IndyMac Files For Chapter 7

Law360, New York (August 1, 2008, 12:00 AM EDT) -- IndyMac Bancorp Inc. filed for Chapter 7 bankruptcy protection Thursday, weeks after being seized by the Federal Deposit Insurance Corp. after a run on the bank.

The company, once one of the largest mortgage lenders in the country, will liquidate its remaining assets, after a bankruptcy trustee is appointed to oversee the process.

In a filing with the U.S. Bankruptcy Court for the Central District of California, the mortgage lender said its assets were between $50 million and $100 million and its liabilities were between $100...
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