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.
February 27, 1992 |
Creditors of bankrupt First Capital Holdings charged Wednesday in a federal lawsuit that Shearson Lehman Bros. and some First Capital officials conspired to enrich themselves at the expense of the company's shareholders and lenders. The suit, filed in U.S. District Court in Los Angeles, seeks $300 million in damages from Shearson, the New York brokerage giant, and First Capital, the parent of First Capital Life Insurance Co. and Fidelity Banker's Life Insurance Co.
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.
November 14, 1991 |
A federal judge in Manhattan on Wednesday threw out a lawsuit against Michael Milken that contended that the former junk bond dealer caused the collapse of Los Angeles-based First Capital Holdings, an insurance concern now in bankruptcy proceedings. U.S. District Judge Morris E. Lasker ruled that the civil complaint filed earlier this year against Milken by First Capital shareholders failed to make specific allegations about how Milken caused First Capital's losses.
July 17, 1991 |
Security Pacific Corp. and Wells Fargo & Co. reported sharply lower second-quarter earnings Tuesday because of rising problem loans, with Wells Fargo unexpectedly warning that its loan troubles could continue because of the uncertainties in the economy. While the drop in earnings for the two California banks was expected, Wells Fargo's disclosure of deeper problems surprised bank analysts and caused the San Francisco bank's stock to fall sharply.