October 27, 1987 |
American Diversified Savings Bank's ousted chairman, Ranbir S. Sahni, was handed a setback in his battle with federal regulators Monday when an Orange County judge ruled that he had no right to take operational control of $171 million worth of real estate partnerships in which the S&L had an interest. The Federal Home Loan Bank Board seized the Costa Mesa-based S&L 20 months ago after declaring it insolvent.
January 24, 1990 |
New Business: The disastrous crash of the savings and loan industry is padding the pocketbooks of many lawyers and accountants, and now firms who service those professionals are trying to cash in too. The Bank Bailout Litigation News invites lawyers to subscribe to its new biweekly report on what's working in court for plaintiffs and defendants.
August 28, 1987 |
Ranbir S. Sahni, former chairman and majority owner of American Diversified Savings Bank, has asked an Orange County judge to disqualify a law firm from representing the savings institution and two other defendants in a lawsuit he filed last month. Sahni, who was ousted from the Costa Mesa savings institution in February, 1985, when regulators declared it insolvent and seized control, claims that the law firm of Pettit & Martin has a conflict of interest in the case.
October 29, 1987 |
Ranbir S. Sahni, the ousted chairman of American Diversified Savings Bank, on Wednesday appealed an Orange County Superior Court ruling that had transferred control of 41 real estate limited partnerships from him to the Costa Mesa-based S&L. Earlier this month, Sahni seized control of the partnerships from an S&L subsidiary by declaring that the subsidiary was insolvent. A judge ruled Monday, however, that the subsidiary was not insolvent and that Sahni wrongfully took over the operations.
September 20, 1989 |
Former owners of two defunct Orange County savings and loans said Tuesday that they have nothing to fear from a twice-convicted bank swindler who has agreed to testify about allegedly phony deals he had with their thrifts. Charles J. Bazarian Jr., an Oklahoma loan broker already serving a two-year term for a 1987 bank fraud conviction, is expected to plead guilty today in Oklahoma City to charges he defrauded the two S&Ls and the U.S. Department of Housing and Urban Development.