Attorney(s) appearing for the Case
Howard R. Hawkins Jr. argued the cause for appellant. With him on the briefs were Jason Jurgens , David F. Williams , and Geoffrey Gettinger .
J. Scott Watson , Counsel, Federal Deposit Insurance Corporation, argued the cause for appellee. With him on the brief were Colleen J. Boles , Assistant General Counsel, Lawrence H. Richmond , Senior Counsel, and William R. Stein and Scott H. Christensen. Thomas L. Holzman and Daniel H. Kurtenbach , Counsel, Federal Deposit Insurance Corporation, entered appearances.
Opinion for the Court by Circuit Judge ROGERS.
United States Court of Appeals, District of Columbia Circuit.
ROGERS, Circuit Judge:
The issue in this appeal is whether payments made by the MBIA Insurance Corporation ("MBIA") to investors in mortgage securitizations of a failed bank (IndyMac Bank, F.S.B.) constitute "administrative expenses" entitled to priority under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA"), Pub.L. No. 101-73, 103 Stat. 183 (Aug. 9, 1989), 12 U.S.C. § 1821(d)(11)(A). MBIA sued as the third party beneficiary...
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