Metropolitan Mortgage agrees to sell trust receivables to SSC Settlements

By Caroline Salls

Pittsburgh, March 1 - Metropolitan Mortgage & Securities Co. requested court approval to sell $3.38 million of Metropolitan trust receivables and $2.4 million of Summit Securities receivables to SSC Settlements LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Washington.

The estimated sale price of the receivables to be sold by the Metropolitan Trust Portfolio is $3.98 million, and the estimated sale price of the receivables to be sold by the Summit Trust Portfolio is $2.83 million.

According to the motion, the purchase price for all collectible assets will be $0.25 on the dollar for collectible receivables, however, to the extent that any collectible receivable represents payments held by an insurer or obligor that can be collected under a supplemental court order, those past payments will be paid to the sellers without any deduction, other than expenses payable under the purchase agreement.

If Metropolitan is not able to obtain court approval of the receivables purchase agreement and is forced to seek overbids for the receivables, the company will request court approval to pay $50,000 to SSC Settlements and will file a bid procedures order.

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

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