FDIC Opposes Imperial's Exclusivity Extension Bid

Law360, New York (August 20, 2010, 4:43 PM EDT) -- The Federal Deposit Insurance Corp. has come out against Imperial Capital Bank's bid to extend its exclusivity period for a third time, saying the bankrupt bank has not satisfied its burden of proof.

The FDIC — acting as the receiver for Imperial Capital Bank — lodged its opposition Thursday in the U.S. Bankruptcy Court for the Southern District of California, alleging that no meaningful progress was made during the first and second extension periods and that the bank has not demonstrated that it could propose a...
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