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Transamerica Freshens Bid for First Capital: Transamerica Life Cos. submitted a revised proposal to acquire failed First Capital Life Insurance Co. Transamerica general counsel James Dederer said the bid “strikes a much fairer balance” between the interests of policyholders and creditors than does a bid by Pacific Mutual Life Insurance Co., which state Insurance Commissioner John Garamendi selected as the winning proposal last month. First Capital creditors expressed support for the Transamerica bid, but insurance officials were standing by their choice of Pacific. Hearings on the auction resume today in Los Angeles County Superior Court.
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