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Executive Life Insurance Of California

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BUSINESS
July 18, 1991 | From Times Staff and Wire Reports
Maxxam Will Make Payments: Maxxam Inc. and its subsidiary, Pacific Lumber, said they will make payments to 350 retired workers at former Pacific Lumber welding subsidiaries whose pension checks were reduced because of the financial problems of Executive Life Insurance of California. Maxxam and Pacific Lumber had agreed to make up the 30% shortfall for the retirees from the forest-products division.
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BUSINESS
July 18, 1991 | From Times Staff and Wire Reports
Maxxam Will Make Payments: Maxxam Inc. and its subsidiary, Pacific Lumber, said they will make payments to 350 retired workers at former Pacific Lumber welding subsidiaries whose pension checks were reduced because of the financial problems of Executive Life Insurance of California. Maxxam and Pacific Lumber had agreed to make up the 30% shortfall for the retirees from the forest-products division.
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BUSINESS
July 12, 1991 | From Times Staff and Wire Reports
Pension Regulators Sue AFG Industries: The Labor Department filed suit against Ft. Worth-based AFG Industries on grounds that it was imprudent when it bought $12.4 million in annuities from Executive Life Insurance Co. of California. The annuities, which cover more than 1,300 individuals, were selected without a proper bid process, which would have identified the safest insurer, the department charged.
BUSINESS
May 15, 1992 | From Times Staff and Wire Reports
Union Settles Case Involving Executive Life: The International Union of Electronic Workers said it settled a class-action suit that guarantees the security of retirement and pension benefits to workers whose retirement funds were lost in a junk bond deal. The suit involved transfers of money between MagneTek Inc. and Executive Life Insurance Co. of California.
BUSINESS
August 27, 1991 | From Times Staff and Wire Reports
Executive Life Sale and Settlement Dates Set: The California Department of Insurance filed legal papers in Los Angeles to set the sale of Executive Life Insurance Co. of California into motion. The department previously announced a $3-billion deal to sell the Los Angeles-based company to a consortium led by a French insurer called MAAF. However, other companies were invited to top MAAF's offer. The papers say other bidders must submit their proposals before Oct 11, 1991.
BUSINESS
June 8, 2004 | Marc Lifsher, Times Staff Writer
Victims of the 1991 collapse of Executive Life Insurance Co. of California may receive small payouts thanks to the recent settlement of a federal criminal fraud case against French bank Credit Lyonnais, Insurance Commissioner John Garamendi announced Monday. Garamendi, who seized the company because of its junk-bond-laden investment portfolio during a previous term as commissioner, said that $110 million would be distributed among 330,000 former Executive Life policyholders.
BUSINESS
January 18, 1992 | From Times Staff and Wire Reports
Executive Life Liquidation Value Set: Los Angeles Superior Court Judge Kurt Lewin ruled on the liquidation value of Executive Life Insurance Co. of California, which failed last April. The liquidation value will determine how much policyholders will receive if they decide to pull their money out of the company instead of transferring their accounts to the buying group, a consortium led by Altus Finance and Mutuelle Assurance Artisanale de France. Those who opt out of the deal would get 47.
BUSINESS
April 12, 1991 | KATHY M. KRISTOF, TIMES STAFF WRITER
The seizure Thursday of Executive Life Insurance Co. of California by state regulators raises a wide array of questions about how the action will affect the company and its policyholders. Here are the answers to some of those queries: What happened Thursday and what does it mean? Regulators put Executive Life Insurance Co. of California into conservatorship, which gives state officials authority over the day-to-day activities of the company. It does not, however, change the company's ownership.
BUSINESS
May 7, 1991 | KATHY M. KRISTOF
Alan C. Snyder, president of First Executive Corp., has been named acting chief operating officer of Executive Life Insurance Co. of California, which was seized by regulators last month because of huge losses in the company's investment portfolio and other financial woes. A spokesman for the California Department of Insurance said Snyder was chosen for the postion because he was a relative newcomer at First Executive and was not involved in creating the company's problems.
CALIFORNIA | LOCAL
August 9, 1991
Keeping California competitive is no easy task in today's recessionary environment. Protecting the state's interest takes creativity and plain hard work. So it is encouraging to see the public and private sectors pitching in to solve festering problems. Two noteworthy examples: Insurance Commissioner John Garamendi's deal for a private company to take over the troubled Executive Life Insurance Co.
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