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These two are the only documents filed since 02/01/2018:
Filing Date # Docket Text
02/16/2018 1045
(7 pgs) Declaration re: Second Declaration of Alfred H. Siegel in Support of Final Fee Applications Filed by Trustee Alfred H Siegel (TR) (RE: related document(s)1029 Application for Compensation Final Application of Klee, Tuchin, Bogdanoff & Stern LLP for Allowance and Payment of Fees and Expenses Incurred as Bankruptcy Counsel for the Chapter 7 Trustee for the Period July 31, 2008 Through September 30, 2017; Dec, 1032 Application for Compensation Final Application of Buckley Sandler LLP for Allowance and Payment of Fees and Expenses Incurred as Special Counsel for the Chapter 7 Trustee for the Period March 23, 2009 Through September 30, 2017; Declaration of Benjam, 1033 Application for Compensation (Final) for Jenner & Block LLP, Special Counsel, Period: 6/8/2011 to 1/31/2014, Fee: $2,541,060.50, Expenses: $192,906.76., 1036 Application for Compensation Fourteenth Interim and Final Application for Compensation and Reimbursement of Expenses of Crowe Horwath LLP, Accountants for the Chapter 7 Trustee; Declaration of Susan P. Tomlinson in Support Thereof for Crowe, 1039 Application for Compensation Final Application of Jeffer Mangels Butler & Mitchell LLP for Allowance and Payment of Compensation and Reimbursement of Expenses as Special Counsel to Chapter 7 Trustee; Memorandum of Points and Authorities; Declaration, 1040 Application for Compensation Final Application of J Beck & Associates, Inc. for Allowance and Payment of Fees and Expenses Incurred as Advisor to the Chapter 7 Trustee for the Period From October 27, 2008 Through October 31, 2012; Declaration of Jeff, 1041 Application for Compensation Final Application of Skadden, Arps, Slate Meagher & Flom LLP for Allowance and Payment of Fees and Expenses Incurred as Special Counsel for the Chapter 7 Trustee for the Period from August 12, 2008 through January 31, 201, 1044 Application for Compensation Second and Final Application For Compensation and Reimbursement of Expenses Of Grobstein Teeple, LLP As Accountants For The Chapter 7 Trustee; Declarations Of Howard B. Grobstein And Alfred H. Siegel In Support Thereof
02/12/2018 1044
(69 pgs) Application for Compensation Second and Final Application For Compensation and Reimbursement of Expenses Of Grobstein Teeple, LLP As Accountants For The Chapter 7 Trustee; Declarations Of Howard B. Grobstein And Alfred H. Siegel In Support Thereof for Grobstein Teeple LLP, Accountant, Period: 6/25/2014 to 2/5/2018, Fee: $422,575.00, Expenses: $3,390.07. Filed by Accountant Grobstein Teeple LLP. (Grobstein, Howard) (Entered: 02/12/2018)
Sir
Just curious if they have closed this completely down yet?
Thanking you in advance
$27
The two Docs that deal with cash, 1024 and 1037, are HERE.
I like this part from Doc 1024:
"Since the interim distributions were made, the trustee's accountants have finalized and prosecuted final tax returns on behalf of the Debtor (which required significant interfacing with the tax advisers for the Federal Deposit Insurance Corporation in its capacity as receiver of IndyMac Bank, as well as with the applicable taxing authorities) and are awaiting
final tax clearance.
The Trustee anticipates that he will soon request that all the estate professional file their final fee applications in connection with moving to the final report, final distribution, and closing stage of this complex and long-pending chapter 7
case."
