Tuesday, June 3, 2003

Tristate Summary

Bankrupt firm shuffles its board

Two of the founders of National Century Financial Enterprises have been elected to the bankrupt Dublin, Ohio, company's board.

Former chairman and chief executive Lance Poulsen and one-time vice chairman Donald Ayers were two of the six new directors named during the company's annual meeting in Florida two weeks ago. Poulsen's wife, Barbara, was also named to the board.

The new board won't have much power. Most of the company's actions are closely monitored by a bankruptcy court.

Court documents filed within the last month allege that Poulsen, Ayers and others at National Century were involved in an elaborate Ponzi scheme that caused investors in the company's bonds to lose at least $1 billion. The company's collapse caused bankruptcies among 27 of its clients.

Before filing for federal Chapter 11 bankruptcy on Nov. 18, National Century was the nation's largest provider of financing to health-care providers, with 100 clients.

Hospitals, doctors, nursing homes and other providers used National Century as a middleman to avoid waiting months for payments from private insurance, Medicare or Medicaid. They usually would get 80 or 90 cents on the dollar.

Alpaca breeders hold Ky. expo

Hundreds of alpaca breeders and enthusiasts gathered in Lousiville to sell the animals, trade secrets, and swap products made from the animal's thick fur.

The 12th annual Alpaca Owners and Breeders National Show was held at the Kentucky Fair and Exposition Center during the weekend.

Alpacas are the smaller versions of camel-like llamas. They weigh about 150 pounds.

Alpacas are bred especially for their fleece. The fleece is soft, warm, lighter than wool and comes in a variety of colors.

- Wire reports

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