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Article: PLUS BUSINESS
- Article from:
- Chicago Sun-Times
- Article date:
- September 11, 1990
CopyrightCopyright (null) Chicago Sun-Times. (Hide copyright information)
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S&L BOND SALE: Columbia Savings and Loan Association, rebuffed by
the federal government in its attempt to sell its $2.9 billion "junk
bond" portfolio, said today it would move "expeditiously" to seek new
bids for the securities. The decision by the Office of Thrift
Supervision to reject the proposed sale to Gordon America L.P. makes
it more likely that the government will take over the deeply troubled
thrift. The OTS, the agency created to oversee the government's
cleanup of the thrift industry, announced late Monday that it would
not give its necessary approval to the sale because "it could not be
confident the bidding process had produced the best ultimate value
for the portfolio."
...
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