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Creditors Object To American Home Transaction

Law360 (October 22, 2007, 12:00 AM EDT) -- American Home Mortgage Investment Corp.'s creditors have objected to the proposed sale of the bankrupt mortgage lender's Ginnie Mae portfolio of loans to MidFirst Bank, saying the deal could harm the value of the debtor's estates.

In court documents filed Friday with the U.S. Bankruptcy Court for the District of Delaware, the official committee of unsecured creditors said the asset purchase agreement between American Home and MidFirst provided no ceiling on the amount of damages the purchaser could assert against the debtors and had no time...
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