November 14, 2008 |
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.
CALIFORNIA | LOCAL
November 23, 1999
Water gives us habitat, playground, shimmering canvas. Orange County's waterscapes--inland and offshore--are rich in life and imagery. From the silent underworld off Newport Beach to the Santa Ana pools where youngsters learn to swim and dive, there is opportunity for reflection-- and refraction. Depending on the angle, turbulence and subject on the surface, things may not be what they seem. It all makes an impressionistic postcard of Orange County.
February 3, 1989 |
The Coastal Insurance Co., which has 220,000 automobile policyholders, mostly in Los Angeles and Orange counties, has been put in conservatorship and will be liquidated, State Insurance Commissioner Roxani M. Gillespie said today. She said the California Insurance Guarantee Assn. will honor claims of Coastal customers under existing policies. Harry O. Miller, chairman of Coastal, said the company has been losing money for six months, and is about $40 million in the hole currently.
August 30, 1986 |
Just 14 weeks after seizing Consolidated Savings Bank, federal regulators Friday abandoned the search for an institution to take over the failed Irvine-based lender and began liquidating its assets. Friday's action makes Consolidated the 17th S&L in the United States and the fourth in California to be closed so far this year.
February 3, 1987
The Westlake Village-based company, a pioneer in the personal computer business, said that it will dissolve under Chapter 7 of the U.S. Bankruptcy Code. Vector filed for protection from creditors in bankruptcy court nearly 14 months ago and stopped making computer equipment shortly thereafter. Vector said it has no money to distribute to unsecured creditors or stockholders and that its assets are worth no more than $275,000 for secured creditors, about $1.5 million short of what they are owed.
November 19, 1985 |
A Montana insurance firm that wrote policies on millions of dollars of bad loans that allegedly contributed to huge losses at Bank of America has been declared insolvent and forced into liquidation by Montana authorities. Montana Insurance Commissioner Andrea Bennett said Glacier General Assurance's liabilities exceed its assets by at least $131 million. A Montana judge ruled last week that continued operation of the company was hazardous and ordered the firm liquidated.
April 1, 1989 |
Chandler's Furniture Co.'s largest creditor said Friday that it expects to hold an inventory liquidation sale at the firm's two showrooms next weekend. Chandler's, which was founded in the 1870s, closed unexpectedly last month under pressure from creditors. Previously, the company had posted signs at its stores saying the sale of inventory would begin by April 1.
January 28, 1992 |
Federal regulators on Monday declined to estimate what the ultimate cost of liquidating Great American Bank will be to taxpayers, saying the process may take another year or more to complete. At a press briefing Monday, the thrift's managing agent J. Michael Berry, who was installed at Great American by the Resolution Trust Corp. last August after federal regulators seized the capital-deficient savings and loan, said, "Obviously there will be a loss to the taxpayers.
September 28, 2001 |
Lechters Inc., the largest U.S. specialty housewares retailer, asked a bankruptcy judge for permission to find a buyer for all the company's assets or close its 325 stores and liquidate. Competition from larger rivals such as Wal-Mart Stores Inc. forced Harrison, N.J.-based Lechters to seek bankruptcy protection in May. The company listed $128.9 million in assets and $110.9 million in debts in Chapter 11 papers filed in Bankruptcy Court in Manhattan.