Symington Loses Bankruptcy Bid
PHOENIX (AP) _ Former Gov. Fife Symington lost his bid to get rid of or reduce the last multimillion-dollar debt in his bankruptcy.
On Tuesday, Judge John Mangum ruled against Symington’s request for revaluing the debt he owes a group of union pension funds that financed a downtown Phoenix office and retail development called the Mercado.
After Symington failed to repay a loan he had guaranteed personally, the funds ultimately took over the project under foreclosure and hired a management organization to run it.
The funds won an $8.8 million judgment against him in 1995. With interest, the judgment has grown to $15 million.
Symington’s bankruptcy petition, filed shortly after the pension funds judgment was reached, remains pending in U.S. Bankruptcy Court. Settlements have been reached in his other major debts that once totaled about $25 million.
Symington resigned as governor after he was convicted of wire and bank fraud in a separate criminal proceeding. He was sentenced to 2 1/2 years in prison. He remains free while his appeal is pending.