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Metropolitan Mortgage

In January 2004, Metropolitan Mortgage declared bankruptcy, taking down with it the fortunes of many investors who placed their trust in the decades-old Spokane company.

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  • Fri., July 15, 2005

    Met insurance decision looms

    A decision on a the fate of three insurance affiliates of bankrupt Metropolitan Mortgage & Securities Co. might be weeks away, according to the Washington state Office of the Insurance …

  • Wed., June 1, 2005

    Bids to buy insurance firms to be kept secret

    Bids to buy the three insurance affiliates of bankrupt Metropolitan Mortgage & Securities Inc. will be kept confidential until a purchaser is announced. The companies, including Spokane-based Western United Life …

  • Fri., April 29, 2005

    Sandifurs may face Met lawsuit

    Metropolitan Mortgage & Securities Co. may sue former chairman and CEO C. Paul Sandifur Jr. and his ex-wife, Helen Sandifur, for millions of dollars, alleging that they profited even as …

  • Sun., April 17, 2005, 12:27 p.m.

    Met to part with paradise

    Sun, surf, sand and serenity. These are qualities that could help creditors in the Metropolitan Mortgage & Securities bankruptcy get more money back from their failed investments.

  • Tue., April 5, 2005

    Met files plan for liquidation

    The thousands of creditors holding notes from failed Metropolitan Mortgage & Securities should receive a small recovery beginning this fall, according to a reorganization plan filed in U.S. Bankruptcy Court. …

  • Sat., March 26, 2005

    Met-owned insurance firms ordered sold

    Insurance commissioners from Washington and Idaho have ordered the combined sale of three insurance companies owned by bankrupt Metropolitan Mortgage & Securities Co. Money from the sale should boost the …

  • Sun., March 20, 2005

    Investor seeking answers

    Gerry Hanson stands to lose more than $1 million in the Metropolitan Mortgage & Securities fiasco, and he wants some answers. Hanson, who lives in Sparks, Nev., was recovering from …

  • Sun., March 13, 2005

    Deadline looms for Met bankruptcy plan

    Investors battered by the failure of Metropolitan Mortgage & Securities Co. should get a look next month at a revised Bankruptcy Court plan that estimates a return to them of …

  • Sat., March 12, 2005

    Met Mortgage deadline looms

    A Bankruptcy Court judge has given Metropolitan Mortgage an April 1 deadline to file a reorganization plan — a document that’s likely to say investors will recover about 15 cents …

  • Thu., Feb. 17, 2005

    Met denied access to documents

    A judge’s ruling Wednesday scuttled efforts by Metropolitan Mortgage to collect potentially damaging documents pointing to alleged malfeasance by its former auditor. The ruling is a small victory for that …

  • Thu., Feb. 17, 2005

    ‘Loan to own’ part of Met’s legacy

    James Colson lost everything to Metropolitan Mortgage and Securities Co. Inc. Although the Spokane company and Old Standard Life Insurance Co., a Metropolitan subsidiary, were only indirectly involved in the …

  • Sun., Feb. 6, 2005, 12:34 p.m.

    Unraveling Met’s mess

    Workers have stripped the big green letters that once glowed “Metropolitan Financial Center” from the downtown Spokane highrise. At 17 floors, the white building beamed strength and prosperity.

  • Wed., Jan. 5, 2005

    Met plans to sell stake in GenPrime

    Metropolitan Mortgage & Securities plans to sell its stake in GenPrime Inc. for $451,780 in cash to help settle its bankruptcy case. The sale is essentially a stock buyback for …

  • Sun., Dec. 26, 2004

    Regional growth, innovations balance Met, hospital woes

    There was no lack of business news in the Inland Northwest this year, making it difficult to come up with a list of top stories. But some issues dominated our …

  • Sat., Dec. 18, 2004, 12:37 p.m.

    Met tower gains a tenant

    One of downtown Spokane’s tallest buildings will soon bear the name of a company that’s growing in the region, rather than one that recently went bankrupt.

  • Sat., Nov. 20, 2004

    Summit plot to be auctioned

    The federal bankruptcy court will auction off the 77-acre Summit property Wednesday in a transaction that could draw millions more for the Spokane River land than previously expected, benefiting creditors …

  • Wed., Nov. 3, 2004

    Frank seeks Summit land

    Spokane developer Jim Frank went to court this week in an attempt to acquire the 77-acre Summit property overlooking the Spokane River, a move protested by the bankrupt landowner, Metropolitan …

  • Fri., Oct. 29, 2004

    15 Met brokers may lose licenses

    Fifteen brokers who sold Metropolitan Mortgage & Securities Inc. stocks and bonds have been accused of violating the Securities Act of Washington. The charges brought by the state Department of …

  • Thu., Oct. 28, 2004

    County hires ex-Met manager

    Longtime Spokane political strategist Erik Skaggs has taken a $55,000-a-year job as Spokane County’s new director of economic development. Until last year, he also was a key figure at Metropolitan …

  • Tue., Oct. 26, 2004

    Merger advised at Met

    A court-ordered report suggests that bankrupt Metropolitan Mortgage & Securities’ entire family of so-called independent companies be merged. If adopted by the court, such a consolidation would drop claims the …