Mortgage Lender's Ansel Adams Sale Draws Scrutiny

Law360, New York (July 16, 2008, 12:00 AM EDT) -- Fremont General Corp.'s sale of $4.6 million worth of pieces by photographic artist Ansel Adams has reportedly triggered a second look from California insurance regulators, who contend that the prints never belonged to the now-bankrupt mortgage lender.

On Wednesday, the Wall Street Journal reported that the insurance commissioner of the state of California filed suit in Los Angeles Superior Court against Fremont, CEO James McIntyre and others, contending that the sale was illegal since the defunct Fremont Indemnity Co. is the real owner.

Months ago, Fremont...
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