LOS ANGELES -- Supporters of a modified rehabilitation plan for Executive Life Insurance Co. yesterday urged a California judge to approve the plan and rejected the notion that a sale of the failed insurer's junk bond portfolio can be rescinded.

No plan is perfect "in theory or in fact, [but] this is the best we can do," Karl Rubinstein, a lawyer for California insurance commissioner John Garamendi, said yesterday during closing arguments in the case. "It's tough to do right by everybody when everybody has something to complain about."

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