One of the projects financed by Mutual Benefit Life Insurance Co.-backed municipal issues is 100% owned by Mutual Benefit itself, and the outlook for bondholders trying to get their money out of the development is exceedingly dim, according to analysts.

The Cobb County, Ga., Development Authority's $9.7 million Series 1985 issue was used to finance the Overlook Inn project in Vinings, Ga. Originally, the partnership that built the complex included both Mutual Benefit and Trammell Crow Co.

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