Warner Bankruptcy Settlement Approved: A $16-million personal...

Warner Bankruptcy Settlement Approved: A $16-million personal bankruptcy plan for former Ohio financier Marvin L. Warner won court approval after two years of wrangling, but the government may appeal. In Jacksonville, Fla., U.S. Bankruptcy Judge George Proctor said the Internal Revenue Service would get about $13 million it is owed in yearly installments. The government argued that the Warner assets could be dissipated before the IRS gets paid. Proctor cleared the way for Warner’s many creditors to begin collecting under Chapter 11 bankruptcy rules whether or not there is a government appeal. Warner, 70, filed for protection from creditors in October, 1987, under federal bankruptcy law to halt $4 billion in claims against him related to the 1985 collapse of his Home State Savings Bank in Cincinnati.