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Article: Analysis claims First Capital can afford its debts. (First Capital Holdings Inc.)
- Article from:
- Los Angeles Business Journal
- Article date:
- March 16, 1992
- Author:
CopyrightCOPYRIGHT 1992 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bankrupt life insurance holding company First Capital Holdings Inc., subsidiaries of which were seized by state regulators last year, could fully honor policyholders' claims and other trade debts and still have $843.1 million left over, according to one confidential liquidation analysis obtained by the Los Angeles Business Journal last week.
Lawyers close to the case said the analysis sounded "optimistic."
The $8.46 billion-in-assets First Capital, based in Century City, ran two life insurance companies, the Richmond, Va.-based Fidelity Bankers Life and the San Diego-based First Capital Life, which invested about 40 percent of assets in high-yield junk bonds.