Bankrupt Imperial Opposes FDIC's $48M Demand

Law360, New York (September 23, 2010, 7:11 PM EDT) -- Imperial Capital Bancorp Inc., which has been in Chapter 11 since December, is protesting a Federal Deposit Insurance Corp.-imposed $48 million capital requirement the bank said would force it into Chapter 7.

Imperial argued it never agreed to the capital maintenance claim the FDIC wants to impose on it and that the FDIC’s attempts to quash its objection fail as a matter of law, according to a motion filed Wednesday in the U.S. District Court for the Southern District of California.

The two have been battling...
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