First Executive Deal Officially Canceled: Coleman Corp....
From Times Staff and Wire Reports
First Executive Deal Officially Canceled: Coleman Corp. President Larry Jones told a Senate hearing that the firm has “successfully completed negotiations” to cancel its contract to buy $45 million in retirement annuities from the troubled First Executive Corp. The money is being returned, Jones said, and Coleman is looking for another insurance carrier rated AAA to replace First Executive, which suffered a drop in its rating because of concern over its large junk bond portfolio.
