Equity Holders Submit New Plan For Meruelo Ch. 11

Law360, New York (September 27, 2010, 7:22 PM EDT) -- Two equity holders of Meruelo Maddux Properties Inc. have submitted a revised reorganization plan that will compete for creditors’ votes with two other plans already on the table in the bankrupt real estate company's contentious Chapter 11 proceedings.

The reorganization plan, which Charlestown Capital Advisors LLC and Hartland Asset Management Corp. filed Friday in the U.S. Bankruptcy Court for the Central District of California, calls for the ailing L.A. real estate company to be reinvigorated with a $31 million stock offer, which Charlestown and Hartland claim...
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