IndyMac wins approval of $161.92 million U.S. Bank claim stipulation

By Caroline Salls

Pittsburgh, April 28 – IndyMac Bancorp, Inc. Chapter 7 trustee Alfred H. Siegel received court approval of a stipulation resolving more than $162 million in claims filed by indenture trustee U.S. Bank, NA, according to an April 27 filing with the U.S. Bankruptcy Court for the Central District of California.

Siegel said U.S. Bank and its predecessor-in-interest Bank of America NA filed a number of indenture-based claims in IndyMac’s case based on debt securities issued to four statutory trusts, asserting liquidated amounts totaling $161.77 million and additional unliquidated amounts.

Following U.S. Bank’s updated calculations of all amounts it asserts in connection with the indenture-based claims, the trustee and U.S. Bank entered into the stipulation liquidating and resolving all of those claims in IndyMac’s Chapter 7 case.

Under the stipulation, U.S. Bank will be allowed four non-priority general unsecured claims in the amounts of $47.68 million, $40.2 million, $42.31 million and $31.73 million, for a total of $161.92 million.

All other claims of U.S. Bank arising under the underlying indentures and related agreements will be disallowed with prejudice.

However, the trustee said, nothing in the stipulation is intended to bind individual claimholders to the extent that they may have separate claims not related to principal and interest or trustee fees and expenses due.

IndyMac, a Pasadena, Calif., bank holding company, filed for bankruptcy on July 31, 2008. The Chapter 7 case number is 08-21752.

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