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March 27, 1993|From Times Staff and Wire Reports

Hoffenberg Firm in Bankruptcy Filing: Towers Financial Corp., a bill collection company headed by spurned New York Post bidder Steven Hoffenberg, has filed for bankruptcy protection. The filing affects about $215 million of Towers Financial notes. The move comes on the heels of a similar filing by five affiliates of Towers Financial, which sought Chapter 11 protection in Manhattan bankruptcy court earlier in the week. Those affiliates had about $200 million in bonds. The combined filings put at risk more than $400 million of Towers debt securities. Towers and Hoffenberg also face securities-fraud lawsuits from the SEC and private investors. The SEC accuses Towers of grossly overstating assets and earnings.

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