First Magnus' Plan To Have Its Day In Court

Law360, New York (October 31, 2007, 12:00 AM EDT) -- The judge presiding over First Magnus Financial Corp.'s bankruptcy case has set an end-of- November deadline to consider the company's amended disclosure statement that outlines the company's proposed liquidation plan.

On Monday, U.S. Bankruptcy Judge James Marlar scheduled the disclosure statement hearing for Nov. 28 while giving creditors until Dec. 3 to file claims against the Arizona-based lending company.

Under the current liquidation plan, First Magnus' unsecured creditors only stand to recoup between $16 million and $32 million of the nearly $100 million they are currently...
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