Investors Equity dumps junk. (Investors Equity Life Insurance Company of Hawaii Ltd.; junk bonds)

Investors Equity Life Insurance Co. of Hawaii Ltd. has recently restructured its assets and operations.

It was sold last June and began reducing holdings in non-investment grade, or junk, bonds.

The new ownership and leadership by president Kenneth Fong resulted in reducing its 1991 holdings of 29.7 percent in junk bonds to a total of 5.7 percent.

That resulted in $80 million going into government-backed bonds and brings asset liquidity to more than $140 million.

The company also had a $660,000 net income from operations compared with a loss in …