Bonds Swapped for Real Estate: Executive Life...
From Times Staff and Wire Service Reports
Bonds Swapped for Real Estate: Executive Life Insurance Co., the troubled Los Angeles-based insurer, said it sold $39.8 million worth of its junk bonds in FPA Corp. to FPA for Florida real estate and other debt. Executive Life got 45 single family lots and two model homes located in Boca Raton, 47 acres of undeveloped property at the Boca Golf & Tennis Club and about 600 acres of undeveloped land at Palm-Aire Country Club in Sarasota, as well as three condominium apartment sites in Pompano, a newly issued $4-million subordinated note and an option to acquire 400,000 shares of FPA Corp. common stock. The firm would not disclose the properties’ appraised value.
