Tousa Creditors' $60M Suit Over Failed Deal Gets OK

Law360, New York (January 22, 2010, 7:25 PM EST) -- A judge has allowed unsecured creditors of bankrupt homebuilder Tousa Inc. to file suit seeking about $60 million that was paid to the former owners of rival builder Transeastern Properties Inc. as part of a legal settlement over Tousa’s ill-fated attempt to take over the company.

Judge John K. Olson issued an order Friday in the U.S. Bankruptcy Court for the Southern District of Florida granting authority to the official committee of unsecured creditors to attempt to recover the $60 million for the estate as part...
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