ORANGE COUNTY
Glen Ivy Credit Line Suspended: Manufacturers Hanover Trust Co. has temporarily suspended an $80-million line of credit with Glen Ivy Financial Group pending the outcome of a state investigation of the nation’s largest time-share company. Glen Ivy spokesman Michael Sitrick said the New York bank’s action “does not affect existing operations” but said the company would be unable to immediately finance new time-share sales without that credit line. Glen Ivy’s sales offices closed Dec. 15 for the holidays and won’t reopen until Jan. 5. Glen Ivy’s headquarters complex in Corona was raided last week by more than 100 state and local authorities in conjunction with a Riverside County grand jury investigation of its sales practices. The company has denied any wrongdoing.
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