Broad Bonds Classified as Nonperforming: The reclassification...
From Times Staff and Wire Reports
Broad Bonds Classified as Nonperforming: The reclassification of $92 million in bonds in its investment portfolio in second quarter 1990 showed up in a report filed with the Securities and Exchange Commission. It marked the first time the Los Angeles financial services company has had to make such a classification. Jana Greer, a spokeswoman, said Broad had set aside $22 million to cover permanent losses. She added that the company expected the bonds to recover the $70 million in value not covered by the reserve fund and that the temporary loss would not have a material impact on Broad’s $7.1-billion investment portfolio.
