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IndyMac Bancorp,. Indymac Bancorp Units (fka IDMPQ)

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Last Post: 4/6/2018 12:20:48 PM - Followers: 5 - Board type: Free - Posts Today: 0

IndyMac Capital Trust I, Warrants & 6% Equity Sec WIRES due 11/14/2031

Security Type:   Special Product - Stock Purchase

Security's Distribution is Suspended!

QUANTUMONLINE.COM SECURITY DESCRIPTION:  IndyMac Capital Trust I, Warrants and Income Redeemable Equity Securities (WIRES) Units,
which consist of an IndyMac Capital Trust I preferred security and a warrant to purchase 1.5972 shares of IndyMac Bancorp (NYSE: NDE) common stock.
The 6% preferred security, stated liquidation amount $50, is subject to remarketing in conjunction with the redemption of the warrants at the issuer's option
on or after 11/14/2006, maturing 11/14/2031, distributions are paid quarterly on 2/1, 5/1, 8/1 & 11/1. The warrants allow the holder at any time prior
to the maturity date of 9/15/2031 to purchase 1.5972 shares of common stock at an initial exercise price of $34.49 per share, increasing on a daily basis
up to $50 per share at the warrant maturity date of 9/15/2031. At the holder's option, the warrants and the preferred securities may be separated and
transferred separately. The company has the right, at any time, to defer interest payments on the preferred securities for up to 20 consecutive quarters.
See the IPO Prospectus for additional information on the WIRES by using the link provided below.

Notes:  From the company news release dated 5/12/2008 -- "Given our forecast for continued losses in 2008, we need to take all prudent measures
to preserve our capital, improve our capital ratios and keep Indymac safe and sound. Therefore, we have made the decision to exercise our contractual rights
and defer the interest on our trust preferred securities at the holding company and suspend the dividends on our non-cumulative, perpetual preferred stock
at Indymac Bank, as this represents the most efficient and least dilutive means of generating capital in the current environment. The contractual provisions
in these preferred securities that allow us to take these actions were clearly put in place for extraordinary times and events such as we are now experiencing,
and the presence of these provisions is one reason why these preferred securities are considered 'core' capital for regulatory purposes. Taking these actions
will improve our cash flow by $7.4 million per quarter at the holding company, enabling us to contribute more capital to the bank, and preserve capital of
$10.6 million per quarter (which also flows directly to earnings) directly at the bank. We view the deferral/suspension of the interest/dividends on the
preferred stock issues as temporary, and, once the market stabilizes and Indymac returns to solid profitability,
we anticipate resuming the interest/dividend payments and paying the accumulated deferred interest on the holding company trust preferred.

Link to IPO Prospectus:


IPO - 11/13/2001
3.50 Million Shares @ $50.00/share     
Previous Ticker Symbol: IMB-    





NOTICE:  This security is trading on the Pinksheets now, and is in Chapter 7 bankruptcy.


But there is light at the end of the tunnel:

EXCLUSIVE: FDIC to Sell IndyMac To Private Equity Firm{C}{C}

2008-12-26 - ml-implode.com

By Teri Buhl, with contributions from IEHI Staff. Teri Buhl is an investigative journalist covering Wall Street who writes for the New York Post.

The FDIC's most expensive bank failure, IndyMac, is slated to land in the hands of a private equity firm.

The winner is New York-based Dune Capital Management, founded by two ex-Goldman partners. Dune's Co-CEO Dan Niedich was known as the "dean" at Goldman of investing the firm's capital in real estate. Chairman and Co-CEO Steve Mnuchin comes from a family of Goldman bankers. The firm was seeded in 2004 by legendary hedge fund trader George Soros.

A sale price for the transaction could not be determined.

Dune Capital has recently been cleared for a bank charter. In principle this means the firm could qualify for TARP funds. The Treasury began issuing special expedited bank charters to private equity groups on November 21st, 2008.

