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Stanwich Financial Services Corp

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BUSINESS
March 18, 1998 | Russ Stanton
NAB Asset Corp. said Tuesday it has acquired Stanwich Financial Services Corp. for $3.7 million in cash and future considerations. The sellers included two directors of NAB; the company did not identify them. NAB is paying for Stanwich with its 7% notes due in 2003. Consumer Portfolio Services Inc., which owns 38% of NAB, will receive an undisclosed amount in exchange for dropping an option it held to purchase NAB shares. NAB is in the mortgage-banking business.
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BUSINESS
June 5, 1998 | Times Staff and Wire Reports
NAB Asset Corp., an Irvine financial services company, said Thursday it has rescinded its acquisition of Stanwich Holdings Inc. and Stanwich Financial Services Corp. after learning that it would not receive certain economic and tax benefits from the deal. NAB acquired Stanwich in March for $934,000. NAB Asset said ownership of the companies will revert to the former owners.
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BUSINESS
June 5, 1998 | Times Staff and Wire Reports
NAB Asset Corp., an Irvine financial services company, said Thursday it has rescinded its acquisition of Stanwich Holdings Inc. and Stanwich Financial Services Corp. after learning that it would not receive certain economic and tax benefits from the deal. NAB acquired Stanwich in March for $934,000. NAB Asset said ownership of the companies will revert to the former owners.
BUSINESS
March 18, 1998 | Russ Stanton
NAB Asset Corp. said Tuesday it has acquired Stanwich Financial Services Corp. for $3.7 million in cash and future considerations. The sellers included two directors of NAB; the company did not identify them. NAB is paying for Stanwich with its 7% notes due in 2003. Consumer Portfolio Services Inc., which owns 38% of NAB, will receive an undisclosed amount in exchange for dropping an option it held to purchase NAB shares. NAB is in the mortgage-banking business.
BUSINESS
July 18, 2001 | Bloomberg News
Morgan Stanley Dean Witter & Co.'s $23-million settlement of a lawsuit accusing the investment company of looting trust funds for victims of car crashes and other accidents won preliminary approval from Los Angeles County Superior Court Judge Peter Lichtman. Morgan Stanley does not admit liability with its $23-million settlement, which was reached out of court in June, said Rick Richmond, the firm's attorney.
BUSINESS
June 29, 2001 | MYRON LEVIN, TIMES STAFF WRITER
Investment giant Morgan Stanley & Co. will pay $23 million to settle claims that it contributed to the looting of trust funds that provided living expenses for more than 200 victims of auto wrecks, industrial accidents and botched medical procedures, according to documents filed Thursday in a Los Angeles class-action case.
BUSINESS
January 27, 2001 | MYRON LEVIN, TIMES STAFF WRITER
Scores of injury victims who were guaranteed medical and living expenses in out-of-court settlements have seen their payments suddenly cut off due to the loss of a fortune in bonds that had provided their support.
BUSINESS
July 1, 2001 | David G. Savage and Henry Weinstein and Peter G. Gosselin and Terril Yue Jones and Lee Romney and Nancy Cleeland and Myron Levin and James F. Peltz
Breakup of Microsoft Overturned on Appeal A federal appeals court unanimously overturned the proposed breakup of software giant Microsoft Corp., again delaying the resolution of the closely watched three-year antitrust case. The seven-judge U.S. Court of Appeals for the District of Columbia upheld earlier findings that the company had maintained an illegal monopoly, but it roundly criticized Judge Thomas Penfield Jackson's conduct in the earlier case.
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