June 21, 1995 |
Creditors of failed First Capital Holdings Corp. will receive $80 million plus interest under a lawsuit settlement with former directors and officers of the company and its former controlling shareholder, Shearson Lehman Bros. Inc.
May 22, 1992 |
First Capital Holdings Corp. of Beverly Hills and Acadia Partners, a Ft. Worth investment group that includes billionaire Robert M. Bass, on Thursday announced a new bid for First Capital's Virginia-based insurance subsidiary, Fidelity Bankers Life Insurance Co.
March 31, 1992 |
Insurance regulators said Monday that they have agreed tentatively to sell Fidelity Bankers Life Insurance Co., a subsidiary of troubled Beverly Hills-based First Capital Holdings Corp., to ITT Hartford Insurance Group. Fidelity Bankers, which has $4 billion in assets and 184,000 policyholders nationwide, was seized by Virginia regulators last May after First Capital filed for Chapter 11 bankruptcy because of losses stemming from risky junk bond investments.
June 25, 1991 |
Standard and Poor's Corp., the credit rating agency, said Monday that its outlook for the U.S. life and health insurance industry is negative over the next two years and that more companies may be downgraded if they cannot boost their cash reserves quickly. The agency said that asset quality problems in some of the insurers' real estate and high-yield bond portfolios deepened beyond its expectations and that some companies' capital positions have weakened considerably.
January 12, 1987 |
E. F. Hutton Group said Friday that it intends to sell its insurance group for $300 million in cash to First Capital Holdings Corp., a financial services concern based in Los Angeles. But the company said that while the sale could boost its 1987 results, it expects to post "a substantial loss" for 1986 because it established a special reserve of about $130 million in the fourth quarter for reasons unrelated to the insurance unit sale. Hutton said it had signed a letter of intent to sell its E.
February 12, 1992 |
First Capital Holdings Corp., the Los Angeles-based company that sought bankruptcy court protection in May, submitted a reorganization plan Tuesday that proposes to pay off some creditors by giving them a stake in its two failed life insurance subsidiaries. The plan, which involves First Capital Life Insurance Co. in San Diego and Fidelity Bankers Life Insurance Co. in Richmond, Va., is contingent on the approval of state insurance regulators and state and federal courts.