Accredited Home Plan Would Divide Cash, Shutter Biz

Law360, New York (September 16, 2010, 3:23 PM EDT) -- Accredited Home Lenders Holding Co. has filed a bankruptcy plan that would lump together remaining interests into a consolidated holding company for the purposes of liquidating the debtors' remaining assets and shuttering the down-and-out San Diego-based subprime lender.

The plan also envisions raising some $15.6 million in a settlement with a creditor group referred to as the Lone Star Entities — investment funds that bought the holding company in 2007 and are suspected by certain creditors of malfeasance — and using that money among other proceeds...
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