Rumors swirled the market this month around who the natural bidder for the toxic bank would be, with Bloomberg reporting this week that PNC Financial Services Group and U.S. Bancorp were a likely fit, but the media didn't envision a "winner take all" outcome to take shape in the form of a private equity firm.

Executives inside of IndyMac's Pasadena office where told Tuesday a deal to sell the whole bank had been made, final contracts were being negotiated, and an announcement would come in the next couple of days. Assets for sale include: $6 billion in retail deposits, 33 California branches, a near-$200 billion loan servicing portfolio and platform, $16 billion in mortgage loans, and its reverse mortgage company Financial Freedom that holds a mortgage book worth $22 billion.

A slew of bids came in by the extended deadline of December 15th, but only for the failed bank's individual parts. Bidders fought over hot assets such as its loan servicing portion or the reverse mortgage company. According to an executive inside of IndyMac who was involved in the deal-making, serious players who did due diligence on the loan servicing portion included: Leon Black's Apollo Group, Lone Star Capital, Dallas-based Beal Capital, and Goldman Sachs.

Goldman Sachs would not comment on whether they were interested in the whole bank or only the loan-servicing arm. But according to the IndyMac executive, the FDIC and its lead advisor Barclay's had concerns about Goldman's balance sheet and it's ability to pay for the deal. Barclay's would not comment on its advisory position.

"Talk on our 6th floor executive offices was that Goldman would be sloppy seconds as a buyer," said the IndyMac employee who spoke on the condition of anonymity.

As deal terms are still being negotiated through the Christmas holiday, specifics could not be determined and Dune Capital did not return a call for comment. The FDIC's David Bar simply responded they would announce by year-end.

But the player involved in providing financing for Dune turns out to be a consortium of other private equity firms led by Oaktree Capital, a Los Angeles-based firm with over $55 billion in assets. According to the Indy insider TH Lee Partners, Michael Dell's MSD, Vestar Capital and Wafra Partners were also all part of Dune's due diligence team and are expected to shoulder some of the risk in financing the deal.

"I'd seen a few of these firms before because when former CEO Mike Perry was rushing to shore up capital the private equity firms had agreed to invest if each got 25 percent of the company -- a move made to stay below the regulatory disclosure rules. But two of them backed out and it fell apart," said the Indy insider who had been involved in the transaction.

According to sources inside of Indy, part of the concession on the deal by the FDIC involves their loan-modification program - protecting it is an important political agenda for their leader Shelia Bair. The FDIC will eat the foregone interest and only sell the marked down principal amount of the loan to the buyer.

Getting the bank as a whole is a sticking point for Dune and as a result the Indy insider said they've been crunching numbers this week to try to get Dune to pay more for the reverse mortgage arm. The FDIC doesn't want egg on its face if the bid is too low, leaving room for the private equity firm to profit from the flip of an asset sale after the deal is done. As a result, even as of today the insider warned that "the deal is still fluid."

A seasoned banker at GE Capital who asks not to be named said, "For Dune this deal is about liquidity and with $6 billion of retail deposits that's the prize they're really after. The FDIC said they would use all means necessary to sell the bank and with this deal they'll set the precedent for non-banking institutions to get into the banking game."

Paul Miller, bank analyst for Friedman Billings and Ramsey says, "Private Equity firms coming into the market will help but it doesn't fix the problem that most banks are broke."





