February 21, 1986
Less than a week after seizing American Diversified Savings Bank of Costa Mesa, federal regulators filed a $76.6-million lawsuit against Ranbir Sahni, American Diversified's controversial majority owner and former chairman, and Lester Day, the S&L's former president, alleging the two committed various acts of fraud and racketeering while officers of the failed S&L. The Federal Savings and Loan Insurance Corp.
March 15, 1989 |
Thomas J. Haupert is no stranger to troubled savings and loans. He ran American Diversified Savings Bank for federal regulators until the Costa Mesa thrift was closed in June. Now, he is acting president of Antelope Valley Savings & Loan in Lancaster, which lost $5.5 million in the first 9 months last year. The S&L's capital base fell to 2.5% of its $320 million in assets at the end of September. But Haupert said Antelope Valley Savings "can work its way out of its problems."
June 30, 1992 |
Court Reinstates Suit Against O'Melveny & Myers: The U.S. 9th Circuit Court of Appeals reinstated a malpractice lawsuit against California's fifth-largest law firm for its work on two real estate syndications for now-defunct American Diversified Savings Bank in Costa Mesa. The appellate court reversed a lower court's dismissal of a suit brought by the Federal Deposit Insurance Corp.
April 17, 1987 |
A sister company of Costa Mesa-based American Diversified Savings Bank has sought protection from creditors under Chapter 11 of the federal Bankruptcy Code, according to court documents. In filing for protection earlier this month in U.S. Bankruptcy Court in Santa Ana, American Diversified Equity Corp., a securities firm owned by the bank's former chairman, Ranbir S. Sahni, is claiming $147,413 in total liabilities and assets worth an estimated $700,000 in contingency funds.
October 13, 1987 |
In an end-run around federal regulators who seized control of his savings and loan firm nearly two years ago, ousted American Diversified Savings Bank owner Ranbir Sahni has regained at least temporary control of nearly 25% of the ailing institution's assets.
October 31, 1990 |
Federal regulators have been warning in recent months that everyone is suspect in their investigations of failed savings and loans. The giant Los Angeles law firm of O'Melveny & Myers has found just out how stubborn regulators can be. The firm has been fighting a malpractice lawsuit that regulators filed over two real estate syndications that its Newport Beach office handled for a subsidiary of the now-defunct American Diversified Savings Bank in Costa Mesa.