Tom Theobald's Double Play

May 14 was a big day for Continental Bank Chairman Thomas Theobald. At 2 a.m., his wife gave birth to a daughter. Four hours later, Continental closed the sale of First Options of Chicago to broker Spear, Leads & Kellogg for an undisclosed sum. Then, at 4:50 p.m., the Federal Deposit Insurance Corp. said it would unload its 26% stake in Continental, which it acquired as part of a $4.5 billion bailout in 1984. Total net cost to the feds after stock and asset sales: $1 billion.

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