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 NORTH BERGEN, N.J., Oct. 2 /CNW/ - Harrington Financial Inc. of Toronto and New Jersey today announced a change in management and in its Board of Directors. Thomas Monahan, formerly the auditor for the corporation's chief operating U.S. subsidiary, Hudson Mortgage Co. Inc. ("Hudson"), has been appointed President CEO of Harrington Financial Inc. and is responsible for supervision of the business operations of Hudson.
 Bruce Bussin, Sherry Evanylo and August Kowalski have resigned from the Board of Directors and have been replaced by Roger Kirby, formerly Director and Chief Executive Officer of Telephony Communications International Inc., Linda Simpson of Toronto and Mr. Monahan. Victoria Garcia who holds the mortgage banking licence under which Hudson operates continues as President of Hudson. Ronald Cervelli, formerly CEO and Director, has resigned as an Officer and Director of Harrington but will be continuing to provide his services to Hudson.
 Hudson Mortgage Co. Inc. is continuing its business operations under the protection of Chapter 11 of the United States Bankruptcy Code. Hudson is continuing negotiations with its secured and unsecured creditors with a view to completing a reorganization. At this time, Management is unable to provide a firm date for completion of the reorganization process.
 For further information: Thomas Monahan (201) 861-2700, and Fax (201) 861-2860
 -0- 10/02/92

CO: HARRINGTON FINANCIAL INC. SU: PER ST: NJ -- c0347 -- X141 10/02/92
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Publication:PR Newswire
Date:Oct 2, 1992

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