Butterfield’s Endresen Files Report With SEC
Breaking his silence, at least on paper, Butterfield Equities Corp. president Donald Endresen hinted that little may be left of his company since government regulators seized its subsidiary, Butterfield Savings & Loan Assn., last month.
In a report filed with the Securities and Exchange Commission this week, Endresen said the Santa Ana-based thrift, which had $802 million in assets when it was declared insolvent, was Butterfield Equities’ “principal asset” and that Butterfield Equities “maintained no separate offices or premises.”
In addition, Endresen, who had also presided over the thrift until it failed, said that he is still attempting to get his hands on Butterfield Equities’ “books, records and substantial personal property,” which he said were taken at the time of the thrift’s seizure.
Butterfield S&L; was bled dry by more than two years of heavy losses from real estate loans and its controversial restaurant operations before it was declared insolvent and seized by the Federal Home Loan Bank Board on Aug 7. The thrift was reconstituted the next day as a federal mutual association and is now being run under a 90-day management contract by Downey Savings and Loan Assn. president Gerald McQuarrie and a new board of directors.
Endresen went on to state that all but two of the six officers and directors of Butterfield Equities have resigned, leaving just himself and Butterfield’s chairman, David Endresen, Donald’s father.
Endresen, who could not be reached for further comment, said in the SEC filing that he is attempting to negotiate the removal of Butterfield Equities’ records and his personal property from the S&L; as a “first step toward evaluating (the company’s) prospects.”