There have been many filings since the last distribution in January of 2017. The filings started up again 10/02/2017:
Filing Date # Docket Text
10/02/2017 1024
(13 pgs) Motion Notice of Motion and Motion Under LBR 2016-2 for Approval of Cash Disbursements by the Trustee; Opportunity to Request Hearing; and Declaration of Trustee Filed by Trustee Alfred H Siegel (TR) (Holt, Whitman) (Entered: 10/02/2017)
10/02/2017 1025 Notice to Filer of Error and/or Deficient Document Incorrect event code was used to file this document. THE FILER IS INSTRUCTED TO RE-FILE THE DOCUMENT USING THE CORRECT EVENT. THE CORRECT EVENT CODE IS: For Approval of Cash Disbursements by the Trustee Under LBR 2016-2 (motion) (RE: related document(s)1024 Generic Motion filed by Trustee Alfred H Siegel (TR)) (Jackson, Wendy Ann) Modified on 10/2/2017 AS ENTERED DUE TO CLERICAL ERROR; (Jackson, Wendy Ann). (Entered: 10/02/2017)
10/02/2017 1026
(5 pgs) Notice to professionals to file application for compensation and Notice of Intent to File Final Report Filed by Trustee Alfred H Siegel (TR). (Siegel (TR), Alfred) (Entered: 10/02/2017)
10/03/2017 1027
(1 pg) Request for court costs Filed by Trustee Alfred H Siegel (TR). (Siegel (TR), Alfred) (Entered: 10/03/2017)
10/04/2017 1028
(2 pgs; 2 docs) Notice to Pay Court Costs Due Sent To: Alfred Siegel, Chapter 7 Trustee, Total Amount Due $3250.00 . (Jackson, Wendy Ann) (Entered: 10/04/2017)
10/17/2017 1029
(682 pgs; 12 docs) Application for Compensation Final Application of Klee, Tuchin, Bogdanoff & Stern LLP for Allowance and Payment of Fees and Expenses Incurred as Bankruptcy Counsel for the Chapter 7 Trustee for the Period July 31, 2008 Through September 30, 2017; Declaration of Whitman L. Holt in Support Thereof for Klee Tuchin Bogdanoff & Stern LLP, Trustee's Attorney, Period: 7/31/2008 to 9/30/2017, Fee: $12739327.90, Expenses: $236414.66. Filed by Attorney Klee Tuchin Bogdanoff & Stern LLP (Attachments: # 1 Exhibit 1 # 2 Exhibit 2 # 3 Exhibit 3 # 4 Exhibit 4 # 5 Exhibit 5 # 6 Exhibit 6 # 7 Exhibit 7 # 8 Exhibit 8 # 9 Exhibit 9 # 10 Exhibit 10 # 11 Exhibit 11) (Holt, Whitman) (Entered: 10/17/2017)
10/17/2017 1030
(8 pgs) Declaration re: Declaration of Alfred H. Siegel in Support of Final Fee Applications Filed by Trustee Alfred H Siegel (TR) (RE: related document(s)1029 Application for Compensation Final Application of Klee, Tuchin, Bogdanoff & Stern LLP for Allowance and Payment of Fees and Expenses Incurred as Bankruptcy Counsel for the Chapter 7 Trustee for the Period July 31, 2008 Through September 30, 2017; Dec). (Holt, Whitman) (Entered: 10/17/2017)
10/17/2017 1031
(4 pgs) Proof of service of (1) Final Application of Klee, Tuchin, Bogdanoff & Stern LLP for Allowance and Payment of Fees and Expenses Incurred as Bankruptcy Counsel for the Chapter 7 Trustee for the Period July 31, 2008 Through September 30, 2017, and (2) Declaration of Alfred H. Siegel in Support of Final Fee Applications Filed by Trustee Alfred H Siegel (TR) (RE: related document(s)1029 Application for Compensation Final Application of Klee, Tuchin, Bogdanoff & Stern LLP for Allowance and Payment of Fees and Expenses Incurred as Bankruptcy Counsel for the Chapter 7 Trustee for the Period July 31, 2008 Through September 30, 2017; Dec, 1030 Declaration). (Holt, Whitman) (Entered: 10/17/2017)
10/19/2017 1032
