Once, America Capital Corp. was a high-flying Miami company that boughtsavings and loan associations with money raised by selling junk bondsand preferred stock nationwide. By 1988 the publicly traded company,fueled by the red hot investment firm Drexel Burnham Lambert & Co., waspredicting it would soon be worth $10 billion.

Now, America Capital’s chief remaining asset is a lawsuit it hopes towin against federal banking regulators. And as the result of a rulinglast week by a state appellate court, $131 million of any money wonwould have to go to a group of investors who haven’t seen a nickel forthe past six years.

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