SECURITIES

Better Deal for First Capital Investors: First Capital was seized by regulators last year because of the plunging value of bonds in which it had invested heavily. Under a rehabilitation plan announced Feb. 4, investors who cashed in their policies were to receive only 75% of the cash value of the policies during the first year. But the value of many of the high-yield, high-risk bonds in First Capital’s portfolio have soared. The state Insurance Department said policyholders who cash out during the first year of the rehabilitation will now receive 85 cents on the dollar, minus any outstanding loans against the policy. During the second year, they’ll receive 87%, up from 77%; in the third, 90% instead of 80%; in the fourth, 93% instead of 90%, and in the fifth, year 96% rather than 95%. After the fifth year, the policies can be cashed out at 100 cents on the dollar.