Mortgages Ltd. Files Competing Ch. 11 Plan

Law360, New York (March 4, 2009, 12:00 AM EST) -- Mortgages Ltd. has filed a reorganization plan in its Chapter 11 case that calls for continuing loan operations through a reorganized company and establishing a trust to liquidate some of its assets and handle litigation.

The new company would be called Phoenix Loan Services LLC, and it would continue to manage and administer the debtor's loans under existing agreements, according to the plan and disclosure statement filed Wednesday in the U.S. Bankruptcy Court for the District of Arizona.

“The plan is a simple one which maintains...
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