Metropolitan Mortgage Sheds Insurance Unit For $52M

Law360, New York (April 9, 2008, 12:00 AM EDT) -- Bankrupt Metropolitan Mortgage & Securities Inc. will sell its major asset, Western United Life Assurance Co., for $52 million to Global Life Holdings LLC, the Washington state insurance commissioner announced Monday.

A hearing on the sale of the company to the newly formed Global Life is set for May 2 in the Thurston County Superior Court, bringing to fruition a deal that would deliver significant cash to the Metropolitan noteholders, Commissioner Mike Kreidler said in a press release.

The insurance commissioner was granted receivership of Western...
To view the full article, register now.