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Sun Savings approved a capital infusion plan.

June 27, 1985

The proposal will pump at least $7.2 million into the ailing San Diego-based thrift. Developer Victor Fargo will buy 247,000 shares of Sun stock at $10 per share. In exchange, Sun will move its headquarters into Fargo's La Jolla office complex. In addition, Sun will offer 1 million shares of common stock that will raise at least $4.76 million, according to company sources. Sun's net worth as of March 31 was $6.1 million, or only 1.25% of its $485 million in assets. Dissident Sun shareholder Robert Blake, an Orange County developer, said he will sue to block the capital infusion plan because of various conflicts of interest.

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