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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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  • Sat., Oct. 23, 2004

    Met Center hotel plans shelved

    Davenport Hotel owner Walt Worthy has abandoned the idea of turning the 17-story Metropolitan Financial Center into a hotel. Worthy said he’s looking instead at building a five-to-10 story hotel …

  • Fri., Oct. 15, 2004

    State sues Ernst & Young over Met abuses

    Washington’s insurance commissioner has sued Ernst & Young LLP, accusing the auditing firm of failing to uncover, divulge and stop accounting abuses at bankrupt Metropolitan Mortgage & Securities Inc. Commissioner …

  • Sat., Oct. 9, 2004

    Firm hopes to develop Met parcel

    A Kirkland, Wash., investment and development firm has submitted the winning bid for Metropolitan Mortgage & Securities Co.’s 77-acre Summit property on the Spokane River just north of downtown. Matt …

  • Sat., Oct. 2, 2004

    Met theater sale to end Thursday

    The proposed sale of the Metropolitan Performing Arts Theater in downtown Spokane concludes next week with a deadline that will decide if more than one bidder is interested in the …

  • Sun., Sept. 26, 2004, 12:41 p.m.

    Small town, big loss

    ODESSA, Wash. – When Metropolitan Mortgage collapsed this year, Odessa was hard hit. Of the 940 people in this tidy farm town west of Spokane, about 70 stand to lose …

  • Wed., Sept. 15, 2004

    Met assets may go to pay for lawyers

    The legal costs of defending former Metropolitan Mortgage & Securities Inc. executives and board members are adding up. Law firms representing the bankrupt company’s former officials want to draw fees …

  • Sun., Aug. 29, 2004

    Met creditors pick up pieces

    Thousands of Metropolitan Mortgage & Securities creditors may receive a small check next year as the failed financial firm is pulled apart and sold off piece by piece. The checks …

  • Fri., Aug. 27, 2004

    Met Mortgage to sell theater

    Metropolitan Mortgage & Securities Co. said Thursday it has signed an agreement to sell the historic Metropolitan Performing Arts Theater to Spokane residents Mitch and Cindy Silver. The Silvers have …

  • Tue., Aug. 24, 2004

    Judge limits new Met investigation

    A court-appointed examiner investigating Metropolitan Mortgage & Securities will now focus on business dealings between the company and its many affiliates. Federal Bankruptcy Court Judge Patricia Williams said Monday that …

  • Sat., Aug. 21, 2004

    Met creditors want to sue accounting firm

    Creditors in the Metropolitan Mortgage & Securities Co. bankruptcy case want to hire a law firm by next month to sue the big accounting firm Ernst & Young LLP, the …

  • Fri., Aug. 20, 2004

    Small Met recovery possible

    Investors in bankrupt Metropolitan Mortgage & Securities Co. could recover as little as 15 cents on the dollar, a devastating loss of wealth for the thousands of people who entrusted …

  • Sat., Aug. 14, 2004

    Investors worry as Met faces millions in legal fees

    Costs in the Metropolitan Mortgage & Securities Co. Inc. bankruptcy are piling up, even as creditors worry about recovering at least some of their investments. In the first part of …

  • Wed., July 21, 2004

    Met exec quits, says he was “misled’

    The man who some describe as the internal whistle-blower at Metropolitan Mortgage & Securities Inc. has resigned to accept a job closer to home in California. Metropolitan gave him no …

  • Thu., July 15, 2004

    Met Mortgage to abandon Pasco project

    Metropolitan Mortgage & Securities Inc. will abandon a multimillion-dollar mall project in the Tri-Cities. The bankrupt Spokane firm owes more money on the factory outlet mall than what appraisers say …

  • Fri., July 9, 2004

    City Hall won’t be in Met tower

    Spokane Mayor Jim West said Thursday that the city is no longer interested in buying the Metropolitan Financial Center. Facing a budget crunch and skeptical voters, the city is just …

  • Thu., July 8, 2004

    Examiner wants closer look at Metropolitan’s auditors

    A court-appointed examiner wants to continue investigating Metropolitan Mortgage & Securities Inc.’s collapse. Specifically, examiner Samuel Maizel wants to scrutinize the work of Ernst & Young LLP, and PriceWaterhouseCoopers LLP …

  • Thu., June 10, 2004

    Met selling properties to repay investors

    Metropolitan Mortgage & Securities Inc. is selling all of its properties to repay investors as executives wind down the company’s 50-year business run in Spokane. The sales include everything from …

  • Wed., June 9, 2004

    ‘Rabbit transactions’ fueled Met’s demise

    Investors burned by unscrupulous sales practices and fraudulent financial reports at Metropolitan Mortgage & Securities Inc. may find payback by reaching into the deep pockets of prestigious accounting firms and …

  • Tue., May 11, 2004

    Bortner out as chief of state securities office

    Deborah Bortner, the state’s securities chief and a tenacious critic of Metropolitan Mortgage & Securities Inc., has been demoted as part of a political shake-up. As head of the securities …

  • Sat., May 1, 2004, 12:41 p.m.

    Grand jury probing Met

    A federal grand jury is investigating Metropolitan Mortgage & Securities Inc., an indication that the bankruptcy case could include criminal elements. An attorney representing the company suggested the issues were …