million and $500 million, according to the Chapter 7 filing by the bank holding company yesterday in U.S. Bankruptcy Court in Los Angeles. IndyMac said it has fewer than 50 creditors, including law and accounting firms and other banks, none of whose outstanding claims were listed.

IndyMac was seized by U.S. regulators on July 11 with its $19 billion in deposits, after a run by depositors left the mortgage lender strapped for cash. The Federal Deposit Insurance Corp. is running a successor institution, IndyMac Federal Bank, and regulators have said they intend to eventually sell the seized bank, while adding that its high risk-lending and mortgage losses make it ``unattractive.''

William Isaac, former FDIC chairman from 1981 to 1985, said the bankruptcy was expected and won't affect the bank's operations. ``The bank was the major asset, so once the bank was seized the fate of the parent company was probably sealed,'' he said in a telephone interview.

`Personal Service'

IndyMac Federal Bank Chief Executive Officer John Bovenzi said in an e-mailed statement that ``customers will continue to receive the same value and personal service'' as they did before the holding company's bankruptcy. The newly created unit is backed by the FDIC's $53 billion deposit insurance fund, which is further backed by ``the full faith and credit of the U.S. government,'' the FDIC said in an accompanying statement.

The FDIC ``has been in sole possession custody and control of all of the books and records of'' IndyMac Bancorp and the court filing was made without access to information that bankruptcy laws typically require, Chief Executive Officer Michael W. Perry said in court papers.

While banks are prohibited from filing for U.S. bankruptcy protection, bank holding companies aren't. Perry is Pasadena, California-based IndyMac Bancorp's sole remaining employee, according to the filing. The company has $50 million to $100 million in assets.

Schumer Criticism

IndyMac Bancorp racked up almost $900 million in losses as home prices tumbled and foreclosures hit records. California ranked second among U.S. states, with one foreclosure filing for every 192 households in June, 2.6 times the national average.

IndyMac came under fire in June from U.S. Senator Charles Schumer, a New York Democrat, who said lax lending standards and deposits purchased from third parties left it on the brink of collapse. In the 11 business days after Schumer explained his concerns in a June 26 letter, depositors withdrew more than $1.3 billion, the Office of Thrift Supervision said.

IndyMac, with $32.01 billion in assets as of July 11, was the largest OTS-regulated savings and loan to fail and second- biggest financial institution to close behind Continental Illinois in 1984, according to the FDIC. The failure will cost the federal deposit insurance program that repays customers when a bank fails about $4 billion to $8 billion, the FDIC said in a statement last month.

The company is represented by the law firm Alston & Bird LLP in the bankruptcy case.

The company proposed that its first creditor meeting be held on Aug. 28. Creditors listed in its petition include accounting firm Ernst & Young LLP, law firm Alston & Bird, and JPMorgan Chase & Co.

The case is In re IndyMac Bancorp Inc., 08-21752, U.S. Bankruptcy Court, Central District of California (Los Angeles).

To contact the reporters on this story: Jeff St.Onge in London at jstonge@bloomberg.net; Tiffany Kary in New York at tkary@bloomberg.net.

Last Updated: August 1, 2008 16:22 EDT

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