Mnuchin, Paulson & Co. in Group Buying IndyMac Bank (Update1) (click title to entry - thank you)
By Zachary R. Mider and Ian Katz
Jan. 2 (Bloomberg) -- A group including Steven Mnuchin of Dune Capital Management LP and firms run by hedge-fund manager John Paulson and J. Christopher Flowers agreed to acquire IndyMac Bank from the U.S. and inject $1.3 billion in cash into the failed lender, the Federal Deposit Insurance Corp. said.
Mnuchin’s group controls IMB Management Holdings LP, a thrift holding company that includes J.C. Flowers & Co., Paulson & Co., MSD Capital LP and Stone Point Capital, the FDIC said in a statement today. The FDIC agreed a month ago to let private investor groups without bank charters bid for failing lenders after a financial crisis wiped out 25 institutions in 2008 and may threaten at least 171 more.
“This is really in some respects, the first step toward finding a bottom for a lot of these assets,” Michael Yoshikami, the president of YCMNet Advisors in Walnut Creek, California, said in an interview Dec. 30.
Mnuchin, 46, a former Goldman Sachs Group Inc. executive vice president who worked on the purchase, will become chairman and chief executive officer of IndyMac’s new holding company, the agency said. Mnuchin founded Dune with former colleagues from Goldman Sachs Group Inc., David Neidich and Chip Seelig after a stint at billionaire George Soros’ hedge fund. Dune’s investments included stakes in Viacom Inc.’s DreamWorks LLC film library, and the 802-room Hyatt Regency hotel in San Francisco....
