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IndyMac is for sale every day on the New
York Stock Exchange. With that said, we are stewards of our
shareholders’ capital. We will evaluate any offer in light
of our fiduciary responsibility to our shareholders. However,
as we look at our business plan, we believe we have tremendous
prospects on our own. We have a relatively young management
team and we have the capability of leveraging our significant
investment in our mortgage banking/ thrift infrastructure to
grow IndyMac to an institution many times our size. This creates
tremendous opportunity to improve returns over the long term. |
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We inherited our mortgage REIT structure
that required us to pay 95%
of our earnings in the form of dividends. When we began our
transition to become a depository institution, we stopped our
dividend payments and believed that as we grew, we would provide
returns to our shareholders in the form of increased price appreciation
in our shares. In fact, I swore that I would never pay dividends
again. Well, the world changed and our views have changed with
it. As the tech boom collapsed and old-fashioned stock valuations,
including dividends, returned to prominence, accompanied with
favorable changes in the tax law for dividends, we began to
see investors paying higher multiples for companies providing
dividends, particularly among our thrift peers. As a result,
we reestablished our dividend and believe that providing returns
to shareholders in the form of dividends is appropriate. |
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