MCorp Reports Loss: MCorp, the deeply troubled...

MCorp Reports Loss: MCorp, the deeply troubled Dallas banking company, reported a loss of $977.9 in 1988. Without a one-time $215.5 million gain from the sale of 80% of a non-banking business in the second quarter, the company said the loss would have been $1.2 billion. The new calculation of 1988 losses was necessitated after federal regulators seized 20 of the company’s 25 banking subsidiaries on March 28 and 29. The regulators expect to auction off the 20 banks in the coming weeks. MCorp, which is currently the subject of a voluntary bankruptcy reorganization, said it hopes to restructure its operations.