Boulder Capital Told To Return $24M Loan Repayments

Law360, New York (August 30, 2010, 5:31 PM EDT) -- A bankruptcy judge has ordered real estate financing company Boulder Capital LLC to return $24.3 million in loan repayments it received from The 1031 Tax Group LLP, a bankrupt money management firm that was looted by its owner.

Boulder wrongly took 1031's money as repayment for loans made to other entities controlled by 1031 owner Edward H. Okun, Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York ruled Friday.

The decision is a major win for the trustee overseeing 1031's...
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