Judge Denies USA Capital Trustee Bid For Ch. 7

Law360, New York (November 2, 2006, 12:00 AM EST) -- As short-term mortgage lender USA Commercial Mortgage Co. gears up for an auction, a Nevada judge has approved bidding procedures and set an auction date, but tossed a U.S. Trustee's attempt to convert the Chapter 11 case to a Chapter 7 liquidation.

In court documents filed on Wednesday, Judge Linda Riegle of the U.S. Bankruptcy Court for the District of Nevada, who is overseeing the proceedings, denied the motion in a sparsely worded decision.

U.S. Trustee Sara Kistler had made the bid in court documents on...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.