Lenders Seek To Force South Edge Into Ch. 11

Law360, New York (December 10, 2010, 6:32 PM EST) -- JPMorgan Chase Bank NA, Credit Agricole and Wells Fargo & Co. have lodged an involuntary bankruptcy petition against South Edge LLC.

The three lenders filed the Chapter 11 petition in the U.S. Bankruptcy Court for the District of Nevada on Thursday and sought a trustee to be appointed to the case. JPMorgan asserts a $13.4 million claim against South Edge, Wells Fargo raises a $20.5 million claim and Credit Agricole alleges a $20.3 million claim.

The trio alleges investors and builders behind South Edge’s 2,000-acre development...
To view the full article, register now.