IndyMac Bancorp, the holding company for the failed thrift, filed for Chapter 7 bankruptcy protection last week.
Regulators closed IndyMac Bank on July 11 and transferred "substantially all" of its assets to IndyMac Federal Bank, which the Federal Deposit Insurance Corp. (FDIC) is operating in conservatorship.
John Bovenzi, the chief operating officer of the FDIC and the chief executive of IndyMac Federal, said in an e-mail sent to reporters upon request, "The announcement by the former holding company of IndyMac Bank has no impact on IndyMac Federal Bank or its customers."
Ralph F. MacDonald 3rd, a partner in the Atlanta office of the Jones Day law firm, said the choice of Chapter 7 by the company is "an admission that there's not much left and they're going straight to liquidation. It's probably a cleanup effort. They'll have" debt claimants.
"They'll also have securities law claimants, people trying to breach their director and officer policies," MacDonald said. "I think they're just trying to get protection from creditors and liquidate."
In a filing Friday in U.S. Bankruptcy Court for the Central District of California, IndyMac Bancorp estimated that it has assets of $50 million to $100 million, excluding IndyMac Bank, and liabilities of $100 million to $500 million. It said it has one to 49 creditors.
IndyMac Bancorp is the "sole owner of IndyMac Intermediate Holdings whose sole purpose is to hold all of the outstanding common stock of IndyMac Bank," the filing said. But "the FDIC succeeded to all of IndyMac Intermediate's rights and powers as stockholder although IndyMac Intermediate continues to hold the shares."
CEO Michael Perry is IndyMac Bancorp's "sole remaining employee," the filing said.