Sunwest, Investors Resolve $1.9M Land Project Fight

Law360, New York (June 17, 2011, 2:52 PM EDT) -- The receiver for retirement home operator Sunwest Management Inc., which collapsed amid allegations it ran a $400 million Ponzi scheme, settled a dispute in Oregon on Friday with a group of investors who sunk $1.9 million into a bare land project co-owned by the bankrupt company.

Under the agreement, the so-called Smart Park 3 investors will get back their investments — minus the money they made from leasing the Washington property to a Sunwest subsidiary — from the assets of the litigation trust. Sunwest receiver Michael...
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