IndyMac Files for Bankruptcy Protection

[flashl]

Source: NY Times



By REUTERS
Published: August 2, 2008

IndyMac Bancorp, the third-largest banking failure in United States history, said Friday that it had filed for bankruptcy protection, less than three weeks after being seized by federal regulators following a bank run by depositors.
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The company, based in Pasadena, Calif., filed for Chapter 7 protection on Thursday with the federal bankruptcy court in Los Angeles, indicating it plans to liquidate. IndyMac said it expected the court will appoint a bankruptcy trustee promptly.

The filing was widely expected. It does not include IndyMac Federal Bank, which is now run by the Federal Deposit Insurance Corp and is the successor to IndyMac’s former banking unit. Most deposits in IndyMac Federal are insured up to $100,000.

IndyMac Bancorp, the holding company, has $50 million to $100 million of assets, $100 million to $500 million of liabilities, and fewer than 50 creditors, according to the bankruptcy filing.

Read more: http://www.nytimes.com/2008/08/02/business/02lender.html?ref=business

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:shrug:

[marmar]

1. Ever get the feeling that the U.S. financial system is nothing but an elaborate ponzi scheme?

:think:

[flashl]

3. Noticed we are seeing into future? Aug. 2nd nt

[marmar]

4. Delete......erroneous info

[ikojo]

2. Wow..what a relief that when a corporation falls on hard times

it can seek relief via bankruptcy. Thanks to Bush and his Democratic enablers that protection is no longer available to working Americans.

[melm00se]

5. Chapter 7

is complete dissolution and disposal of assets to pay off creditors - IndyMac will only exist if someone buys the name (but with all the bad press around it, they would be better just letting the name die)

[clarence swinney]

6. Remember when Reagan

destroyed S&L signed bill in 1981 and said "folks! I think we have hit the jackpot". Yes. Vaults are now unguarded. Michael Milken, Irwin jacobs,Ron Perelman, Hugh Mccoll, David Paul, Sonny Dixon You all come on in it is free money.

Bush sr borrowed 135B on 40 year bonds to pay for it. who bought back those very expensive bonds? Try Bill.

WALL STREET IS WORLD'S LARGEST GAMBLING CASINO FOR VERY RICH.

IT IS GAMBLING. SIMPLE . I BET YOU IT WILL COME UP ON BLACK . I TAKE THAT BET.

GAMBLING-GAMBLING-GAMBLING-GAMBLING

spin it brokers.

[Skink]

7. When a bank declares bankrupcy things are bad.

[Gen. Jack D. Ripper]

8. My company has investments with IndyMac

I've been on the phone with them this morning as we are in the process of "claiming ownership" of our accounts. Thankfully, IndyMac Federal Bank hasn't been forced to liquidate...yet.