Saturday, September 23, 2000
Home State case near conclusion
Liquidation estate being dismantled
The Associated Press and The Cincinnati Enquirer
The resolution of Ohio's savings and loan crisis in the 1980s has grown closer with the approval of a motion to end Home State Savings Bank's liquidation estate.
Judge Richard Niehaus of Hamilton County Common Pleas Court approved the motion Wednesday, said Dennis Ginty, spokesman for the Ohio Department of Commerce.
The liquidation is the largest in state history.
The estate was set up in 1985 to return the deposits of customers of Home State, whose collapse triggered a run on savings and loans in Ohio.
Lawyers from a Columbus law firm have spent years traveling the country and tracking the defunct Cincinnati bank's assets on behalf of the state.
The state hired the law firm of Porter, Wright, Morris & Arthur to recover the $129 million the state paid out to Home State customers. With interest, the total recovery is expected to be $146 million, the Commerce Department said.
The recovery includes $102 million from state-filed lawsuits, including $4.5 mil lion from a settlement of the bankruptcy of Home State owner Marvin Warner. The rest came from the sale of real estate, apartment buildings, offices and other properties owned by Home State.
All that remains of the recovery is a final audit, the preparation of tax returns, the payment of expenses and the termination of corporate charters, the Commerce Department said.
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