Ex-Owner Seeks to Regain Control of S
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John Lee Molinaro, former owner of Ramona Savings & Loan Assn. in Orange, filed suit Tuesday in U.S. District Court in Los Angeles, seeking to regain control of the failed institution and oust the Federal Savings and Loan Insurance Corp. as receiver.
On Sept. 16, the Federal Home Loan Bank Board seized control of Ramona, declared it insolvent and named FSLIC as receiver. The S&L;, the third to fail in Orange County this year, had $108.1 million in assets when it was closed down.
A few days after the takeover, FSLIC filed a $35-million federal lawsuit against Molinaro and other members of Ramona’s management team, charging them with breach of fiduciary duty, accepting illegal dividends and submitting false financial statements.
Molinaro’s suit claims the government illegally seized control of the S&L.; He is seeking a federal court hearing to dispute FSLIC’s claims.
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