Judge Tosses Pa. Condo Developer's Ch. 11 Plan

Law360, Wilmington (May 27, 2011, 8:42 PM EDT) -- A Pennsylvania bankruptcy judge on Wednesday dismissed the reorganization plan of Philadelphia Rittenhouse Developer LP, the owner of a luxury condominium high-rise, finding that its Chapter 11 bankruptcy was filed in bad faith.

Rittenhouse sought court protection in December after cost overruns on the condo project forced it to default on $205 million in loans provided by IStar Financial Inc. The secured lender began foreclosure proceedings in September and moved to appoint a receiver over the project.

But Rittenhouse filed its Chapter 11 petition seven minutes...
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