Expensive Legacies

Sigo, Shelly
February 2006
Bond Buyer;2/2/2006, Vol. 355 Issue 32311, p27
Trade Publication
The article reports on the expenses incurred by the insurer on high-interest bonds sold by predecessors and assumed by Citizens Property Insurance Corp. in Florida. The interest expense paid on the bonds sold by the entities has significantly exceeded the amounts earned on the proceeds. The interest rate on these bonds is variable and tied to short-term rates.


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