Mortgages Ltd. Asks To Sell Land To Pay Off Creditor

Law360, New York (May 6, 2009, 12:00 AM EDT) -- Aiming to resolve complications between bankrupt Mortgages Ltd. and an affiliate of the company’s former president, the lender has asked for permission to hold an auction to sell off land in central Phoenix or allow the holder of the loan for the property to foreclose on it.

Mortgages Ltd. filed a motion Monday in the U.S. Bankruptcy Court for the District of Arizona requesting that the auction be held May 19 in order to satisfy the terms of settlements between Mortgages Ltd.; loanholder Secured Capital Management...
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