Investors’ Hopes Are Raised by Judgment : Celebration: Those who put cash into Charles Keating’s failed thrift believe they will finally recover their money.

Investors in Lincoln Savings & Loan celebrated Friday, some by gathering for a victory bash, others by simply making plans to take long-delayed vacations or pay overdue bills.

For the 23,000 investors, many of them elderly, the $2.1-billion jury decision against Charles H. Keating Jr. raised hopes that they will recover the money they invested in his failed thrift.

“We’re very, very happy,� said Sam Epstein, 80, of North Hollywood, who, along with his wife, Lillian, invested $65,000 in American Continental Corp., Lincoln’s parent company. He added that $2.1 billion “is just mind-boggling. But it looks like we are going to get all of our money back.�

Investors lost a total of $288 million after they bought uninsured, high-risk bonds. Bond salespeople at Lincoln branches allegedly targeted retired customers who had money in government-insured certificates of deposit.

After Friday’s verdict in Tucson, it was uncertain how much money would be recovered and how it would be shared among the plaintiffs, who filed a class-action lawsuit. Appeals lie ahead, and Keating says that he is broke. But there was still joy.

“I’m glad the jury is restoring the integrity in the system,� said Gudrun Walker, 47, of Anaheim Hills, who lost the $25,000 she invested from her late husband’s life insurance policy. “I’m glad the system still works. But once I get the check I will be even happier.�

Other bondholders put the jury’s decision into a similar perspective.

“It really was worth our time and effort to get this thing going,� said Bertha Lee Roble, 69, of Orange, who, with her husband, Charles, invested $28,000. “It was such a scam. This will show the public that they should be aware of these scams and make sure that it doesn’t happen again.�

Roble is now hoping to retire--again. After Lincoln’s collapse in April, 1989, she had to take a job to pay her bills. She has since developed a heart condition, adding medical bills to her financial burden.

“It’s been a lot of stress,� she said. “I have a beautiful yard. I would just be content to stay here in peace.�

Jack Lower, 77, of San Jacinto is also eager for his life to return to normal. High on his list of priorities is taking a cruise with his wife, Helen. Just a few weeks ago, he said, he had to cash in a life insurance policy to buy a car.

“We’ve all been looking forward to this,� Lower said of Friday’s decision. “It has been pretty sad around here.

“We’ve been very fortunate compared to others,� said Lower, who bought $34,000 in bonds. “But if I could get all my money back, even with 3% at market rates, it would help a great deal.�

Money, however, wasn’t the only thing on Lower’s mind. He expressed doubts about Keating’s sentence earlier of 10 years in prison and $250,000 in fines on criminal charges.

“Nothing is too bad for him,� he said. “I hope he is not living the life of Riley (in prison), paying people off. But he probably is.�

Not surprisingly, many bondholders said that, when they get their money back, they will put in the safest investments around: money-market or savings accounts. And some even had doubts about those.

“You tell me where to invest it,� said Epstein, who had just returned from a party celebrating the settlement. “As my wife says, maybe under the bed.