Bank-Holding Cos. Can Benefit From TAAs In Bankruptcy

Law360, New York (June 18, 2013, 5:54 PM EDT) -- Adding to a growing body of case law in favor of bankrupt bank-holding companies, the District Court for the Southern District of California recently held that a tax refund due to Imperial Capital Bancorp Inc., a bank-holding company, was property of its bankruptcy estate and not property of its subsidiary bank as a result of a prepetition tax allocation agreement (TAA) entered into between the holding company and the bank. Imperial Capital Bancorp Inc. v. Federal Deposit Insurance Corp. (In re: Imperial Capital Bancorp Inc.), (S.D. Cal. May 16, 2013).

The Imperial decision comes on the heels of a similar decision...

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