Presidential Life Corp., responding yesterday to charges by the Securities and Exchange Commission that it overstated 1989 results by improperly reporting junk bond holdings, said an accounting standard was "ambiguously worded."

"The [Securities and Exchange Commission] administrative proceedings filed yesterday follow a disagreement with the SEC over the proper interpretation of an ambiguously worded accounting standard about which there is considerable disagreement in the accounting profession and the business community," Presidential said in a brief statement.

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