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Banking & Finance

November 12, 1994|From Times Staff and Wire Reports

Craig Corp. Boosts Its Stake in Citadel: The Los Angeles investment company said it increased its ownership of Citadel Holding Corp.'s voting shares to 16.6% from 10% by purchasing 1.3 million new preferred shares issued by Citadel at $3.95 each. The new stock replaces $5.25 million in loans Citadel had owed Craig. Citadel's principal asset is a 16% stake in Glendale thrift Fidelity Federal Bank. Both Citadel and Craig are controlled by investor James Cotter. Earlier in the week, he was sued by a group of Citadel investors who are seeking to liquidate the company. The suit charges that Cotter is improperly boosting his ownership of Citadel and impeding other shareholders' rights. Citadel said Friday that Craig's latest equity infusion was needed to head off financial problems.

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