American Home's Stalking Horse Bidder Approved

Law360 (September 26, 2007, 12:00 AM EDT) -- Billionaire investor Wilbur Ross has been named lead bidder, with a $435 million purchase offer, for the court-approved auction of American Home Mortgage Investment Corp.'s loan-servicing unit.

U.S. Bankruptcy Judge Christoper Sontchi of the U.S. Bankruptcy Court for the District of Delaware approved the stalking horse bid of Ross' AH Mortgage Acquisition Co. on Wednesday. The court affirmed that despite Ross also providing post-petition financing to American Home, there were no conflicts of interest.

American Home had earlier obtained $50 million in post-petition financing from another...
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