Mortgages Ltd., Investors Offer Up 3rd Ch. 11 Plan

Law360, New York (May 13, 2009, 12:00 AM EDT) -- A third proposed plan of reorganization has been submitted in the ongoing bankruptcy fray between Mortgages Ltd., its official committee of investors and various other creditors as the parties battle over which interests should get top consideration in the lending company's restructuring.

Mortgages Ltd. submitted the plan Tuesday in cooperation with a small group of investors known as the Mahakian parties, who claim to have been shut out of reorganization negotiations by the official committee of investors. The plan joins a contentious proposal from the committee...
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