Ruling Postponed on Executives’ Immunity

A bankruptcy court judge has postponed a ruling on a request that three executives of Property Mortgage Co. and an affiliate be allowed to seek temporary immunity from criminal prosecution.

At a hearing last week, Judge William J. Lasarow in Los Angeles continued the matter until May 28. The request was made on behalf of the executives by Property Mortgage, a Sherman Oaks-based mortgage broker that’s been operating under Chapter 11 of the federal bankruptcy laws since Feb. 14.

The company’s lawyers have claimed in court papers that the executives’ help is necessary to help PMC devise a reorganization plan, but that the executives might not cooperate unless they get immunity. However, PMC’s lawyers have said they’re not aware of any investigation by the U.S. Attorney or other authorities that is actually under way.

The executives involved are Elliott Fine, PMC’s president; his son Jeffrey Fine, secretary of a PMC affiliate named SLGH Investments; and Stanley Glickman, PMC’s vice president.