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September 04, 1993|From Times Staff and Wire Reports

Banks Could Get Karcher Stake: Two banks could end up controlling the largest stake in Carl Karcher Enterprises Inc. if the firm's founder and chairman defaults on a loan secured by his family's trust. The trust owns 34% of the parent company of the Carl's Jr. fast-food chain. According to federal Securities and Exchange Commission filings made by Carl N. Karcher, the banks threatened to take 23% of the company's shares--most of the stock held by the Carl N. and Margaret M. Karcher Trust. Of the trust's stock, two-thirds has been pledged as security for bank loans, according to the filing. Union Bank has asked for payment on $25.1 million in loans and interest, the SEC document says. Santa Ana's Commercial Center Bank also has outstanding loans in Karcher's name.

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