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Silverado Banking Savings Loan

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BUSINESS
July 4, 1991 | From Times Staff and Wire Reports
Silverado's Accountant to Pay $20 Million: U.S. District Judge Sherman Finesilver of Denver approved a $20-million settlement of a government suit against Coopers & Lybrand, the accounting firm that audited Silverado Banking, Savings & Loan before its collapse in 1988. The firm was accused of holding a flawed Silverado audit in 1986.
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BUSINESS
February 13, 1993 | From Associated Press
The former chairman of the failed Silverado savings and loan was acquitted Friday of charges he illegally used about one-third of a $1.45-million loan from the thrift for personal use. A jury in U.S. District Court in Denver took 4 1/2 hours to acquit Michael Wise of two bank fraud counts--misapplying a loan from a federally insured thrift and making a false entry in Silverado's accounts. "I'm thrilled. That's all I want to say right now," Wise said after the verdict.
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BUSINESS
December 1, 1992 | From Times Staff and Wire Reports
Silverado Ex-Shareholder Sentenced to Prison: W. James Metz, former majority shareholder of the failed Silverado Banking, Savings & Loan Assn., was sentenced to two years in prison for misapplying thrift funds. However, citing the defendant's cooperation with an ongoing investigation of the thrift's collapse, U.S. District Judge Jim Carrigan suspended all but six months of the prison term and ordered Metz to spend 18 months on probation and perform 500 hours of community service.
BUSINESS
March 27, 1992 | From Times Staff and Wire Reports
Neil Bush Paid $50,000 in S&L Deal: President Bush's son, Neil Bush, paid $50,000 to settle a lawsuit over his role in the $1-billion downfall of a savings and loan, the Rocky Mountain News reported. Bush and seven other officers and directors of the failed Silverado Banking Savings & Loan agreed to pay substantial penalties to settle the 1990 suit by U.S. regulators, the paper reported.
BUSINESS
October 30, 1992 | CAROL SMITH, SPECIAL TO THE TIMES
The bankruptcy trial of Bill L. Walters, a former Denver real estate developer and a key figure in the collapse of Silverado Banking, Savings & Loan, concluded in U.S. Bankruptcy Court on Thursday with closing arguments. Judge John Wilson said he will consider the arguments before deciding whether to approve Walters' application to liquidate his assets under Chapter 7 of the U.S. Bankruptcy Code. He set no date for a ruling.
BUSINESS
October 29, 1992 | CAROL SMITH, SPECIAL TO THE TIMES
A federal bankruptcy judge will hear final arguments today before deciding whether an associate in failed Silverado Banking, Savings & Loan should be allowed to declare bankruptcy or whether he has hidden assets and is liable for his debts. Bill L. Walters, formerly a Denver real estate developer, says he owes creditors $279 million and has asked Judge John J. Wilson to approve his application to liquidate his assets under Chapter 7 of the U.S. Bankruptcy Code.
BUSINESS
September 11, 1992 | From Times Staff and Wire Services
The former head of a Colorado thrift where President Bush's youngest son was a director was indicted Thursday on allegations that he diverted $458,000 in bank money for his own use, federal authorities in Denver said. The three-count indictment also accuses Michael R. Wise, former chairman and chief executive of Silverado Banking, Savings & Loan Assn., of falsifying Silverado's books to disguise his activities.
BUSINESS
June 24, 1992 | JAMES M. GOMEZ, TIMES STAFF WRITER
A former developer who was an associate in failed Silverado Banking, Savings & Loan testified Tuesday that he was not guilty of hiding millions of dollars in assets when he declared bankruptcy almost two years ago. Bill L. Walters, once one of Denver's leading real estate developers, is charged with lying to federal officials when he told Congress in 1990 that he was broke. In a three-day trial in U.S. Bankruptcy Court in Santa Ana, Walters is trying to persuade bankruptcy Judge John J.
BUSINESS
March 27, 1992 | From Times Staff and Wire Reports
Neil Bush Paid $50,000 in S&L Deal: President Bush's son, Neil Bush, paid $50,000 to settle a lawsuit over his role in the $1-billion downfall of a savings and loan, the Rocky Mountain News reported. Bush and seven other officers and directors of the failed Silverado Banking Savings & Loan agreed to pay substantial penalties to settle the 1990 suit by U.S. regulators, the paper reported.
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