Court Approves First Magnus' Liquidation Plan

Law360, New York (February 21, 2008, 12:00 AM EST) -- The court overseeing First Magnus Financial Corp.'s Chapter 11 proceedings has approved the bankrupt mortgage lender's plan of liquidation and rejected a bid to have the case converted to a Chapter 7 liquidation.

On Feb. 15, U.S. Bankruptcy Judge James M. Marlar signed off on a memorandum decision confirming the Tucson, Ariz.-based mortgage company's second amended plan and denying as moot a motion from creditor WNS North America Inc. to convert the case to a Chapter 7 liquidation.

Essentially, the plan calls for continuing First Magnus'...
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