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 Financial Corp. of Santa Barbara filed suit against former stock speculator Ivan F. Boesky and Drexel Burnham Lambert Inc., 
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charging 
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they defrauded the thrift 
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by concealing their relationship
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 when persuading it to buy $284 million in high-yield, high-risk junk bonds.
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 In a suit 
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filed in federal court Thursday,
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 the S&L alleged 
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that a disproportionate number of the bonds 
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it purchased in 1984
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 declined in value.
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 Financial Corp. purchased the bonds, 
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the suit alleged, 
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after Mr. Boesky and Drexel negotiated an agreement for Vagabond Hotels 
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to purchase a 51% stake in the thrift for about $34 million.
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 Vagabond Hotels was controlled by Mr. Boesky, 
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who currently is serving a prison term for securities violations.
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 Officials at Drexel said
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 they hadn't seen the suit 
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and thus couldn't comment.
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 In addition to $33 million compensatory damages, the suit seeks $100 million in punitive damages.
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 Also named in the suit is Ivan F. Boesky Corp. and Northview Corp., the successor company to Vagabonds Hotels.
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 Northview officials couldn't be located.
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 Financial Corp. said 
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it agreed to buy the bonds 
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after a representative of Ivan F. Boesky Corp. visited it in November 1983 
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and said 
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Financial Corp. could improve its financial condition 
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by purchasing the bonds.
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 Shortly before the visit, Mr. Boesky and Drexel representives had met with Financial Corp. officials 
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and had signed a letter of intent 
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to acquire the 51% stake in the company.
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 However, the agreement was canceled in June 1984.
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 Financial Corp. purchased the bonds in at least 70 different transactions in 1984
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 and since then has realized $11 million in losses on them, 
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the company said.
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