FDIC Says Imperial Ch. 11 Doesn't Need More Pros

Law360, New York (June 7, 2010, 5:36 PM EDT) -- The Federal Deposit Insurance Corp. does not want the creditors committee for bankrupt Imperial Capital Bank to hire FTI Consulting Inc. as its financial adviser, saying it would cost the estate too much money and is not needed.

In court documents filed Friday with the U.S. Bankruptcy Court for the Southern District of California, the FDIC — acting as the receiver for Imperial Capital Bank — said FTI's efforts will have already cost the estate somewhere between $45,000 and $100,000, and that is just the beginning....
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