Metropolitan Mortgage & Securities to Delist Preferred Stock
December 26 2003 - 9:06PM
PR Newswire (US)
Metropolitan Mortgage & Securities to Delist Preferred Stock
Company Will Not File Form 10-K as Scheduled SPOKANE, Wash., Dec.
26 /PRNewswire-FirstCall/ -- Metropolitan Mortgage & Securities
Co., Inc. today announced that, in order to facilitate the trading
of its Series E-7 preferred stock on the Over-the- Counter Bulletin
Board (OTCBB), it plans to delist the preferred stock from trading
on the American Stock Exchange (AMEX) and will file the requisite
applications with AMEX and the Securities and Exchange Commission
(SEC) by December 31, 2003. Trading in the Company's preferred
stock had been halted by AMEX as of December 15, 2003, and the
Company was notified on December 22, 2003 that AMEX planned to
begin the process of delisting the stock. AMEX's decision to delist
was pursuant to Sections 1003 and 1009 of the AMEX's Company Guide.
Specifically, the AMEX conveyed to the Company the AMEX's belief
that continued listing raised public interest concerns and that the
Company did not comply with the listing or other agreements with
AMEX. As a result of the delisting, the securities may be eligible
for trading on an alternate exchange such as the OTCBB or the
National Quotation Bureau, thus potentially enabling shareholders
to buy and sell shares. At the same time, Metropolitan said that it
will not file its Annual Report on Form 10-K with the SEC until
February 1, 2004 at the earliest. The Company said its auditor,
Ernest & Young, will not be able to complete its audit review
by the original December 29, 2003, deadline because, among other
reasons, the Company is believed to have incurred losses in excess
of those disclosed in its June 30, 2003, Form 10-Q report, and a
review of those results has yet to be completed. The Company also
said it would suspend all payments, including interest and
principal, on Metropolitan debentures and notes, effective 5:00 pm,
Pacific time, on December 26, 2003. Finally, Metropolitan said
that, in order to provide additional autonomy for its insurance
subsidiary, Western United Holding Company, C. Paul Sandifur, Jr.
has resigned as an officer and director of Western Holding and its
wholly-owned subsidiary Western United Life Assurance Company. John
Van Engelen, previously senior vice president of Western United
Holding Company, has been elected president, CEO and chairman of
the insurance holding company. Metropolitan Mortgage &
Securities Co., Inc., incorporated in the State of Washington and
headquartered in Spokane, had assets in excess of $1.7 billion at
June 30, 2003. The forward-looking statements in this release
concerning future events are subject to certain risks and
uncertainties that could cause actual results to differ materially
from expectations. These and other risks are set forth in
Metropolitan's reports filed with the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended.
DATASOURCE: Metropolitan Mortgage & Securities Co., Inc.
CONTACT: Mary Keller, Market Development & External Affairs for
Metropolitan Mortgage & Securities Co., Inc., +1-509-835-2811,
or +1-509-994-8368
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