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MCCARTHY ANNOUNCES SETTLEMENT WITH RESOLUTION TRUST CORPORATION ON PHOENICIAN RESORT CONSTRUCTION

 MCCARTHY ANNOUNCES SETTLEMENT WITH RESOLUTION TRUST
 CORPORATION ON PHOENICIAN RESORT CONSTRUCTION
 ST. LOUIS, June 8 /PRNewswire/ -- McCarthy has announced a settlement with Resolution Trust Corporation (RTC) in the suit McCarthy/Southwest filed in January 1989 against the Phoenix Resort Corporation, owners of the Phoenician Resort in Scottsdale, Arizona. "We are satisfied with the settlement. It is nice to finally be paid a fair amount for the work we performed," stated Gerald Murphy, president of McCarthy/Southwest. Murphy stated that McCarthy is precluded by the agreement from disclosing it's terms and conditions.
 Bob Knochenhauer, who was McCarthy's project manager throughout the entire project, said: "This settlement feels like a vindication. All of us who worked on the project, including the subcontractors, are proud of the overall quality of the work we put into the structure."
 An $18 million lien was filed for construction work completed on the luxury hotel. The 605-room resort, located at the base of Camelback Mountain, was a $155 million construction project that McCarthy completed in October 1988.
 The resort was a joint venture between Phoenix Resort Corporation, a subsidiary of American Continental, and Kuwaiti Investment Office, a division of the Kuwaiti government. The RTC took over management of the resort from Charles Keating Jr. in November 1989. Keating was convicted on multiple counts of securities fraud late in 1991 and is expected to stand trial on federal charges of racketeering.
 St. Louis-based McCarthy, the nation's 30th largest construction firm (Engineering News Record, May 1992), has offices in Phoenix, Arizona; Irvine, California; Sacramento, California; and an affiliate in Seattle, Washington.
 -0- 6/8/92
 /CONTACT: Fran Fitzgerald or Brenda Wilson of Fitzgerald and Partners PR, 314-993-0155, for McCarthy/ CO: McCarthy; Resolution Trust Corporation; Phoenix Resort Corp. ST: Missouri, Arizona IN: CST SU:


PS -- NY076 -- 8107 06/08/92 17:16 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
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