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.
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.