Indymac Federal Bank DOES NOT EQUAL Indymac Bancorp.
It seems that many here on the IHUB board seem to confuse Indymac Federal Bank with Indymac Bancorp.
The sale of the "bank" is Indymac Federal Bank (the "Bank"), NOT Indymac Bancorp (the "Holding Company").
The Bank was sold at auction. Proceeds from that auction was to pay creditors - Senior, Junior, unsecured claims AT THE BANK LEVEL. (The Bank has their own CREDITORS and the Holding Company has their own CREDITORS.)
The FDIC only has jurisdiction over the Bank, NOT the Holding Company. FDIC has no authority over the sale of the Holding Company itself.
Notice every article that comes out regarding Indymac NEVER has a ticker stock symbol next to the Indymac name yet other names such as US Bank Corp, Fannie Mae has their stock ticker symbol next to their name.
When the FDIC pays off all these Senior, Junior, Unsecured, etc. claims, then the FDIC will pay the "shareholder" as defined by the FDIC.
The "shareholder" in this case is NOT "you," holding whatever the ticker symbol is for the common and preferred shares holders being traded on the OTC. The "shareholder" being referred to by the FDIC is the Holding Company - Indymac Bancorp.
"IF" there is any funds left over after paying ALL CREDITORS at the Bank level, then the "shareholder" (the Holding Company) will obtain the balance through the Chapter 7 Trustee/Court. Once in the possession of the Trustee/Court, the SAME PROCESS will continue in the priority of paying Senior, Junior, Unsecured Creditors. After all that has been paid, and if there is anything left, then the EQUITY HOLDERS, whom are last, get paid.
The "buyout" everyone is talking about is Indymac Federal Bank be taken PRIVATE by a NEWLY formed HOLDING COMPANY (which is in the process of obtaining a federal license to become a thrift holding company), which means there are NO SHARES TO BE TRADED.
**Why form a new holding company if Indymac Bankcorp already has one. Maybe because Indymac bancorp is NOT the one being sold.
I have only posted here because I see some familiar faces (names). Those of you who know me, know as being a straight shooter. I just do NOT like to see people I know (familiar with) lose money of misinterpretation of news or the public media producing poorly written articles that mislead people to lose their entire savings.
You guys may choose to be open minded and research what I have just typed or turn a blind eye and believe what you selectively want to hear/read.
Cheers and hope everyone a Happy and Healthy New Year 2009!
If I have offended anyone, I apologize in advance.
This is my opinion.
AI
