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Blast Owners Lose Appeal to Remove $500,000 From Savings and Loan

May 28, 1985|United Press International

BALTIMORE — The owners of the Baltimore Blast of the Major Indoor Soccer League lost a bid Monday to remove more than $500,000 from a troubled savings and loan association.

The Court of Special Appeals reversed a ruling by a Baltimore judge that would have allowed the team to pull its money from Old Court Savings and Loan, the state's second-largest savings and loan. It was placed into conservatorship earlier this month.

The three-judge panel said it would issue an opinion in the case at a later date.

The state opposed exempting the Blast's account at Old Court from the governor's $1,000 monthly withdrawal limit, saying it would further deplete the thrift's funds.

"There's no question the Blast has assets at Old Court," said John Anderson, an assistant attorney general. "But what is missing is that those obligations can be met using other funds. That was very damaging to them."

Blast attorney Andrew Radding refused to comment on what the Blast needed the money for or how it would affect the team's 31 employees. He said an appeal would be filed Tuesday with the Court of Appeals.

The owners of the soccer team said they needed the money to meet the team's operating expenses and June 1 payroll.

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