Maywood Trustee Moves To Foreclose NY Properties

Law360, New York (December 23, 2011, 10:32 PM EST) -- The trustee overseeing the post-bankruptcy affairs of Maywood Capital Corp., which was felled by allegations of an estimated $50 million mortgage investment scam by its founder, asked a New York bankruptcy court on Thursday for permission to begin launching multiple foreclosure actions.

The move came after attempts to resolve adversary suits went nowhere, either in negotiations or litigation, according to the motion filed by lawyers for post-confirmation trustee John S. Pereira. Foreclosing on the seven New York area buildings, which were named in the suits, could...
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