Tousa's Liquidation Plan Needs Redo, US Trustee Says

Law360, New York (June 18, 2013, 2:22 PM EDT) -- The U.S. Trustee's Office carped on homebuilder Tousa Inc.'s liquidation plans in Florida bankruptcy court Monday, saying that it's too vague about a number of issues, such as the payment of professional fees, including for the trustee himself.

Guy G. Gebhardt, the acting U.S. trustee for the region that includes Florida, said that the proposed liquidation plan's disclosure statement glosses over too many details that would be lost on investors who, unlike Tousa and its creditors committee, haven't been mired in litigation and mediation since the...
To view the full article, register now.