Key stockholders are threatening to torpedo a...

Key stockholders are threatening to torpedo a $1.5-billion restructuring plan designed to rescue Houston’s ailing First City Bancorp, according to a report in the Dallas Morning News. Some large stockholders reportedly are unhappy with the $8.50 a share they will receive under a plan worked out by the Federal Deposit Insurance Corp. and Chicago banker A. Robert Abboud, who would take over the bank. Under the restructuring, FDIC would pump $1 billion into the failing company and Abboud would raise $525 million through the sale of securities. An analyst for a major shareholder told the Morning News that he believes that FDIC would be forced to come up with a better deal if shareholders reject the Abboud deal.