Trustee Challenges Sale of IndyMac Bank

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The trustee overseeing the liquidation of IndyMac Bancorp Inc. challenged the $1.3 billion sale of the company’s banking unit and is seeking documents from the Federal Deposit Insurance Corp.

Alfred Siegel, trustee of the IndyMac estate, requested an order forcing the government agency to turn over papers related to the intended sale and produce some employees for questioning. In papers filed yesterday in U.S. Bankruptcy Court in Los Angeles, Siegel said “certain of those assets may be property of the estate and, therefore, subject to the automatic stay.”

IndyMac was sold to a group of private-equity investors led by Steven Mnuchin of Dune Capital Management LP, the FDIC said on Jan. 2. Details of the sale, expected to be completed by early February, haven’t been disclosed, Siegel said.

“The limited documents currently in the trustee’s possession raise serious concerns that the FDIC, as receiver for the bank, may possess assets of the debtor, and, therefore, the bankruptcy estate,” lawyers for Siegel wrote.


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