Met Mortgage deadline looms
Sat., March 12, 2005
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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