© D.L. Crumbley
As part of the securitization agreement, UC agreed to pay the principal and interest on defaulted loans.
Creditors contend that UC failed to account for the interest it was paying, and D&T should have caught the mistake earlier.
After UC wrote off $605 million in debt, the company filed for bankruptcy.
Confidential mid-court settlement.
Source: Adrian Angelette, “United Companies Settlement Reached,” Baton Rouge Advocate, October 31, 2003, pp. A-1 and A-12