(504 pgs; 11 docs) Application for Compensation Final Application of Buckley Sandler LLP for Allowance and Payment of Fees and Expenses Incurred as Special Counsel for the Chapter 7 Trustee for the Period March 23, 2009 Through September 30, 2017; Declaration of Benjamin B. Klubes in Support Thereof for BuckeySandler LLP, Trustee's Attorney, Period: 3/23/2009 to 9/30/2017, Fee: $17413676.17, Expenses: $338,303.37. Filed by Special Counsel BuckeySandler LLP (Attachments: # 1 Exhibit 1 # 2 Exhibit 2 # 3 Exhibit 3 # 4 Exhibit 4 # 5 Exhibit 5 # 6 Exhibit 6 # 7 Exhibit 7 # 8 Exhibit 8 # 9 Exhibit 9 # 10 Proof of Service) (Holt, Whitman) (Entered: 10/19/2017)
10/19/2017 1033
(252 pgs; 6 docs) Application for Compensation (Final) for Jenner & Block LLP, Special Counsel, Period: 6/8/2011 to 1/31/2014, Fee: $2,541,060.50, Expenses: $192,906.76. Filed by Special Counsel Jenner & Block LLP (Attachments: # 1 Exhibit 1 # 2 Exhibit 2 # 3 Exhibit 3 # 4 Exhibit 4 # 5 Proof of Service) (Lee, Kenneth) (Entered: 10/19/2017)
10/20/2017 1034
(19 pgs) Declaration That No Party Requested a Hearing on Motion (LBR 9013-1(o)(3)) Filed by Trustee Alfred H Siegel (TR) (RE: related document(s)1024 Motion Notice of Motion and Motion Under LBR 2016-2 for Approval of Cash Disbursements by the Trustee; Opportunity to Request Hearing; and Declaration of Trustee). (Holt, Whitman) (Entered: 10/20/2017)
10/20/2017 1035
(6 pgs) Notice of lodgment of Order in Bankruptcy Case Re: Motion Under LBR 2016-2 for Approval of Cash Disbursements By the Trustee Filed by Trustee Alfred H Siegel (TR) (RE: related document(s)1024 Motion Notice of Motion and Motion Under LBR 2016-2 for Approval of Cash Disbursements by the Trustee; Opportunity to Request Hearing; and Declaration of Trustee Filed by Trustee Alfred H Siegel (TR)). (Holt, Whitman) (Entered: 10/20/2017)
10/20/2017 1036
(45 pgs) Application for Compensation Fourteenth Interim and Final Application for Compensation and Reimbursement of Expenses of Crowe Horwath LLP, Accountants for the Chapter 7 Trustee; Declaration of Susan P. Tomlinson in Support Thereof for Crowe Horwath LLP, Accountant, Period: 9/1/2016 to 10/18/2017, Fee: $3,372.50, Expenses: $0.00. Filed by Accountant Crowe Horwath LLP. (Tomlinson, Susan) (Entered: 10/20/2017)
10/24/2017 1037
(1 pg) Order Granting Motion for Approval of Cash Disbursements; (BNC-PDF) (Related Doc # 1024 ) Signed on 10/24/2017 (Jackson, Wendy Ann) (Entered: 10/24/2017)
10/26/2017 1038
(5 pgs) BNC Certificate of Notice - PDF Document. (RE: related document(s)1037 Order on Generic Motion (BNC-PDF)) No. of Notices: 2. Notice Date 10/26/2017. (Admin.) (Entered: 10/26/2017)
01/11/2018 1039
(92 pgs) Application for Compensation Final Application of Jeffer Mangels Butler & Mitchell LLP for Allowance and Payment of Compensation and Reimbursement of Expenses as Special Counsel to Chapter 7 Trustee; Memorandum of Points and Authorities; Declaration of Thomas M. Geher in Support Thereof for Thomas M Geher, Trustee's Attorney, Period: 7/31/2008 to 1/10/2011, Fee: $241,439.50, Expenses: $17,515.15. Filed by Attorney Thomas M Geher (Geher, Thomas) (Entered: 01/11/2018)
01/19/2018 1040
(49 pgs) Application for Compensation Final Application of J Beck & Associates, Inc. for Allowance and Payment of Fees and Expenses Incurred as Advisor to the Chapter 7 Trustee for the Period From October 27, 2008 Through October 31, 2012; Declaration of Jeffrey H. Beck for J Beck & Assoicates, Other Professional, Period: 10/27/2008 to 10/31/2012, Fee: $124,749.00, Expenses: $4,552.58. Filed by Other Professional J Beck & Assoicates (Holt, Whitman) (Entered: 01/19/2018)
