Metropolitan Mortgage requests court approval of agreement settling tax-sharing dispute

By Jennifer Lanning Drey

Portland, Ore., April 24 - Metropolitan Mortgage & Securities Co., Inc. requested court approval of a settlement agreement with Western United Life Assurance Co. (WULA) under which Metropolitan will keep $6.5 million out of $13.25 million from two disputed federal income tax refunds, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Washington.

The settlement relates to a dispute between Metropolitan and WULA regarding their former tax-sharing agreement.

Also under the agreement, WULA will get $6.75 million of the refund, as well as retain an entire $6.19 million federal income tax refund from 2004.

Both parties will release their claims against each other.

Spokane, Wash.-based Metropolitan Mortgage filed for bankruptcy on Feb. 4, 2004. Its Chapter 11 case number is 04-00757.

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