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IN RE IMPERIAL CREDIT INDUSTRIES, INC.

Nos. 05-56073, 06-56763.

527 F.3d 959 (2008)

In re IMPERIAL CREDIT INDUSTRIES, INC., a California corporation, Debtor. Edward M. Wolkowitz, as Trustee for Imperial Credit Industries, Inc., Plaintiff-Appellant, v. Federal Deposit Insurance Corporation, in its corporate capacity, Defendant-Appellee. In the Matter of Imperial Credit Industries, Inc., a California corporation, Debtor. Imperial Credit Industries, Inc., Plaintiff, and Edward M. Wolkowitz, as Trustee for Imperial Credit Industries, Inc., Plaintiff-counter-defendant-Appellant, v. FDIC, in its capacity as receiver for Southern Pacific Bank, Defendant-Appellee. Federal Deposit Insurance Corporation, in its corporate capacity, Defendant-counter-claimant-Appellee.

United States Court of Appeals, Ninth Circuit.

Filed June 4, 2008.

Attorney(s) appearing for the Case

Michael H. Strub, Jr., Jeffrey M. Reisner, Irell & Manella LLP, Los Angeles, CA, for the plaintiff-appellant.

Jaclyn C. Taner, Jennifer M. Barozie, and J. Scott Watson, Federal Deposit Insurance Corporation, Legal Division, Arlington, VA, for the defendant-appellee.

Before: CYNTHIA HOLCOMB HALL, SUSAN P. GRABER, and MARSHA S. BERZON, Circuit Judges.

HALL, Circuit Judge:

These companion cases concern the undercapitalization and eventual insolvency of a federally insured bank, Southern Pacific Bank (SPB), and its holding company, Imperial Credit Industries (Imperial). In February 2002, the Federal Deposit Insurance Corporation (FDIC) notified SPB that it was under-capitalized and required it to submit a capital restoration plan. SPB submitted a capital plan as well as a guaranty from Imperial that SPB would perform...

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