B.R.I. facing a 'liquidity crisis;' broker seeks new capital to maintain operations

B.R.I. Holding Corp is in serious economic shape because of debt accrued in a reverse acquisition of Chippewa Resources Corp in 1992. In the acquisition, Chippewa assumed the name Underwriters Financial Group Inc and became the parent company of the newly public B.R.I. The Securities & Exchange Commission required B.R.I. to revise its 10-K filing to reflect the merger, causing its 1992 shareholder equity to drop to -$8.6 million. B.R.I. is in danger of losing its listing on the American Stock Exchange; stock has fallen from a year high of $11.25 per share to $2.63.