Homebuilder Violated Credit Agreement: JPMorgan

Law360, New York (October 29, 2009, 2:46 PM EDT) -- An executive at JPMorgan Chase Bank has said in a sworn statement to a California bankruptcy court that homebuilder Woodside Group LLC violated its credit agreement when it consummated a significant reorganization last year.

George “Buzz” Welch, senior vice president in the special housing group at JPMorgan Chase, made the statement Tuesday to the U.S. Bankruptcy Court for the Central District of California.

Welch's declaration came in support of an order directing the transfer of a $30 million Woodside account at Utah-based Barnes Bank Co. to...
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