The trustee for one of the defaulted Executive Life-backed issues has scheduled a bondholders' meeting next week to consider how to litigate against the failed insurer and the California Insurance Commission.

Texas Commerce Bank-El Paso, trustee for the El Paso Housing Finance Corp.'s 1986 taxable issue, on July 16 will present investors with two propositions relating to their representation in the upcoming lawsuits. Bondholders may adopt the largest existing investor group -- the Taxable Municipal Bondholders' Protective Committee -- or form their own special committee, according to a notice from the bank last week.

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