Universal Title Company conducted operations in nineteen locations throughout California. A cash shortfall in the escrow trust accounts of approximately $1.5 million, was identified which was covered by three underwriting companies. Business operations were shut down in September 2000. We closed approximately 2,252 escrows, distributing more than $13.9 million. All closing activities were completed, the court proceeding was terminated and the estate closed in January 2005.
Sacramento Title Company is an affiliate of Universal Title Company and conducted operations at three locations in Northern California. Business operations were shut down in May 2000. We closed 860 escrow transactions resulting in the payment of over $3.1 million to escrow holders. All closing activities were completed, the court proceeding was terminated and the estate closed in January 2005.
