Merrill Lynch Balks At Ownit Disclosure Statement

Law360, New York (August 29, 2007, 12:00 AM EDT) -- Two Merrill Lynch & Co. units are objecting to bankrupt subprime lender Ownit Mortgage Solutions Inc.'s disclosure statement, saying the makeup of the lender's proposed trust committee is inadequate.

In a motion filed Tuesday in the U.S. Bankruptcy Court for the Central District of California, Merrill Lynch Mortgage Capital Inc. and Merrill Lynch Mortgage Lending Inc. said that the statement does not include the disclosure of who will serve as liquidating trustee. The motion also said there should be a procedure for replacing a member of...
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