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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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    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, midnight

    ‘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, midnight

    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 …