BANKING & FINANCE - Aug. 19, 1992

Judge Lifts Freeze on BCCI Defendants’ Assets: A New York judge lifted an injunction that froze many of the assets of Washington attorneys Clark Clifford and Robert Altman, who face state and federal criminal charges that they helped defunct Bank of Credit & Commerce International take over First American Bankshares Inc. But New York State Supreme Court Justice Stephen Crane left intact an order freezing $18 million that Clifford has in New York accounts. State prosecutors said they had been unable to locate any assets of Altman in New York. Prosecutors had won the freeze injunction two weeks ago, shortly after they unsealed indictments against Clifford and Altman. The prosecution is seeking $40 million from the men, saying it represents money made as a result of their alleged criminal involvement with BCCI while they ran Washington-based First American.