02/01/2018 1041
(57 pgs; 9 docs) Application for Compensation Final Application of Skadden, Arps, Slate Meagher & Flom LLP for Allowance and Payment of Fees and Expenses Incurred as Special Counsel for the Chapter 7 Trustee for the Period from August 12, 2008 through January 31, 2018 for Skadden, Arps, Slate, Meagher & Flom LLP, Special Counsel, Period: 8/12/2008 to 1/31/2018, Fee: $6,977,398.75, Expenses: $185,692.37. Filed by Special Counsel Skadden, Arps, Slate, Meagher & Flom LLP (Attachments: # 1 Exhibit A # 2 Exhibit B # 3 Exhibit C # 4 Exhibit D # 5 Exhibit E # 6 Exhibit F # 7 Exhibit G # 8 Exhibit H) (Li, Annie) (Entered: 02/01/2018)
02/01/2018 1042
(10 pgs; 4 docs) Declaration re: Declaration of Van C. Durrer II in Support of Final Application of Skadden, Arps, Slate, Meagher & Flom LLP for Allowance and Payment of Fees and Expenses Incurred as Special Counsel for the Chapter 7 Trustee for the Period from August 12, 2008 through January 31, 2018 Filed by Special Counsel Skadden, Arps, Slate, Meagher & Flom LLP (RE: related document(s)1041 Application for Compensation Final Application of Skadden, Arps, Slate Meagher & Flom LLP for Allowance and Payment of Fees and Expenses Incurred as Special Counsel for the Chapter 7 Trustee for the Period from August 12, 2008 through January 31, 201). (Attachments: # 1 Exhibit A # 2 Exhibit B # 3 Exhibit C) (Li, Annie) (Entered: 02/01/2018)
02/01/2018 1043
(5 pgs) Proof of service of Final Application of Skadden, Arps, Slate, Meagher & Flom LLP for Allowance and Payment of Fees and Expenses and Declaration of Van C. Durrer II in Support of Final Application Filed by Special Counsel Skadden, Arps, Slate, Meagher & Flom LLP (RE: related document(s)1041 Application for Compensation Final Application of Skadden, Arps, Slate Meagher & Flom LLP for Allowance and Payment of Fees and Expenses Incurred as Special Counsel for the Chapter 7 Trustee for the Period from August 12, 2008 through January 31, 201). (Li, Annie) (Entered: 02/01/2018)
egg on my face, I sent that last message to myself... it was to be sent to you lol
so glad you got paid on time,
jehu
Egg on my face.
After speaking with my broker, it turns out that the money was paid to me, on 1/19/2017.
this is the definition of crooked! my apologies for them doing this to you.
thanks again
When is always a good question, when waiting on bankruptcy lawyers. LOL
I got a notice in the mail, which in part said this:
Good morning sidedraft.
I'm not a holder of indymac but am curios of when that distribution date would be.
I can't help but think that wamu,indy,lehman,united western all make full circle about the same time with a big red bow on top from the FDIC.
Thanking you inadvance....
My shares are still held at Fidelity, under CUSIP # 456607209.
However, no money yet.
Yes, which is odd for Finra to post the 12J revocation by the SEC without the actual filing on the SEC site.
We'll keep our eyes open for it.
Isn't it kind of odd for the revocation to be on the daily list in the afternoon, without any order on an SEC site?
But, the shares have not been cancelled in the bankruptcy case, yet.
Hello ...
