BANKING / FINANCE

American Continental’s bankruptcy is one the largest and most complex reorganizations to land in U.S. Bankruptcy Court.

With more than 50 subsidiaries--including 11 that are also in bankruptcy--even American Continental seems to have trouble sorting its financial figures.

In various court documents and public statements, the company gives a wide range of numbers for its assets and liabilities. American Continental has listed assets of $210 million to $374 million. Its liabilities range from $354 million to $493 million.

The totals depend on what is included in each category.

On the asset side, for instance, American Continental has a $164-million direct investment in its primary subsidiary, Lincoln Savings. But can the company claim that investment as an asset since federal regulators seized the institution on April 14? American Continental says it’s not sure. So sometimes it includes the $164 million in its tally of assets, sometimes it doesn’t.

On the liability side, a number of factors--such as whether $55 million in preferred stock should be included as a debt--could result in four different figures.

Most often the company reports assets of $355 million and liabilities of $438 million.