Ross Cleared To Buy American Home Subsidiary

Law360, New York (October 23, 2007, 12:00 AM EDT) -- Bankrupt lender American Home Mortgage Corp. is one step closer to finalizing the sale of some of its assets to investor W.L. Ross & Co., after a bankruptcy court judge approved the $500 million deal.

Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware signed off on Ross' bid for the company's loan servicing subsidiary on Tuesday, calling the proposed sale “a sound business judgment,” according to court documents.

Sontchi said that the sale was the product of a competitive bidding process...
To view the full article, register now.