Keating Counterplan: Charles H. Keating Jr., chairman...

Keating Counterplan: Charles H. Keating Jr., chairman of bankrupt American Continental Corp., filed a reorganization plan Friday in federal court in Phoenix that is in opposition to an earlier plan filed jointly by the company’s unsecured creditors and federal regulators. American Continental, which filed for bankruptcy protection in April, 1989, is the one-time parent company of Irvine-based Lincoln Savings & Loan, the failed thrift that is expected to cost taxpayers more than $2 billion. Among the features of the Keating proposal are a $50-million payment to creditors that would be made two years after confirmation of the plan. It would also provide the Resolution Trust Corp.--the government agency created to sell off assets of failed thrifts--an option to pay $21 million to creditors in exchange for dropping Lincoln as a defendant in certain lawsuits related to Lincoln’s receivership. The plan would also include buying certain American Continental assets for about $580 million, plus interest, by a new company to be headed by Keating and other current and former American Continental managers.