Creditors Object To Mortgages Ltd.'s Land Sale

Law360, New York (May 12, 2009, 12:00 AM EDT) -- The official committee of unsecured creditors in Mortgages Ltd.’s Chapter 11 proceedings has objected to the lender's proposed settlement with an affiliate of its former president, saying creditors have not been given enough time or information to review the deal, which includes a property sale.

In an objection filed Monday in the U.S. Bankruptcy Court for the District of Arizona, the committee told the court that the settlement, as well as two others recently proposed by the debtors, may or may not be in the best...
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