WASHINGTON -- Matthews & Wright Group Inc., the former broker-dealer that underwrote dozens of questionable municipal bond deals in the mid-1980s, reported a net worth of about $8.7 million as of June 30, down from $10.5 million for the first quarter and $11.1 million last year.

The firm's eroding financial condition was detailed in its most recent quarterly 10-Q reported filed with the Securities and Exchange Commission.

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