Common shares of Indymac Bank popped 262% (.03-.13) today on rumors of a buyout.
Preferred shares of Indymac Bank popped 337% (.08-.35) today on rumors of a buyout.
I guess the bankruptcy judge is expected to look more kindly upon preferred shareholders.
The three private equity firms mentioned in the buyout deal all have connections to Goldman Sachs, except Paulson & Co, who hired Alan Greenspan as an advisor.
I cannot wait to see the deal they get. And the losses the FDIC gets.