Old flash...See here also An IPO to Boot.
http://www.bloomberg.com/news/2013-11-18/soros-backed-onewest-said-to-plan-1-billion-dividend-before-ipo.html
Some Class Action action:
http://news.yahoo.com/lead-counsel-announce-pendency-proposed-settlement-securities-class-130000276.html
65¢ it is, like a rock!
i sold all my stock in a depressed mood
idmpq bad choice to have sold
i'm surprise to see indymac going down
i didn't understand clearly why
i supposed it is because it is affiliated to others bank
why indimac bought by others investors from fdic is still in bankrupcy for the shareholders ?
normally investors should have bought indymac shareholders at a definitive price
for example if indymac value go down from 29 to 0.04 normally
the new investors should try to estimate the price buying market for all share holders
i suppose this is a middle time : more time spending more the new middle price go down for the shareholders
they call that asymptote or something like that in bank maths system
so i suppose indymac shareholders should receive something plus eventually a premium
a little like the premium menu of mac donald if supposed still existing
what is the interest to make a bank fail
how is constituate the bank system
and when a bank fail who decide to make this bank fail
could you explain me the relationship between indymac and loan mortgage
i'm going to hold
i don't see any interest to give more money to the fdic
fdic is federal gouvernement institutions : they can get money as much as they want from the federal reserve.
so they don't need to take the shareholder 's money, at least what is left
i sold my shares for about 30 cents month ago i dont think there will be any recoveer as the lawyer for indymac said at most a wash would happen since fdic is claiming billions from indymac and that more then indymac is suing for
u can always put a sell order under the ask i think for about 1 buck or hold it out for a miracle
but i thought the 754 millions dollars was sure and accredited already to indymac
how the fdic can ask that money ?
it is but fdic has claims again indymac for billion fdic will scam them just like they did with wamu
sorry but i didn't understand
what do you mean ?
i thought it was easy to get those 754 millions $
looks liek a wash imo
do we have some news on the moreover 754 millions $
Let me put it this way: If the stock were worthless then the short interest would be enormous, but in this case it is not - it is only 100 shares! See
http://shortsqueeze.com/?symbol=idmpq&submit=Short+Quote%99
I am holding to see what happens. I only put $1000 in this, which I am not afraid to lose. BUT, if these preferred are paid at least $5/share, then i would make $25,000.
GLTY!
I'm also wondering what's going on. Should i add shares, hold, or sell?
?????
Exactly, what is going on with it?!
This is climbing steadily for two weeks now!!!
Liquidation near?!
What is going on with stock????? Thought this was sold already and shareholders got what was left.... why is this still trading????????
I've some money off WAMUQ.
I just hold some of these as a calculated risk, big payoff possible. Don't have any loans or business with Indymac. glty
Good news for IndyMac. They are(were) my lender and I like em. Not all the loans they made were sub prime.
Will try to refinance my jumbo loan with the new entity. Jumbo loans are the kiss of death in this market, but if you live in a high priced rp market like I do, you need em.
Is this good news for you too, Pagello?
ya basically we are still intact the holding company and the lawsuit is still open
This blog sheds a little more light on what is actually being sold and the difference between the Bank and the Holding Co. I'm still not sure what this all means for the disposition of the preferreds. I think I'm going to call the number at the bottom of the article for FDIC help on the sale and also OneWest.
http://mortgage.freedomblogging.com/2009/03/19/fdic-sells-most-assets-of-failed-indymac/8061/
FDIC sells most assets of failed IndyMac
March 19th, 2009, 7:09 pm · 1 Comment · posted by Mathew Padilla, Reporter
The Federal Deposit Insurance Corporation said late Thursday it closed the sale of the deposits and branches of IndyMac Bank, which it seized last year, to newly formed OneWest Bank in Pasadena.
OneWest is buying $6.4 billion in deposits and $20.7 billion in assets at a $4.7 billion discount. Total cost of the takeover to the Federal Deposit Insurance Fund is estimated at $10.7 billion.
Here’s more from the FDIC:
OneWest will assume all deposits of IndyMac Federal. IMB HoldCo signed a letter of intent with the FDIC on December 31, 2008, to purchase IndyMac Federal.
The 33 branches of IndyMac Federal will reopen as branches of OneWest tomorrow. Depositors of IndyMac Federal will automatically become depositors of OneWest. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of January 31, 2009, IndyMac Federal had total assets of $23.5 billion and total deposits of $6.4 billion. OneWest has agreed to purchase all deposits and approximately $20.7 billion in assets at a discount of $4.7 billion. The FDIC will retain the remaining assets for later disposition.
