On December 31, 2008, the FDIC signed a letter of intent to sell, for approximately $13.9 billion, the banking operations of IndyMac to a thrift holding company owned by a consortium of private equity investors led by Steven T. Mnuchin of Dune Capital Management LP. The investor group includes Dune Capital, J.C. Flowers & Co., Stone Point Capital, Silar MCF-I LLC (an affiliate of Silar Advisors, LP) and investment groups controlled by George Soros, John Paulson and Michael Dell. The thrift holding company will capitalize IndyMac with approximately $1.3 billion in cash. IndyMac has a loan and securities portfolio with a face value of approximately $23 billion. Under the agreement, IndyMac will assume the first 20% of losses on a portfolio of qualifying loans after which the FDIC and IndyMac will share losses. The estimated cost to the FDIC’s Deposit Insurance Fund will be between $8.5 billion and $9.4 billion. FDIC Release.