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II.

American Continental Corporation Before the Acquisition
of Lincoln Savings and Loan Association....

9

III.

Deregulation of the Savings and Loan Industry..

12

IV.

Profile of Lincoln Savings and Loan Association
Prior to its Acquisition by ACC..

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ง.

VI.

ACC's Acquisition of Lincoln.....

Lincoln's Integration into ACC's Diversified Business
Plan....

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IX.

Opposition to the Direct Investment Rule Resulted in
FHLBB Bias and a Regulatory Campaign Against ACC,
Lincoln and Keating..

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XVI.

D. The LSAC Application (Rousselot II)............

ACC's Decision to Seek Protection Under Chapter 11 of
the United States Bankruptcy Code...

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B.

The FDIC's Mismanagement of the Lincoln and Lincoln
Subsidiaries' Assets.

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TABLE OF DEFINED TERMS

Page

"ACC" means American Continental Corporation..

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"ACMC" means American Continental Mortgage Company, a subsidiary of ACC......

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"ADC" means Acquisition, Development and Construction....... "AFC" means American Financial Corporation, the predecessor of ACC..

9

"AFLIC" means American Founders Life Insurance Company, a third-tier subsidiary of Lincoln..........

28

"AMCOR Funding" means AMCOR Funding Corporation, formerly Lincoln American Financial Insurance Company, a direct subsidiary of Lincoln...

27

AMCOR Investments" means AMCOR Investments Corporation, formerly Continental Homes Corporation, a subsidiary of Lincoln...

"Arthur Andersen" means Arthur Andersen and Company, Certified Public Accountants...

"Arthur Young" means Arthur Young & Company, Certified Public Accountants...

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"Bankruptcy Court" means the United States Bankruptcy Court for the District of Arizona....

111

"California Department" means the California Department of Savings & Loan.

3

"Castle Meadows means Castle Meadows, Inc., a direct subsidiary of Lincoln....

29

"CFLIC" means Continental Fidelity Life Insurance Company, formerly Diversified Life Insurance Company, a second-tier subsidiary of Lincoln..

27

"CHG' means The Crescent Hotel Group, a direct subsidiary of Lincoln...

30

"CHGM" means The Crescent Hotel Group of Michigan, a second-tier subsidiary of Lincoln.....

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"CIG means Continental Insurance Group, a second-tier subsidiary of Lincoln...

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"CLC means Crescent Lending Corporation, a direct subsidiary of Lincoln...

"CRESFIN" means CRESFIN Corporation, a direct subsidiary of Lincoln...

"ESOP" means the ACC Employee Stock Ownership Plan...... "ERC" means the FHLBB Enforcement Review Committee comprised of Darrel Dochow, Executive Director of the FHLBB Office of Regulatory Affairs, Jordan Luke, General Counsel of the FHLBB, George M. Barclay, President of the Federal Home Loan Bank of Dallas, Rosemary Stewart, Director of the FHLBB Office of Enforcement and Karl A. Hoyle, FHLBB Executive Director of Public Affairs..

"FDIC" means the Federal Deposit Insurance Corporation.... "FEC" means the Federal Election Commission...

"FHA" means the Federal Housing Administration......

"FHLBB" means the Federal Home Loan Bank Board..

"FHLB-SF" means the Federal Home Loan Bank of San Francisco
"FIRREA" means the Financial Institutions Reform, Recovery &
Enforcement Act of 1989 P.L. 103 Stat. 183, also referred
to as the "Bush Bailout"

"FNMA" means the Federal National Mortgage Association...... "Foundation" means the nonprofit Phoenician Resort Swim Team Foundation...

"FSLIC" means the Federal Savings & Loan Insurance Corporation........

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8

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8

"First Lincoln' means First Lincoln Financial Corporation, the direct parent of Lincoln.......

27

"GAAP means Generally Accepted Accounting Principles.......
"GMMA" means the Government National Mortgage Association...
"GOIL" means General Oriental Investments Limited....
"Gulf means Gulf Broadcast Company......

"Hotel Stock" means Stock of the The Crescent Hotel Group
and of CRESFIN Corporation....

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10

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3

S

"Houlihan, Lokey Report" means the report commissioned by the FHLBB from Houlihan, Lokey, Howard & Zukin, Inc. in connection with the FHLBB's 1986 examination of Lincoln....

"House Banking Committee" means the United States House of Representatives Committee on Banking, Finance, and Urban Affairs.....

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"HPLP" means Hotel Pontchartrain Limited Partnership.

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"IWI" means Insurance West, Inc., a former second-tier subsidiary of Lincoln..

26

"LAC" means Lincoln Acquisition Corporation, an investment group headed by Spencer Scott....

94

"LAC Application" means Lincoln Acquisition Corporation Application to Acquire Lincoln...

94

"Leventhal" means Kenneth Leventhal & Company, Certified Public Accountants..

127

"Leventhal Report" means the report prepared by Leventhal
dated July 14, 1989 for the FSLIC, the FHLBB, and the
law firm of Squire, Sanders & Dempsey concerning Lincoln...
"Lincoln" means Lincoln Savings & Loan Association.....
"LINFIN" means LINFIN Corporation, a direct subsidiary of
Lincoln...

"LSAC" means Lincoln Savings Acquisition Corporation, an
investment group headed by former Congressman John
Rousselot..

127

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94

"LSAC Application" means Lincoln Savings Acquisition Corporation Application to Acquire Lincoln......

94

"MOU" means the Agreement and Memorandum of Understanding
between Lincoln, the FHLBB and the FSLIC dated,
May 20, 1988...

6

"New Lincoln' means Lincoln Savings & Loan Association, F.A., a newly federally chartered thrift founded by the FHLBB....

131

1988 ORA Examination Report" means the report issued on
December 20, 1988 with respect to issues raised in the
FHLBB's regulatory examination of Lincoln commenced on
July 11, 1988...

"1986 Report" means the report issued on April 20, 1987 with respect to issues raised in the FHLBB's regulatory examination of Lincoln commenced in March 1986.

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