Albuquerque Journal (Albuquerque, NM)

Thrift Buy Falls Through.(Business)

Byline: Aaron Baca Journal Staff Writer

Regulatory Process Deterred Thornburg

Both companies involved in Santa Fe's Thornburg Mortgage Inc.'s $15 million bid to buy the FASLA Holding Co. of Phoenix, which owns First Arizona Savings, have walked away from the deal.

"In the agreement we had (to buy FASLA) we had an arrangement where if there was no close by Aug. 31, then both parties could walk away with no harm, no foul," said Larry Goldstone, president of Thornburg Mortgage.

Both did so.

The deal came undone, Goldstone said, because the lengthy regulatory process Thornburg had to complete to close the deal turned out to be much lengthier than originally believed. …

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