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Metropolitan Mortgage & Securities Co., Inc. Acknowledges Action by Washington
Insurance Commissioner, Will Reexamine Reorganization Options
SPOKANE, Wash., March 5 /PRNewswire/ -- Metropolitan Mortgage & Securities Co.,
Inc. today acknowledged action taken this week by the Washington State Office of
the Insurance Commissioner (the "OIC") to initiate a voluntary rehabilitation
of, appoint a receiver for, and assume control of the Company's wholly owned
subsidiary, Western United Life Assurance Company ("WULAC"). Since December
2003, the OIC has been engaged in supervising WULAC.
"We understand that the Commissioner took this action to ensure the financial
protection of WULAC," said William A. Smith, Metropolitan's Chief Financial
Officer. "We believe that the OIC's actions are taken to protect WULAC's
policyholders and annuitants."
On February 4, 2004, Metropolitan filed for protection under Chapter 11 of the
U.S. Bankruptcy Code. Metropolitan's wholly owned subsidiary, Western United
Holding Company, which is the direct parent of WULAC, was not included in that
filing and have not sought bankruptcy protection. The actions of the OIC did
not result in an immediate change of that company's management team.
Nevertheless, these actions mayaffect Metropolitan's ability to effect a
reorganization and has caused the Company to consider other options besides the
previously announced debt-for-equity reorganization. Metropolitan remains
committed to fulfilling its obligation to maximize the value of the bankruptcy
estate for the benefit of the Company's creditors.
This press release contains statements that are forward-looking within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of1934. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance and the
actual results could differ materially as a result of known and unknown risks
and uncertainties, including: the outcome of the voluntary rehabilitation and
receivership; the outcome of the Chapter 11 process; current and future
litigation concerning the Company; the outcome of discussions with the Company's
creditors; general economic conditions; future trends and other risks,
uncertainties and factors disclosed in the Company's filings with the Securities
and Exchange Commission. Finally, there may be other results not mentioned
above or included in the Company's SEC filings that may cause actual results to
differ materially from those projected in any forward-looking statement. You
should not place undue reliance on any forward-looking statement. The Company
assumes no obligation to update any forward-looking statement as a result of new
information or developments, except as may be required by securities laws.
DATASOURCE: Metropolitan Mortgage & Securities Co., Inc.
CONTACT: Bill Smith, Chief Financial Officer of Metropolitan Mortgage &
Securities, Co. Inc., +1-509-835-2811
Web site: http://www.metmtg.com/