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Bankruptcy
Withdrawal
Tax Refund

Imperial Capital Bancorp Inc. v. Federal Deposit Insurance Corp.

Published: Jun. 1, 2013 | Result Date: May 16, 2013 | Filing Date: Jan. 1, 1900 |

Case number: 3:10-cv-1991 Summary Judgment –  Plaintiff

Court

USDC Southern District of California


Attorneys

Plaintiff

Kyra E. Andrassy

Carol Chow

Gary E. Klausner

Philip E. Strok

Robert S. Marticello
(Smiley Wang‑Ekvall, LLP)

Gregory W. Jones


Defendant

Gerald P. Kennedy

Jeffrey S. Isaacs


Facts

Imperial Capital Bancorp filed suit against the Federal Deposit Insurance Corp., seeking a declaratory judgment regarding ownership of certain tax refunds. Imperial Capital Bancorp was the parent company of Imperial Capital Bank, and filed combined tax returns for the 2004-2009 tax years. On Dec. 18, 2009, the California Dept. of Financial Institutions closed the bank and the FDIC was appointed as receiver. Imperial filed a petition for relief under chapter 11 of the Bankruptcy Code. Imperial and the FDIC entered into a settlement for the bankruptcy case, and the resulting tax refunds were placed into a joint escrow account.

Result

The court granted Imperial's motion for summary judgment and found that the tax refunds were the property of Imperial's bankruptcy estate.


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