Met Mortgage might pay 15 cents on dollar

[UpInArms]

http://www.theolympian.com/home/news/20040822/business/127496.shtml

SPOKANE -- Investors in financially troubled Metropolitan Mortgage & Securities Co. may receive as little as 15 cents on the dollar, a newspaper reports.The man hired to run Met

Mortgage after it filed for bankruptcy protection said Thursday that any recovered money for creditors depends on the successful sale of notes and property, especially beachfront lots in Hawaii that could be worth tens of millions of dollars.

<snip>

That would constitute a huge loss for tens of thousands of people who invested their savings in Met Mortgage, once a $2 billion financial conglomerate now embroiled in the largest bankruptcy in Spokane history.

A return of 15 cents on the dollar could mean total losses to investors of nearly $500 million.

...more...

there's goes some more of the "investor class"

[SoCalDem]

1. Reminscent of Silverado.. Watch for a "taxpayer bail-out" to follow

:(

[GarySeven]

2. "wahhll.. you're - you're thinkin' of this place all wrong ..."

"You-you're money's not here ..."

[papau]

3. Makes you trust accounting since in Feb 04 it looked like a small loss!

2/10/04 Together, Metropolitan and Summit list assets of $572.2 million and liabilities of $582.5 million. That does not include the three insurance affiliates where most assets are held.