Indy Mac Chapter 7 Bankruptcy Filed

[Mike Kennedy]

http://www.nytimes.com/2008/08/02/business/02lender.html?_r=1&partner=rssnyt&emc=rss&oref=slogin

 

[Workbox]

Well this is disturbing, I wonder if IMB Fed will pay for the appraisals?

 

[Terrel L. Shields]

I wonder if IMB Fed will pay for the appraisals?

No, i bet. you should be listed as a debtor and get tons and tons of paperwork from the Bankruptcy court, which will be meaningless as you share of the proceeds will be about 0.00000001% of the net proceeds....in a situation I found myself in the oil patch years ago, the amount I was due was less than the cost of what was then an 18¢ stamps I had to spent to keep my place in the que. I was owed $8000. The assets were $150,000 pipeline and a little office furniture. The debts were $40,000,000. The lawyers took 10% per year for 7 years leaving roughly $15,000 to the unsecured creditors. $3 maybe. I was lucky. It bankrupted a drilling contractor, a bit saleman, and a mud company. At least, I wasn't a domino.

 

[Summer]

They are still paying me.

 

[Workbox]

Supposedly, they are still to pay the appraiser.

 

[Jim Kliegl]

Everyone is "saying" payments are forthcoming. But I've got a couple of files sitting unpaid from prior to the feds taking over. Anyone talk to anyone within VVM or accounting dept?

Anyone else having this issue?

My orders thru them always came through Appraisalport. Normally paid in 30 days.

They wouldn't send me orders since the feds took over, because I put them on COD. It's sounding almost like they were trying to find someone to work for free.

 

[Workbox]

They are still paying me.

Did you get yours during or before the take over?

 

[Mike Kennedy]

Well this is disturbing, I wonder if IMB Fed will pay for the appraisals?

article:

"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."

 

[Jim Kliegl]

Did you get yours during or before the take over?

I received payments from after the takeover (3, I think), up until July 29.

Check was drawn from "Indymac Bank FSB", not Indymac Federal Bank.

 

[Terrel L. Shields]

Interesting. The incompetent FDIC has a reputation of bungling accounts payable after becoming receiver. When the old Penn Square bank was taken over, there were numerous suits from people owed money who were never paid.

The FDIC also fired people when they took over oil company accounts, like the clerks who kept track of royalty accounts and farmers and royalty owners sued. By law the pipeline or refiner had to hold all accounts which dried up funds in the company. Leases, the bulk of the FDICs collateral in some cases, expired because they failed to pay the annual $1 per acre delay rentals...meaning they lost the entire salvage value of the loans. The FDIC is perfectly capable of screwing this up. They have a good track record of doing just that.