Subprime Lender Seeks Bankruptcy Protection

Law360, New York (July 3, 2007, 12:00 AM EDT) -- Subprime mortgage lender MILA Inc. filed for bankruptcy on Monday, and asked the court to appoint a Chapter 11 trustee to oversee the sale of software the company owns to ensure the company's creditors get the maximum possible return.

MILA said in its motion that while the recoverable value of MILA's remaining loans is probably dwarfed by the claims they secure, there may be the potential for a transaction involving the company's assets that could bring in some value for creditors.

One of MILA's remaining assets...
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