Stories tagged: Metropolitan Mortgage
Sat., Aug. 14, 2004
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
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
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
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
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
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
‘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
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 …
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.
Tue., Dec. 30, 2003, 11:57 a.m.
Met defers more securities payments
The financial challenges facing Metropolitan Mortgage & Securities Co. Inc. deepened Monday as payments on more company securities were suspended, state officials took control of insurance subsidiaries, and the American …