LandSource Lenders Join Bid For Ch. 7 Conversion

Law360, New York (June 17, 2009, 12:00 AM EDT) -- The Bank of New York has joined forces with unsecured creditors of LandSource Communities Development LLC in the fight to convert the real estate developer's Chapter 11 case to a Chapter 7 liquidation proceeding.

In a joinder filed in the U.S. Bankruptcy Court for the District of Delaware on Tuesday, BNY — which serves as administrative agent for LandSource's second-lien lenders — said it agreed with the official committee of unsecured creditors that liquidation would serve them better than the reorganization plan proposed by the company's...
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