IndyMac Bancorp Inc. (fka IDMCQ)

[marayatano]

"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."

This quote only mentions the "bank" but not the holding company. "[W]hole bank" is still not the holding company.

The article below states that the FDIC will lose 8.9 Billion. The thing is, if the FDIC loses money, this also leads me to believe there is no money for ALL equity holders, i.e. trust -preferreds, preferrreds, and common shares holders.

The way the FDIC works is when the FDIC sells the "Bank," and the FDIC actually have money left AFTER paying liabilites of the "bank," then the surplus goes to the Ch 7 Trustee of the Banckruptcy Court for Senior/Junior/unsecured, etc. then equity holders. If the FDIC takes a loss, then that means any money received for a buyout was not enough to cover liabilities.

"IndyMac's failure will cost the FDIC's deposit insurance fund about $8.9bn, the agency has said."


http://www.independent.ie/business/irish/private-firms-to-buy-out-indymac-bancorp-1587682.html

This is my opinion.