Lawyers for the part of Silicon Valley Bank that has been put into bankruptcy protection accused US bank regulators of having “drained” roughly $2bn of cash from the institution, setting the stage for a fight that will decide how much investors, including Appaloosa and Pimco, recoup in the restructuring.
The remarks on Tuesday came at an opening hearing in the bankruptcy of SVB Financial — the unit of SVB that includes its investment banking and venture investing businesses —…
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