Mortgage-Lender Spectrum Converts To Chapter 7

Law360, New York (October 17, 2007, 12:00 AM EDT) -- Fewer than two months after filing for Chapter 11 bankruptcy, Spectrum Financial Group Inc. succeeded in changing its proceedings to a Chapter 7 liquidation.

Judge Sarah Sharer Curley of the U.S. Bankruptcy Court for the District of Arizona granted Spectrum's request to convert the case Tuesday, according to court documents.

Earlier on Tuesday, the Scottsdale-based company, which had billed itself Arizona's largest private mortgage broker, filed a motion to convert the case to Chapter 7.

“The debtor has determined that based upon current operations there is...
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