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LandSource Creditors Push For Ch. 7 Conversion

Law360 (June 8, 2009, 12:00 AM EDT) -- Creditors of LandSource Communities Development LLC have asked a bankruptcy court to convert the real estate developer's Chapter 11 case to Chapter 7, saying liquidation would leave them far better off than the reorganization plan proposed by the company's financier.

In a motion for conversion filed Friday in the U.S. Bankruptcy Court for the District of Delaware, the official committee of unsecured creditors said the administrative agent for LandSource's debtor-in-possession lenders — Barclays Bank PLC — was using Chapter 11 as a vehicle to ensure a...
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