OTHER NEWS - March 5, 1992
From Times Staff and Wire Reports
Kaufman & Broad Wins Right to Bid for J. M. Peters: The Los Angeles home builder said it has won the exclusive right to negotiate with the federal government to acquire controlling interest in J. M. Peters Co. Federal regulators acquired an 86% interest in the Newport Beach home building company when they seized San Jacinto Savings & Loan Assn. of Houston last year. Industry insiders said they expect negotiations to center on disposition of J. M. Peters’ more than $200 million in debt. Kaufman & Broad said it expects to pay less than book value for the 12 million shares. As of the end of its third quarter on Nov. 30, Peters had a book value of $1.83 a share.
