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BUSINESS BRIEFING / BANKING

Franklin files for liquidation

November 14, 2008|Times Wire Services

Franklin Bank Corp., the owner of a Houston-based lender closed by regulators last week, filed for court protection from creditors under bankruptcy rules used to liquidate assets.

Franklin, which is controlled by mortgage-bond pioneer Lewis Ranieri, filed under Chapter 7 of the U.S. Bankruptcy Code in Wilmington, Del., listing assets worth less than $500,000 and debts of as much as $500 million.

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