American Continental Investors to Receive Payments: Small...
From Times Staff and Wire Reports
American Continental Investors to Receive Payments: Small investors in the parent of Irvine-based Lincoln Savings & Loan, who lost $192.8 million after the company filed for bankruptcy, soon will get checks to cover a small portion of their losses--about 6 cents on the dollar. Star Bank in Cincinnati mailed checks totaling $11.6 million Wednesday to 11,472 registered holders of American Continental Corp. bonds. American Continental filed for bankruptcy nearly two years ago, and Lincoln, its main subsidiary, was later seized by federal regulators. Bondholders have claimed in more than 18 state and federal lawsuits that they were misled into believing the American Continental bonds were safe or insured.
