People's Choice Files Blueprint For Liquidation

Law360, New York (March 4, 2008, 12:00 AM EST) -- People's Choice Home Loan Inc. has filed a plan of reorganization and disclosure statement, laying out a strategy for transferring the debtors' assets into three liquidating trusts.

People's Choice, which is liquidating under Chapter 11, submitted the plan to the U.S. District Court for the Central District of California on Monday. The plan has the support of People's Choice's official committee of unsecured creditors.

Under the proposed plan, the debtors' assets — including causes of action, certain newly issued stock and cash from asset sales —...
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