Imperial Corp. Has Negative Net Worth: Imperial...
From Times Staff and Wire Reports
Imperial Corp. Has Negative Net Worth: Imperial Corp. of America said additional losses sustained by its already battered junk bond portfolio have resulted in a negative tangible net worth for the troubled San Diego-based parent company of Imperial Savings of California. Federal regulators have been fully informed of ICA’s “capital deficiency” but there are no indications yet that regulators may seize control of the S&L;, ICA spokesman Bruce Dunn said. According to the minimum standards in the bill, ICA’s core capital is supposed to equal at least $150 million, or 1.5% of its $10.5 billion assets. Dunn declined to specify what ICA’s negative tangible net worth now totals.
