Judge OKs Met Mortgage Bid to Liquidate Assets

Law360, New York (February 13, 2006, 12:00 AM EST) -- A federal bankruptcy judge has greenlighted a bid by Metropolitan Mortgage & Securities Co. to liquidate the company's assets, thereby launching a process to repay thousands of creditors who expect to initially receive less than 10 cents on the dollar.

U.S. Bankruptcy Judge Patricia C. Williams approved the plan last week, put forth late last year by a joint committee of debtors and creditors of the collapsed corporation that was once billed as a $2.7 billion giant. The plan was endorsed by the company’s noteholders....
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