Arizona Seizes James Fail’s Company: The state...
From Times Staff and Wire Reports
Arizona Seizes James Fail’s Company: The state Insurance Department took over an insurance concern owned by the Phoenix businessman, who is under congressional investigation for his acquisition of 15 failed Texas thrifts. Maricopa County Superior Court Judge Lawrence Anderson ordered Farm & Home Life Insurance Co. placed under state control in response to a suit by state Insurance Director Susan Gallinger, who said the company was insolvent by more than $54 million.
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