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Creditors Object To "Insider" Mortgage Lenders Sale

Law360 (October 1, 2007, 12:00 AM EDT) -- Mortgage Lenders Network USA Inc. creditors are questioning the fairness of a sale of eight foreclosed properties to an investment group that includes two former executives of the bankrupt subprime lender.

The Official Committee of Unsecured Creditors for Mortgage Lenders filed an objection in the U.S. Bankruptcy Court for the District of Delaware on Friday to the proposed sale of the REO properties to Wahoo Investments LLC for $840,000. Wahoo's members include Mitchell L. Heffernan and James E. Pedrick, who were principals of Mortgage Lenders and...
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