FDIC Rips Imperial's Disclosure Statement, Ch. 11 Plan

Law360, New York (January 13, 2012, 8:23 PM ET) -- The Federal Deposit Insurance Corp. objected to Imperial Capital Bancorp Inc.'s disclosure statement in California bankruptcy court Thursday, saying the bank holding company's Chapter 11 plan cannot be confirmed because it was proposed in bad faith.

Imperial and debt managers HoldCo Advisors LP have put forward their third proposed reorganization plan. The initial plan was abandoned after opposition from the official committee of unsecured creditors, and a subsequent liquidating plan was also rejected by Imperial creditors, according to court documents.

The FDIC claims the chief goal...
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