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To Banks' Dismay, Judge OKs Loans, Cash For Lender

Law360 (August 8, 2007, 12:00 AM EDT) -- A bankruptcy judge handed American Home Mortgage Investment Corp. a slew of orders Tuesday, giving the flailing mortgage lender access to millions in cash and loans and protecting it from clamoring creditors.

With those orders, Judge Christopher Sontchi of the Delaware court took some of the pressure off American Home in its day-to-day operations—and revealed the direness of the company's financial status.

Of the nine that were handed down in total, one order authorized a continuation of the company's insurance policies, and another prohibited utility companies...
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