Helping regional bank develop bankruptcy strategy

Manatt developed and executed a bankruptcy strategy for a regional bank which maintained value at the holding company level by causing the holding company to be put into Chapter 11 despite the fact that it was the subsidiary operating bank whose assets had been seized by regulators. The strategy aimed for a multimillion-dollar tax refund to be paid to the holding company. We also advised FirstFed on the tax aspects of the bankruptcy.

Service Type

Bankruptcy & Financial Restructuring, Corporate, Regulatory Matters - Federal, Tax

Industry

Financial & Insurance Services, Domestic Depository Institution (Bank), Domestic Holding Company

Office

Los Angeles