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So, over the New Year, a group of investors came to an agreement to buy IndyMac from the feds. So, what happens to us bagholders?

I looked and read the various news reports, but no one stated anything about what happens to the existing stockholders. Are we dead in the water? Or, will we get a few pennies for holding fast?
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If I understand correctly this is a none event for us. We own the the holding company. what was sold was the bank, which was confiscated by the federal government. If the government had come out ahead on the sale, they would have owed us, the holding company some money, but everything I have read says that they are still in the hole for ~10Billions. If your still holding onto the holding company(I am, but not because I have hope for it. Only because I would barley cover my trading costs to sell it!) your returns will be determined by the assets and liabilities that the holding company has. In the bankruptcy filling they said they had more assets then liabilities so its likely we end up with nothing. You can find out more by looking into the bankruptcy documents, which are public. I tried, but the county that the proceedings are in charges quite abit more than my position is worth to look at the documents!
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I guess I'm in the same boat as you regarding it not being worth it to sell my handful of shares. That is the reason for these speculations.

I did note that the price did not change after the announcement which lead me to the conclusion that we would get nothing. Thanks for explaining the holding company vs bank bits.
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