Ohio S&L; Chief Fails to Amend Chapter 11 Plan
Former Ohio financier Marvin Warner, whose Home State Savings Bank in Cincinnati collapsed in 1985 and caused a crisis for 69 other Ohio S&Ls;, agreed Sunday to drop a bid to modify a $16-million settlement of his personal Chapter 11 bankruptcy case after his proposed change was immediately rejected by a creditors’ committee.
Warner had offered Sunday to increase the settlement to $17.5 million on the condition that he be allowed to pursue lawsuits against the accounting firms Grant Thornton and Arthur Anderson & Co, which had audited Home State. Under the original plan, all litigation would be settled.
Warner’s attorneys agreed to drop the modifications after creditors refused to allow the case to be tied up in further lawsuits.
James Post, an attorney for the committee, said Warner’s proposed change amounted to his reneging on the settlement.
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