Metropolitan Mortgage & Securities, Summit Securities and Metropolitan Investment Securities File for Litigation 'Freeze'

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Bank of America Corp. Market Linked Step UP Notes Linked TO The S&P 500 Index	AMEX:MPD	AMEX	Ordinary Share

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Metropolitan Mortgage & Securities, Summit Securities and Metropolitan Investment Securities File for Litigation 'Freeze'

25/03/2004 1:14am

PR Newswire (US)

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Metropolitan Mortgage & Securities, Summit Securities and Metropolitan Investment Securities File for Litigation 'Freeze' SPOKANE, Wash., March 24 /PRNewswire-FirstCall/ -- On Monday, March 22, 2004, attorneys representing Metropolitan Mortgage & Securities Co., Inc., Summit Securities, Inc. and Metropolitan Investment Securities, Inc. (collectively, the "Debtors") filed a complaint in the U.S. Bankruptcy Court for the Eastern District of Washington, seeking a stay of pending and future litigationagainst the Debtors and their subsidiaries and their respective directors and officers (collectively, the "Insureds"). "This action was taken first in order to preserve the proceeds of the Insureds' directors' and officers' liability insurance policies and professional liability insurance policies (the 'Policies')," said Ford Elsaesser, outside counsel to Summit Securities, adding, "the insurance coverage represents a valuable asset of the Debtors' bankruptcy estates that will potentially be reducedto the extent that funds are expended to defend these matters." Elsaesser further pointed out that "Debtors' officials feel the insurance proceeds should be preserved as part of the assets available to all claimants whose claims are valid and insured by the Policies. During the bankruptcy process, the Debtors are hopeful that outstanding civil litigation implicating the Policies can be consolidated to further reduce costs and ensure an equitable distribution to prevailing claimants." According to Douglas Siddoway, a Randall & Danskin attorney working with the Creditors Committee for Metropolitan Mortgage, the Committee supports the filing "in order to preserve this bankruptcy asset." 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 of 1934. 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 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 filingsthat 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: Mary K. Keller, Assistant Vice President of Metropolitan Mortgage & Securities Co., Inc., +1-509-835-2811, or Web site: http://www.metmtg.com/

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MPD Bank of America Corp. Market Linked Step UP Notes Linked TO The S&P 500 Index