FDIC and OneWest have entered into a loss share transaction on the single family residential portfolio. Under terms of the loss share agreement, OneWest will continue the FDIC’s existing loan modification program.
Customers who have questions about the transaction can call the FDIC toll-free at 866-806-5919. The phone number will be operational this evening until 9:00 p.m. Pacific Time; on Saturday from 9:00 a.m. to 6:00 p.m. Pacific Time; on Sunday from noon until 6:00 p.m. Pacific Time; and thereafter from 9:00 a.m. to 5:00 p.m. Pacific Time. Interested parties can also visit the FDIC’s website at http://www.fdic.gov/bank/individual/failed/IndyMac.html.
IndyMac Federal sustained losses of $2.6 billion in the fourth quarter 2008 due to deterioration in the real estate market. The total estimated loss to the Deposit Insurance Fund is $10.7 billion. No further payments on receivership claims for uninsured funds from former IndyMac Bank, F.S.B. will be distributed as a result of this transaction.
FDIC Closes Sale of IndyMac To OneWest Bank
http://www.djnewsplus.com/article/DN-CO-20090319-018721.html?mod=J1&a=T+Wire&h=FDIC+Closes+Sale+of+IndyMac+To+OneWest+Bank+
DOW JONES NEWSWIRES
By Michael R. Crittenden
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The federal government closed its sale of failed California thrift IndyMac Federal Bank (IDMCQ) to OneWestBank on Thursday, though the U.S. government will share some of the losses on the bank's single family residential loan portfolio.
The Federal Deposit Insurance Corp. said Pasadena-based OneWest would acquire $20.7 billion of IndyMac's assets and all of the firm's deposits, which totaled $6.4 billion at the end of January. The FDIC has been in control of IndyMac since the government took over the firm last summer, and the agency said it would retain the firm's remaining assets for future sales.
In addition to a $4.7 billion discount on the purchase, OneWest will be able to share any losses on IndyMac's mortgage portfolio. As part of the agreement the FDIC said OneWest would continue a program to work with struggling homeowners.
-By Michael R. Crittenden, Of Dow Jones Newswires; 202-821-2159; michael.crittenden@dowjones.com
Copyright (c) 2009 Dow Jones & Company, Inc.
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How would IDMPQ shareholders benefit from the sale to the private equity group? Would the group buy the shareholders positions?
The bankruptcy trustee overseeing the liquidation of IndyMac Bancorp Inc. (IDMCQ) will seek court approval Tuesday to obtain documents from the collapsed company's former auditor. The trustee, Alfred H. Siegel, wants access to "all books records and papers" related to IndyMac and its former thrift, IndyMac Bank, now in the possession of accounting firm Ernst & Young LLP.
Ernst & Young, which audited IndyMac's books from 2004 to 2008, hasn't agreed to hand over the documents, according to Siegel. He's asking the Los Angeles bankruptcy court to order the accounting firm to give him access to the documents.
Siegel believes the parent "downstreamed" cash to the bank to shore up its finances. That downstreaming was at the root of the U.S. Treasury Department inspector general's probe of the Office of Thrift Supervision in connection with a back-dated capital infusion into the bank shortly before its collapse.
The $50 million capital infusion allowed the bank to be classified as "well capitalized," enabling it to offer brokered deposits. Such deposits offer higher yields to consumers but pose a greater risk to the FDIC's deposit-insurance fund.
The Federal Deposit Insurance Corp. has been in control of the thrift, now known as IndyMac Federal Bank, since authorities seized it in July. The FDIC wants to sell the failed California thrift to a holding company owned by a group of hedge funds and private equity firms.
http://online.wsj.com/article/BT-CO-20090306-710782.html
Many millions might be owed back to IDMCQ. FDIC and Ernst & Young both resisting turning over the info- they act very guilty imo!
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IndyMac Capital Trust I, Warrants & 6% Equity Sec WIRES due 11/14/2031
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:
http://www.sec.gov/Archives/edgar/data/773468/0000950150-01-500721.txt
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."
http://ml-implode.com/viewnews/2008-12-26_EXCLUSIVEFDICtoSellIndyMacToPrivateEquityFirm.html
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