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Show f'lQA DESERET NEWS, : fry. 'MUR T Monday, January 4, 1971 Company fT o Rescue & o Q S3 ' fX STAmSAVINCS Federated ; " Shelton Socketool By GORDON KIRBY 0 . 2 t)eseret News, Staff Writer , a? The rehabilitation of FedeSecurity Insurance Co., insolvent now because of $6 million in missing capital, .was granted to an Alabama Hiding company by Third rated District ..Faux. Judge Merrill tSpACT , AH TOOi? SET that head (works 2 tool C. Hack florTcSeVhfadre'ws, 0 YOUSHOUIJ Judge Faux ended months of, deliberations by issuing an order which awarded United 1 Blanket Cannon Thermal WARMTH. Security Holding Company of Birmingham, itself the owner of Public National Life Insur-- t ance Company the job of bringing back FS1C to so'ven-cy- . , MUCH LITTLE WEIGHT . . BLANKETS T3U ONE OF THE FINEST Beautiful quality. Av CAN OWN. and ? bonnet blue, tangenne, FILL APPROVAL His choice won full approval ; of, Utah and California insurance commissioners, each of whom is vitally interested in restoring to Federated the confidence of its 10,000 policyholders, 87 per cent of whom have been keeping up their payments in spite of the com- , panys shaky position. carnation. S3 Tote Bag guished Vestinghouse Portable Mixer -- youth. hardly SLICING yoUYRE compact hghtweight er. 3 speed motor. Finger Solid tip speed selectpr. eject Beatera rest. heel of bu wth simple push bottom ton and store m of mixer. WITHOUT ONE! YOHOULDNT BE TO " - accii, switch prevents wanivl dqnts. SHOUTOliT BE WITHOUT ONE! " W A MUST FOR opener. Its Watch unbelievable'. cans it open aluminum and cans with heavy warns effortlessly. See with the lid cut clean Comsafe, rolled edge. use pact for counter on or may be mounted wall. Magnetic ltd holder. MW than a new,8tlool at these features: tap ulde index that F b 39 steam vents. types t g setti correct give j I Westinghouse Cup Coffeemaker f pMm,nent ' YOU& HOULDNT Eight Blender push Button SSEgS Jron $5000 i T Ccn Opener Dry WHAT n "HSVlNGSCATXUX10rrHEs'o.mrAg Westinghouse Westinghouse Steam failed. NOT YET HEARD On March 13, 1970, William ) G. Gibbs, special Utah attor-i- . ney general assistant to Otte-- , sen, filed suit in Federal District Court against Mackay Brewer, also , and Chester 'L. of Dallas, asking for a $6 mil- lion judgment and damages of v $1 million. This complaint has C not yet come up for trial. ' U WestinSuuse Electric hearing on Faux gave Richard L. Mackay of Dallas, - Tex., president of Federated, three days in which to prove f that the missing $6 million bad been put into mortgages in Federateds narco. Mackay floral from 2 bright ' With kmfle. Powerful Hollow ground serrated stainless steel blades to the tip. sharp even cord. Safety L)ef achable mix- At an earlier Nov. 1, Judge bSof, voushouldntbewithoutone. . this. matchless electric motor- - MAKE IT EASY with this ON YOURSELF 9 . am! out. curving easy know THE PEERLESS ted. brew the best cup cfcoffee you or . THE KITCHEN! your FRIENDS HOW this preferred coffee-maker. Makes from three to eight cups. Brew control for strength selection. blender cal pushbutton that includesoff high, por"low and tions. Also featureswith ounce container and easy pour spout and marks for ounces - . Coffee is bubbler. Knuckle p Smswrn : hot Basket is cup marked coffee. Alu to minum vessel. Glass saar?E' ONE! BE WITHOUT kept until ready to serve cup measurement. cover per- Add-a-ca- HAVE EVER TASTEO With YOULL WONDER MANAGED YOU EVER WITHOUT this practi- United Security guard protect fingers. YOU SHOUU-W- WITHOUT ONE.. Mini-Compa- Westinghouse T , BE WITHOUT ONE ct Hair Dryer repre- - Company th ftll fof take with you.Distin-thingare in a class DIFFICULT MAKES) EVEN KITCHEN HELPER asked Federal District Judge Willis W. Ritter to restrain ; the firms officers from trans- fer of its assets. Ritter assen- ' Westinghouse Electric Slidng Knife 5 trouble in October, 1969, when I an audit of its accounts showed $6 million in assets , missing. On Dec. 12 Ottesen folding more convenient s yu wa" Federated was first found in of theres nothing S3 ; ,The plan ONE! T BE, WITHOUT YOU SHOULDN ' Utah Insurance Commis- sioner C. N. Otteson has been in charge - of Federateds affairs since Oct. 6, 1969, the day its Texas officials were asked to show cause in Third District Court why the, state shouldnt take the company over until a rehabilitator ' could be named. t Federated owns the building at 72 E. 4th South and has its offices there. SHOWN IN AUDIT -- ' t sented m court here by John F. Piercey, a Salt Lake attor- -' was described by Atty. ney Gibbs as a near miraculous WITH YOU. this amazing YOU CAN TAKE IT .ue PRECIOUS TIME with Vf. ! solution C to Federateds prob- lenas. OVER OTHERS The plan was chosen over others submitted by American Western Life ' Insurance Co. z and Security National Life In- surancc Co., both of Salt Lake is City ; Insurance Industries, of New Orleans, La.; s Inc., Kaymac Industries (Mackays ,1 firm) of Dallas, and Kokomo t National i sassiffS'55 I ji jWestinghouse I of Chicago. WET i 1 Designer-style- d Westinghouse - i.45 PERFECT ?! . nylo.- A Q - of TOAST perfectly Q seHctor to dark, Ciujnb ") BREADS . . . cbampion of elf w toasters. Two wide tnc color flight i He states that 71 per cent of I the criginal rights of policy holders and creditors will be 4 immediately restored, with the remaining 29 per cent to come from recovery of the company. SHOuSt ONE! BE WITHOUT f- Sf If Ml - O SS ii. . still available . .tt. ChJui Debonair Kanekatons,g.ngs; 1 ? o j J Toaster Two-slic- e toasts A VARIETY EVERY enormous. Harold ' WITHOUT ONE. YOU SHOULDNT Gibbs states in a memoran- dum on Uniteds plan that the impairment of Federated by the loss of the $6 million w7as Man Charged In Funds Case ONE Automatic Electric Blanket The primary difference be--j tween Uniteds rehabilitation plan and the others is that it includes cash on the line c some $2.4 million which will JT be turned over to Federated to make good again its premia ise to pay death benefits and will restore cash values and pay debts. f WITHOUT YOTSiroUEWT BE ; Cushim-delwc- e ? i ; ,4 fj i i , . , (p. a uTivr $Q95 1 11 Henry Culvcrwell, Regency St., w as charged in a complaint filed in U.S. District Court with misapplication of $27,630 in funds from Valley Bank and Trust Co. 4903 e 0 4 Of5 S815 on Feb. 7, 1967; $182 on May 17, 1967, and $25,000 on Of-- 1, 1968. The complaint was signed by John R. Phillips, FBI agent, before U.S. Commis-sioiin- r A M. Ferro. m a It alleges that while was a vice president and cashier at the bank he willfully misapplied $1,653 and Oct. a wh f,t J- ae "f THt. 4ff vAftW- - s IfTd r t iiup , . nwatin . . t Mi - 'A 4, I,, V b |