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#125   These two are the only documents filed since 02/01/2018: sidedraft 04/06/18 12:20:48 PM
#124   Sir Just curious if they have closed this completely $27 04/06/18 10:22:03 AM
#123   The two Docs that deal with cash, 1024 sidedraft 02/11/18 07:11:15 PM
#122   There have been many filings since the last sidedraft 02/11/18 06:59:11 PM
#121   egg on my face, I sent that last $27 03/01/17 12:41:36 PM
#120   Egg on my face. sidedraft 03/01/17 12:30:06 PM
#119   this is the definition of crooked! my apologies $27 03/01/17 11:19:23 AM
#118   When is always a good question, when waiting sidedraft 03/01/17 10:53:03 AM
#117   Good morning sidedraft. $27 03/01/17 05:15:28 AM
#116   My shares are still held at Fidelity, under sidedraft 02/04/17 10:24:36 PM
#115   First Interim Distribution coming soon. sidedraft 02/04/17 09:55:48 PM
#114   Yes, which is odd for Finra to post Renee 07/23/14 08:38:38 PM
#113   Isn't it kind of odd for the revocation sidedraft 07/23/14 08:07:09 PM
#112   IDMPQ revoked: Renee 07/23/14 05:47:31 PM
#111   Hello ... s404n1tn0cc 02/11/14 03:05:46 PM
#110   Some Class Action action: sidedraft 09/09/12 04:17:41 PM
#109   65¢ it is, like a rock! sidedraft 09/06/12 10:41:10 PM
#108   This is encouraging: sidedraft 07/10/12 10:15:07 AM
#107   i sold all my stock in a depressed mood lucmariepierre 06/25/12 01:17:33 PM
#106   i'm surprise to see indymac going down lucmariepierre 08/01/11 11:15:44 AM
#105   why indimac bought by others investors from fdic lucmariepierre 07/17/11 03:44:22 AM
#104   what is the interest to make a bank fail lucmariepierre 07/17/11 03:40:03 AM
#103   how is constituate the bank system lucmariepierre 07/17/11 03:39:36 AM
#102   could you explain me the relationship between indymac lucmariepierre 07/17/11 03:38:43 AM
#101   i'm going to hold lucmariepierre 11/10/09 12:02:48 AM
#100   i sold my shares for about 30 cents romang 11/09/09 11:06:12 PM
#99   but i thought the 754 millions dollars was lucmariepierre 11/09/09 12:51:48 PM
#98   it is but fdic has claims again indymac romang 11/09/09 10:32:48 AM
#97   sorry but i didn't understand lucmariepierre 11/09/09 09:55:57 AM
#96   looks liek a wash imo romang 11/09/09 09:15:44 AM
#95   do we have some news on the moreover lucmariepierre 11/09/09 06:03:02 AM
#94   The price of poker just may be going up! sidedraft 10/05/09 03:40:08 PM
#93   Oh no, says NITE, the price can't rise: sidedraft 09/03/09 11:49:46 AM
#92   Up 294% at 71¢ sidedraft 08/28/09 03:52:40 PM
#91   Is there a leak or something? sidedraft 05/21/09 01:48:01 PM
#90   someone buy at the ask give us some romang 05/14/09 09:21:40 AM
#89   Let me put it this way: If algol 04/08/09 12:50:52 PM
#88   I'm also wondering what's going on. Should samend 04/08/09 12:41:22 PM
#87   Exactly, what is going on with it?! algol 04/08/09 12:04:02 PM
#86   What is going on with stock????? Thought this bdr 03/27/09 09:11:42 PM
#85   I've some money off WAMUQ. Dobie Lama 03/20/09 05:46:34 PM
#84   I just hold some of these as a pagello 03/20/09 05:45:25 PM
#83   Good news for IndyMac. They are(were) my lender Dobie Lama 03/20/09 01:20:28 PM
#82   ya basically we are still intact the holding romang 03/20/09 08:38:36 AM
#81   This blog sheds a little more light on pagello 03/20/09 03:16:54 AM
#80   FDIC Closes Sale of IndyMac To OneWest Bank pagello 03/20/09 02:51:29 AM
#79   How would IDMPQ shareholders benefit from the sale Dobie Lama 03/12/09 02:08:32 PM
#78   The bankruptcy trustee overseeing the liquidation of IndyMac pagello 03/07/09 05:20:35 PM
#77   indymac truste filed lawsuit against fdic yesterday romang 02/26/09 05:49:59 PM
#76   http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35606628 romang 02/13/09 05:40:19 PM