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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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Stories


  • Sat., April 24, 2004, 11:06 a.m.

    Met examiner wants $900,000

    A court-appointed examiner who’s been charged with delving into Metropolitan Mortgage & Securities Inc.’s financial dealings has asked the court to pay him $900,000 for that work, which is expected …


  • Sun., April 18, 2004, 11:08 a.m.

    How Met scheme collapsed

    Metropolitan Mortgage & Securities Inc. made an offshore investment six years ago that the Internal Revenue Service determined was designed to deprive the U.S. government of millions of tax dollars.


  • Fri., March 26, 2004, 11:13 a.m.

    Met seeks lawsuit freeze against execs

    Metropolitan Mortgage & Securities Inc. wants to freeze all lawsuits against former executives and board members, claiming that the money spent on defense lawyers could run into the millions of …


  • Wed., March 24, 2004, 11:14 a.m.

    Met may pay exec $80,000 a month

    Amid financial turmoil and allegations of corporate malfeasance, Metropolitan Mortgage & Securities Inc. is seeking bankruptcy court permission to hire a crisis manager for $80,000 a month.


  • Tue., March 16, 2004, 11:09 a.m.

    Creditors wait for cash

    Monday’s meeting of Metropolitan Mortgage & Securities Inc. creditors was reduced to one pressing question: “Will we get our money back?”


  • Sun., March 14, 2004, 11:15 a.m.

    Letter warned of Met’s fall

    Burned investors may have been shocked by the quick collapse of Metropolitan Mortgage & Securities Inc., but regulators have known for years that the company was on shaky financial ground.


  • Wed., March 10, 2004, 11:19 a.m.

    Met focused on debt-for-equity swap plan

    The success of Metropolitan Mortgage & Securities Inc.’s bankruptcy reorganization hinges on Washington Insurance Commissioner Mike Kreidler.


  • Thu., March 4, 2004, 11:21 a.m.

    Met may scuttle debt plan

    Metropolitan Mortgage & Securities Inc. may abandon its bankruptcy plan that envisioned creditors taking ownership of a newly reorganized company.


  • Wed., March 3, 2004, 11:22 a.m.

    Met insurance arm casualty of tax fight

    Metropolitan Mortgage & Securities Corp. has lost a $29 million tax fight with the Internal Revenue Service, dragging its large insurance affiliate into receivership.


  • Tue., Feb. 24, 2004, 11:25 a.m.

    Met directors offer to quit

    Metropolitan Mortgage & Securities Inc. will try to chart a course through bankruptcy reorganization without a board of directors.


  • Tue., Feb. 17, 2004, 11:30 a.m.

    Executives at Met draw paychecks

    Metropolitan Mortgage & Securities Inc. executives seek continued salaries and payments as the company wrestles with bankruptcy.


  • Tue., Feb. 10, 2004, 11:32 a.m.

    SEC wants Met fraud investigation

    An independent investigator should look into allegations that Metropolitan Mortgage & Securities Inc. executives committed fraud, according to the U.S. Securities and Exchange Commission.


  • Sun., Feb. 8, 2004, 11:33 a.m.

    Sandifur’s hard landing

    With tears and resignation, C. Paul Sandifur Jr. is losing his family’s legacy.


  • Sat., Feb. 7, 2004, 11:35 a.m.

    Met pinning hopes on plan

    Beset by investigations, an auditing fiasco and unpaid, upset investors, Metropolitan Mortgage and Securities Inc. is betting on bankruptcy as its best chance at survival.


  • Sat., Jan. 31, 2004, 11:40 a.m.

    Met Mortgage to file for bankruptcy

    Metropolitan Mortgage & Securities Inc. is filing for bankruptcy next week, seeking relief from mounting debts and angry investors. The company will attempt to reorganize under Chapter 11 bankruptcy law, …


  • Fri., Jan. 30, 2004, 11:41 a.m.

    Probe of ex-Met brokers focuses on sales pitches

    State officials are investigating dozens of former Metropolitan Mortgage brokers who allegedly used unscrupulous sales practices to sell risky stocks and bonds.


  • Wed., Jan. 28, 2004, 11:45 a.m.

    Met Mortgage asks to be delisted

    Metropolitan Mortgage & Securities Inc. announced Tuesday that it has asked to be delisted from the Pacific Exchange, a move that may put the company under the regulatory regime of …


  • Wed., Jan. 28, 2004, 11:42 a.m.

    Sandifur quits as Met CEO and chairman

    C. Paul Sandifur Jr., whose father founded Metropolitan Mortgage & Securities Co. half a century ago, resigned Tuesday as chairman and chief executive of the venerable but troubled Spokane company.


  • Fri., Jan. 23, 2004, 11:47 a.m.

    Met’s books in doubt

    An accounting fiasco is unfolding at Metropolitan Mortgage & Securities Inc. as independent auditor Ernst & Young LLP quit after concluding the financial books couldn’t be trusted.


  • Wed., Jan. 21, 2004, 11:51 a.m.

    Suits accuse Met Mortgage of Ponzi scheme, fraud

    Investors accused Metropolitan Mortgage & Securities Inc. of fraud and filed two lawsuits Tuesday to recoup hundreds of millions of dollars from the troubled Spokane firm.

Documents