Rousselot, 4 Others Identified as Seeking to Buy Lincoln S

Former congressman John Rousselot and four executives of Lincoln Savings & Loan and its Phoenix parent were identified Friday as the new group of investors who have tentatively agreed to acquire the Irvine-based S&L.;

The group already has raised the $50 million needed to be added to Lincoln’s capital base as insurance against losses, Rousselot said in an interview from Los Angeles International Airport. He maintains homes in a Washington suburb and in San Gabriel.

The purchase price was not disclosed, but Rousselot said American Continental would receive preferred stock as part of the purchase price and would buy three of the S&L;’s major assets, paying an undisclosed price over 10 years.

The tentative agreement, he said, is similar to a $288.75-million deal that expired at the end of February when a group headed by longtime S&L; executive Spencer Scott failed to come up with $50 million in financing by the deadline.

Hired in July

Rousselot, who has served from time to time as a consultant to the parent firm, American Continental Corp., said he was hired in July to find a buyer. Eventually, though, the four executives persuaded him to head up their efforts to buy Lincoln.

The four are Jack Atchison, a senior partner at the Big 8 accounting firm of Arthur Young & Co. until joining American Continental in April; Ronald M. Stoll and David I. Thompson, both in-house lawyers for American Continental, and Randall T. Conte, Lincoln’s vice president for loan administration.

Stoll, Thompson and Conte have worked for both Lincoln and the parent firm, Rousselot said. None of the four executives could be reached for comment Friday.

Rousselot would serve as chairman and Stoll as president of the S&L;, according to the group’s application to buy Lincoln.

No Further Details

The state Department of Savings and Loan, which released the names of the proposed owners, would not release further details. American Continental executives would not comment.

Rousselot was a U.S. representative in the early 1960s and again through most of the 1970s. From 1985 until last June, he was president of the National Council of Savings Institutions.

He termed the deal for Lincoln a “tentative understanding” at this point, though his group filed applications this week for approval with both state and federal regulators.

Rousselot and the four American Continental-Lincoln executives have put $100,000 of their own money into a holding company that would be used to acquire Lincoln.

Two New York businessmen, brothers Julius and Eddie Trump, no relation to mogul Donald Trump, are putting up $35 million in cash and American Continental is providing $15 million in cash, Rousselot said. The Trumps and the company would get non-voting preferred stock in return.

Like Scott’s proposal, Rousselot’s plan calls for American Continental to buy three of Lincoln’s major assets. But Rousselot said that under his plan Lincoln would get less than the $390 million Scott’s group had negotiated.

Rousselot said the group plans to operate the S&L; out of its Irvine headquarters.

“We know we’re buying an excellent property with a good branch system,” Rousselot said. “And it has excellent personnel already in place. We intend to make full use of them.”