Fire Alarm Co. Can't Advance Bid To Recoup Developer Loan

Law360, Los Angeles (November 27, 2012, 7:40 PM EST) -- National Fire Systems & Services Inc. suffered a setback Tuesday in its effort to recover $1.8 million it loaned to a developer accused of bilking millions of taxpayer dollars as a judge refused to order a court-appointed receiver to hold the money pending the outcome of its fraud case.

Los Angeles Superior Court Judge Elihu M. Berle found insufficient evidence that the receiver participated in an alleged fraud based on National Fire's loan to developer Ajit Mithaiwala for the initial funding of two affordable housing projects...
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