Woodside Ends Heated Bankruptcy With $101M Deal

Law360, New York (December 3, 2010, 2:25 PM EST) -- A bankruptcy court has approved a comprehensive settlement agreement resolving the contentious bankruptcy proceedings surrounding the collapse of homebuilder Woodside Group LLC.

Under the agreement approved Thursday by the U.S. Bankruptcy Court for the Central District of California, the homebuilder's founder and family, known collectively as the Nilson Group, will pay Woodside's creditors $98 million in cash. The Nilson Group will potentially add $3 million to the settlement, the court order said.

"We're pleased to have resolved the case and our clients are anxious to move...
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