European Stars and Stripes (Newspaper) - April 13, 1991, Darmstadt, Hesse                                Saturday april 13, 1991 the stars and stripes a Pago 3 ice insurance state takes Over executive life co. Los Angeles a state regulators seized the main subsidiary of first executive corp., an insurance giant that was one of fallen financier Michael Milken a biggest customers and one of the largest junk Bond buyers Ever. Executive life insurance co. Was seized thursday said John Garamendi California insurance commissioner. Next to the Resolution Trust corp., executive life May be the largest Holder of junk Bonds in the world Garmendi said. The Resolution Trust corp. Is a Federal Agency set up to sell assets of savings and Loans that failed when the junk Bond Market collapsed. About $6.4 billion of executive life a $10.1 billion in assets was invested in junk Bonds said Garamendi. Executive life was placed in a conservatorship to protect thousands of investors As Well As Many pension plans while a team of Bankers attorneys and accountants attempt to stabilize the troubled firm he said. In addition Garamendi said a consortium of european companies and investors had proposed a detailed plan to take Over and operate executive life adding a we Hope to ensure a maximum return. Garamendi blamed executive a a life a troubles on a the excesses of the �?T80s. The go go attitude that created the junk Bond phenomenon and the ensuing scandal a the company was very much a part of  first executive spokesman William Adams was reported to be out of his Ottine on thursday. A woman in a Adams of t ice said no statement was expected immedi Atchly. Earlier this month first executive reported a loss of $465.9. Million for the fourth Quarter and said California regulators shut off the Cash flow from its troubled insurance units. In the last week customers have flooded the company with Calls seeking to Cash in their policies worsening its troubled financial condition even More Garamendi said. Until the rehabilitation is Complete customers who hold about. 170.000 life insurance contracts and 75,000 annuities Are barred from cashing in their policies or borrowing on them except in cases of extreme hardship the commissioner said. 1 he company docs business in.45 states. Death benefits medical payments and monthly annuities should continue while the company remains under state control Garamendi said. Three years ago. First executive was the largest life insurance company in California in terms of assets. It attracted customers during the booming �?T80s with Low rates made possible by High returns on junk Bonds. T Hen the junk Bond Market collapsed. Trade and financial analysts say executive life a massive Dunk Bond holdings were an a a aberrations within the life in Suranee  Day for shrines shrine clowns carry the casket of their longtime Friend and colleague Alfred g. Anderson during his funeral service thursday in fort Snelling cemetery in St. Paul Minn. Anderson who was known by his nickname a a trample the Clown Quot was a resident of St. Paul lie died april 5. Wife beater released after 8 years Hartford Conn apr a convicted wife beater whose Case led to a landmark court decision aimed at protecting battered women was released from prison Friday. Charles Thurman left from Somers state prison at 12 30 a.m., and he was turned Over to state office of adult probation officials. Thurman 29, is expected to spend at least a few Days in a half Ovay House at an undisclosed location. Thurman served nearly eight years of a 20-year prison term. He now begins five years of probation. He was sentenced for beating and stabbing his sex wife Tracey in 1983. Now remarried and known As Tracey Motuzick she sued Torrington police after Thurman a attack claiming they failed to protect her from her husband who publicly stated he planned to kill her. A Federal jury awarded her $2.3 million in a 1985 landmark Case that established that victims of Domestic abuse have a constitutional right to police Protection. She eventually settled for $1.9 million. Her Case also led to a 1986 Connecticut Law making Domestic violence a crime that must be prosecuted regardless of whether the victim chooses to press charges. Her Story was made into a film a a cry for help the Tracey Thurman  Leader cites benefits of free Trade Austin Texas apr a opening Trade Between the United states and Mexico will be Good for the economies on both sides of the Border mexican president Carlos Salinas do Gortari said Friday. In a historic speech to the Texas legislature the first by a mexican Leader Salinas said that a  free Trade agreement would create jobs in both nations. A we Are in effect building a new relationship. We Are doing so because it is Good for mexicans and americans alike a Salinas said. A we Are at a stage in history when we can take meaningful Steps that ensure the competitiveness of our countries and the welfare of our Peoples Lor generations. Seldom do these opportunities arise in the course of history a he said. Salinas arrived at the Capitol to a booming 21-gun Salute from Texas National guard cannons lie held a Brief private meeting with gov. Ann Richards before entering the House chamber where he was greeted with a standing ovation. A president Salinas is an outstanding contemporary head of state a Richards said. A the people of Texas and Mexico share a culture and a heritage. And we look Forward to creating a new economic Prosperity in which All of our people  Texas used to be part of Mexico. After winning its Independence from Mexico in 1836, it was an Independent Republic until becoming the 28th state of the United states in 1845. The mexican president delivered his speech in Spanish but it was translated into English. He said that nation is working to improve its economic and Industrial capabilities. He also said Mexico intends to compete in the emerging world economic order that includes a United Europe Japan and the Pacific rim countries and pressed his Case for a free Trade agreement. A we want to Export goods from Mexico not people the free Trade agreement will make it possible to reduce migration by stimulating the creation of jobs in both Mexico and the United states a he said.7 Haven t deceived my fans Paula Abdul says los Angeles up Paula Abdul accused of deceiving her fans said hers is the Only Lead voice on her smash debut album and she denied a backup singers claims of contributing More than just background vocals. Commenting on the allegations the Singer and dancer said thursday that she elected to speak out because  silence became a Media tool for the outrageous claims the other Side w As making. A on monday Yvette Marine a background Singer on Abdul a album sued Virgin records. The suit claims that her vocals were combined with Abdul s on at least two songs on the a forever your girls album. Marine said she was paid $126 an hour for several Days work laying Down background and Lead guide vocal tracks to the album which sold More than 7 million copies in the United states. Her lawsuit charging a false and deceptive packaging a seeks proper credit and compensation. Specifically Marine contends that a Lead voice track that she provided for use by Abdul As a guide to help the Star learn the song was mixed with Abdul a voice track in the final sound mix. Abdul on thursday said she used the Lead voice track to memorize the song but it was not used when she recorded the song. A i Sang the Lead vocals on every single song of my a forever your girls album a Abdul said at a Nevis conference at a Hollywood recording studio. A i sing All the Lead vocals. I want my fans to know i Haven to deceived  Abdul a personal manager Larry Tolizin said marines Boyfriend Rick Barlowe a lawyer who is her personal manager approached him three or tour weeks ago to try to Settle the dispute. A the made it Clear to us it was important to get an album Deal and a recording contract with his Girlfriend a Tolizin said. A the claimed we could avoid further negative publicity by giving her a recording  marines lawyer Steven Ames Brown of san Francisco dismissed tolling a claim