Sunwest Receiver Settles $3.8M Loan Dispute

Law360, New York (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.

According to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.