First Magnus Asks Court To OK $15M Loan

Law360, New York (September 4, 2007, 12:00 AM EDT) -- First Magnus Financial Corp. asked a bankruptcy court judge Friday to authorize a $15 million loan in order to execute a liquidation and wind-down plan, with the defunct mortage lender saying it hopes to provide creditors with up to $26 million in net recovery.

First Magnus filed an emergency motion for an interim order in the U.S. Bankruptcy Court for the District of Arizona. It asked the court to approve a $15 million loan from Wells Fargo Business Credit and Summit Investment Management LLC to fund...
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