Morris Plan files for Chapter 11 amid Iowa thrift concerns
Morris Plan and its parent MorAmerica Financial Corp filed for Chapter 11, halting deposits and withdrawals while continuing loan payments. State Auditor Richard Johnson expects the $10,000 insured fund not to be needed, optimistic investors will recover principal through reorganization. The Cedar Rapids firms hold $86 million in thrift certificates, roughly half of MorAmerica’s total.
MENTIONED IN THIS ARTICLE
Iowa
Morris Plan
Richard Johnson
Johnson
MorAmerica
MorAmerica Finan
Cial Corp
Cedar Rapids
Industrial Loan Thrift Guaranty Corp
Morris
Morris Plan Co. files Chapter 11 protections
MorAmerica Corp and Morris Plan of Iowa filed for Chapter 11 bankruptcy late Friday. President Jerry Maples said checks drawn on Morris Plan accounts at Merchants National Bank are expected to clear for customers but warned stop orders may affect MorAmerica and Iowa accounts.
MENTIONED IN THIS ARTICLE
Jerry Maples
MorAmerica Corp
Morris Plan Co
Merchants National Bank
Maples
Morris Plan of Iowa
MNB
MorAmerica and
Morris Plan of
Iowa
Cedar Rapids
Executive council doubles down on Des Moines trade center plan
Iowa Executive Council votes 4 0 to approve only an initial 30 million for John Ryans proposed world trade center in Des Moines and retain state control. Gov Branstad says stance pushes Ryan group to accept conditions or abandon project as council aims to finalize the site plan.
MENTIONED IN THIS ARTICLE
DES Moines
Iowa
Johnson
Council of State Officials
Terry Branstad
Ryan
Machine gun conversion by mail sparks federal law test
The Hartford Courant bought six internal parts to convert a Colt AR-15 semiautomatic into an M 16 style machine gun. A reporter completed the job in 90 minutes using mailed manuals and basic tools. The test, done with federal approval, showed the weapon firing about 500 rounds per minute and capable of destroying concrete blocks.
MENTIONED IN THIS ARTICLE
Hartford Courant
U.S
the Courant
Northern Ireland
Lebanon
Grenades at Glyfada hotel pool injure British tourists
A man threw grenades over a hedge into a hotel pool party in Glyfada Greece wounding 19 British tourists. Seven remain overnight in stable condition at Voula Red Cross Hospital. the attacker fled. A caller claimed Black September responsibility and threatened more bombs if a Palestinian gunman is freed.
MENTIONED IN THIS ARTICLE
Glyfada
Greece
Voula Red Cross
Black September
Athens
Hussein
Jordan
Hotel Glyfada Pool
Michael Harding
Horsham
England
Today’s Chuckle Gas and late-night study clash
A lighthearted note on college life highlights students burning the midnight oil and using extra gas, reflecting common campus routines and rhythms.
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George C. Ford
Ancias
Passaic
N.J
Tom
Harry
Sam
Abby
Marion
Metro
U.s.world Farm
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