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Sunwest Receiver Settles $3.8M Loan Dispute

Law360 (March 11, 2011, 3:26 PM EST) -- The receiver for retirement home operator Sunwest Management Inc., which collapsed amid allegations that it ran a $400 million Ponzi scheme, settled a dispute Wednesday with a lender over a $3.8 million loan.

Sunwest's receiver, Michael Grassmueck, settled with the lender, Vestin Realty Mortgage Inc., by reducing the principle on the loan to $1.425 million, and converting the rest into a $2.4 million unsecured claim in the receivership, according to the settlement agreement filed in the U.S. District Court for the District of Oregon.

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