HomeBanc Workers Object To Transfer Of Funds

Law360, New York (April 30, 2008, 12:00 AM EDT) -- Participants in HomeBanc Mortgage Corp.'s deferred compensation plan objected Tuesday to the bankrupt mortgage company's motion to transfer the assets of the compensation plan from a trust to the estates of HomeBanc and its subsidiaries.

Homebanc's motion to transfer the plans to the debtors' estates, filed on April 15, argues that “the participants do not, and did not, have a beneficial ownership interest in the assets.” The company says the trust was part of a “top hat plan” to provide high-level employees with extra benefits. Top...
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