Kenya Depositors Insurance Corporation (KDIC) has moved to tap little known American corporation for Imperial Bank assets having earlier turned down their offer. KDIC wrote to the firm, which has an office in New York City and Toronto, Canada, asking them to fill gaps in their proposals. \u201cThere were gaps in their proposals. We have told them our requirements. If they come back better armed, then we can talk,\u201d said KDIC chief executive Mohamud Ahmed Mohamud. He said the firm, which has no known local address, had requested KDIC to contribute cash. Physical assets Amassment Corporation wanted to set up a multi-purpose vehicle to hold the assets and deposits of Imperial Bank including both performing and non-performing loans (NPLs), as well as physical assets obtained via foreclosure. In their offer letter, they wanted a debt-for-equity swap with the new firm issuing shares for 100 per cent full face value to depositors, giving them full recovery of 100 cents on the shilling for their deposit amounts, which would be fully backed by an equal face value of Imperial Bank assets. It would be the sole common shareholder of the special purpose firm. \u201cThe buyer is requesting that KDIC contribute cash capital into NewCo equal to 20 per cent of what the bank deposits insurer owes to the remaining depositors (or the total loan assets assumed, whichever is higher), in order to partially compensate for value declines sustained by loan assets, associated litigation costs, as well as losses from NPLs that NewCo will assume,\u201d said Randy S Sidhu chairman and CEO of Amassment Corporation in the offer letter in our possession. On their website, the firm says it provides solutions to the financial, government, institutional and corporate sectors, assisting them to divest, exchange and transfer asset holdings, to clean up their balance sheets and portfolios.