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Article: Columbia First's Stock Sale Was a Practical Business Decision, Not `Treachery'
- Article from:
- The Washington Post
- Article date:
- December 1, 1988
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Columbia First Federal Savings and Loan Association's agreement
to sell a $17.4 million stake in the S&L to a group of local
investors ought to be judged for what it really is-a practical
business decision-not "treachery" as a major shareholder has
suggested.
Treachery is a harsh accusation, but, in this instance, it
sounds more like sour grapes than fact.
Indeed, the accusation appears to be self-serving when weighed
against the circumstances that led to the agreement between Columbia
First's management and an investor group headed by Washington real
estate developer Melvin Lenkin. The investors will purchase 792,000
newly issued shares of Columbia First common stock at $22 each.
As ...