March 12, 2005 in Business

Met Mortgage deadline looms

Coming Sunday The Spokesman-Review
 
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Background and the latest updates

A Bankruptcy Court judge has given Metropolitan Mortgage an April 1 deadline to file a reorganization plan — a document that’s likely to say investors will recover about 15 cents on the dollar.

The plan is essentially a blueprint for liquidating the once-powerful company.

But it’ll have one big hole in it, executives say: it won’t include any recovery from Western United Life Assurance, the insurance subsidiary that held 87 percent of Met’s assets and that was seized a year ago by the Washington State Insurance Commissioner’s office.

Read more about the pending Metropolitan Mortgage bankruptcy plan in a story by John Stucke Sunday.


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