Diversify, diversify

"Diversify, diversify" Continued...

Issue: "Beyond bread and circuses," Aug. 15, 1998

Caught by surprise, the Horjus-led creditors' committee saw the alliance of IRM with the rebel group as a threat to a possibly better deal for investors. The committee filed suit against IRM, accusing it of fraud and asking the court to appoint a receiver to manage the firm and seek potential buyers. IRM heeled, agreed to cooperate more closely with the committee, and received a postponement until Aug. 14 in receivership proceedings to find a buyer.

Two prospective buyers have surfaced, and several others have made inquiries, Mr. Barnard told WORLD last week. Because of tax-exposure issues and other reasons, it's not a matter of selling buildings, he said. "We need to find someone to take over the partnerships." As for the IRM investors, satisfaction still is $150 million plus interest away.

Edward E. Plowman
Edward E. Plowman


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