Georgia's biggest bank on the losing side
Atlanta, golden city of the "New New" South, has been showing big veins of pyrite lately. First came the fall from grace of Famous Local Banker Bert Lance. In February a group of banks headed by Manhattan's Morgan Guaranty Trust Co. announced one of the biggest foreclosures in U.S. history; it prepared to take over the Omni, a glittering Atlanta complex of offices, swank shops, hotel and ice rink, because the Omni's owners were failing to pay off $90 million in debts. And last week Richard Kattel,...
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