Newspaper article THE JOURNAL RECORD

First City Capital Expected to Face Full Liquidation

Newspaper article THE JOURNAL RECORD

First City Capital Expected to Face Full Liquidation

Article excerpt

The abandoned First City Capital Corp. of Oklahoma City is expected to be liquidated, with the 60 holders of $840,000 in uninsure d investment certificates to receive an estimated 10 percent to 30 percent return, it was reported Thursday by Oklahoma Department of Securities officials.

"I fully anticipate this will be a liquidation," said Chris Condren, department general counsel. "Based on my analysis, it's impossible to be rehabilitated."

John W. Miner Jr., deputy administrator, agreed that the firm will probably face liquidation. He estimated a 10 percent to 30 percent return on investment for First City Capital certificate holders, though that is "pure speculation," he emphasized.

"Thirty percent would be real lucky," Miner said, depending on success in collecting outstanding loans.

Roger Smith, temporary conservator for First City Capital, will examine the corporation and attempt to rehabilitate it, said Condren. If rehabilitation is not possible, the conservator will apply to Oklahoma County District Court for permission to liquidate.

"In sheer numbers, there aren't that many loans," Condren said, "but most of the commercial loans made are bad."

First City Capital could try to sell some of the installment loans to other commercial institutions, he added, "but installment loans constitute a very small part of this."

First City Capital's major asset appears to be a plot of land located at about NW 220th St. and Western Ave., valued at $150,000, Condren said, which must be broken out of a partnership before it can be sold.

Cash on hand amounts to $2,000, he said.

First City's records are currently housed in a U-Haul mini-storage warehouse, Condren said. …

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