Investors’ Hopes Are Raised by Judgment : Celebration: Those who put cash into Charles Keating’s failed thrift believe they will finally recover their money.

Investors in Lincoln Savings & Loan celebrated Friday, some by gathering for a victory bash, others by simply making plans to take long-delayed vacations or pay overdue bills.

For the 23,000 investors, many of them elderly, the $2.1-billion jury decision against Charles H. Keating Jr. raised hopes that they will recover the money they invested in his failed thrift.

“We’re very, very happy,” said Sam Epstein, 80, of North Hollywood, who, along with his wife, Lillian, invested $65,000 in American Continental Corp., Lincoln’s parent company. He added that $2.1 billion “is just mind-boggling. But it looks like we are going to get all of our money back.”

Investors lost a total of $288 million after they bought uninsured, high-risk bonds. Bond salespeople at Lincoln branches allegedly targeted retired customers who had money in government-insured certificates of deposit.

After Friday’s verdict in Tucson, it was uncertain how much money would be recovered and how it would be shared among the plaintiffs, who filed a class-action lawsuit. Appeals lie ahead, and Keating says that he is broke. But there was still joy.

“I’m glad the jury is restoring the integrity in the system,” said Gudrun Walker, 47, of Anaheim Hills, who lost the $25,000 she invested from her late husband’s life insurance policy. “I’m glad the system still works. But once I get the check I will be even happier.”

Other bondholders put the jury’s decision into a similar perspective.

“It really was worth our time and effort to get this thing going,” said Bertha Lee Roble, 69, of Orange, who, with her husband, Charles, invested $28,000. “It was such a scam. This will show the public that they should be aware of these scams and make sure that it doesn’t happen again.”

Roble is now hoping to retire--again. After Lincoln’s collapse in April, 1989, she had to take a job to pay her bills. She has since developed a heart condition, adding medical bills to her financial burden.

“It’s been a lot of stress,” she said. “I have a beautiful yard. I would just be content to stay here in peace.”

Jack Lower, 77, of San Jacinto is also eager for his life to return to normal. High on his list of priorities is taking a cruise with his wife, Helen. Just a few weeks ago, he said, he had to cash in a life insurance policy to buy a car.

“We’ve all been looking forward to this,” Lower said of Friday’s decision. “It has been pretty sad around here.

“We’ve been very fortunate compared to others,” said Lower, who bought $34,000 in bonds. “But if I could get all my money back, even with 3% at market rates, it would help a great deal.”

Money, however, wasn’t the only thing on Lower’s mind. He expressed doubts about Keating’s sentence earlier of 10 years in prison and $250,000 in fines on criminal charges.

“Nothing is too bad for him,” he said. “I hope he is not living the life of Riley (in prison), paying people off. But he probably is.”

Not surprisingly, many bondholders said that, when they get their money back, they will put in the safest investments around: money-market or savings accounts. And some even had doubts about those.

“You tell me where to invest it,” said Epstein, who had just returned from a party celebrating the settlement. “As my wife says, maybe under the bed.”