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Article: Pacific Security repays bondholders: Return of 93 cents on dollar contrasts with Met Mortgage outcome.
- Article from:
- The Spokesman-Review (Spokane, WA)
- Article date:
- February 4, 2006
CopyrightCOPYRIGHT 2006 The Spokesman-Review. 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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Byline: John Stucke
Feb. 4--People who invested with the Guthrie family in Spokane through a now-defunct company called Pacific Security Companies Inc. have had most of their principal repaid.
It's turning out to be an acceptable outcome for 180 investors, most of whom live in Spokane. And it stands in stark contrast to the financial disaster that unfolded at Metropolitan Mortgage & Securities Co., which was in essentially the same business as Pacific Security Cos. The two firms sold unsecured notes, called debentures, to mostly local investors.
Pacific Security investors have already received 93 cents on the dollar, with good prospects of ...
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