Three dozen properties have been nominated for purchase by Spokane County’s Conservation Futures program. The candidates to become permanent open space vary from half an acre to 920 acres and are scattered across the county.
C. Paul Sandifur Jr., the former chairman and chief executive officer of Metropolitan Mortgage & Securities Co., will pay $23,000 to investors in the bankrupt company as part of a class-action settlement reached with executives. It’s the last money expected to be paid out by the former CEO, whose father founded the Spokane company in the 1950s.
A $38 million settlement proposed Tuesday in the Metropolitan Mortgage & Securities Co. class action lawsuit would help several thousand investors recoup some losses from Spokane’s largest business collapse. Investors sued the bankrupted company’s outside auditors and former executives six years ago.
More checks are in the mail for creditors of bankrupt Metropolitan Mortgage & Securities Co. This third round of partial payouts splits about $10.4 million among 15,500 people who held unsecured bonds in the once-prominent Spokane company and its Idaho affiliate, Summit Securities Inc.
An $8 million legal dispute has erupted over the bill to clean up pollutants at Kendall Yards, the stalled housing and business project along the north bank of the Spokane River in downtown Spokane. The scenario unfolds as property owner Marshall Chesrown may be closing in on a deal with an undisclosed developer that could jump-start work.
Thomas Masters, a former Metropolitan Mortgage and Securities Co. executive implicated in one of the fraudulent real estate schemes that unraveled the firm, has filed a $26 million personal bankruptcy and moved to Nevada to seek work. Masters had five development projects under way, including three in the Tri-Cities and two in Spokane – one each in Hillyard and the Five Mile area. When investors withdrew financing for the projects, Masters decided to avoid the personal guarantees he made on developments by filing for bankruptcy, said his attorney, Dan O’Rourke.
C. Paul Sandifur, the former chief executive officer of bankrupt Metropolitan Mortgage & Securities Co., will pay $150,000 to refund investors and settle allegations that he improperly paid himself dividends as the company failed.
A class action lawsuit involving more than 6,000 Metropolitan Mortgage & Securities Co. investors is moving toward trial in 15 months.
About $45 million is set to be distributed to investors of Metropolitan Mortgage and Securities Inc. at the end of next week. It will be the second repayment following the bankruptcy of the $2.3 billion Spokane-based financial conglomerate 4 ½ years ago.
A long-awaited cash distribution to investors of bankrupt Metropolitan Mortgage and Securities will be mailed in late July.