Within days after First Magnus Financial Corp. shut down last August, questions arose as to whether there would be a Second Magnus.
Corporate filings suggest that could be the case.
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Karl Young, who was First Magnus’ chief operating officer, filed incorporation paperwork with the Arizona Corporation Commission for Stonewater Mortgage Corporation. The corporation was approved at the end of January.
Further, the Internet domain name www.stonewatermortgage.com has been reserved through Web host
godaddy.com by G Force 1, a partnership of Young and G. S. Jaggi, who had been president and CEO of First Magnus.
Go Daddy says the domain name was purchased Nov. 15, 2007. The contact address for the domain name was 3450 E. Sunrise Drive, the address for Northern Trust Bank.
Executives of First Magnus, who were in Bankruptcy Court last week, declined to comment on their future plans.
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