Empire Land Seeks Approval Of $38M Land Sale

Law360, New York (July 21, 2008, 12:00 AM EDT) -- Building developer Empire Land LLC is seeking court approval for a plan to sell a plot of residential land in Arizona for $38 million.

The plan, filed Friday with the U.S. Bankruptcy Court for the Central District of California, seeks approval for Saguaro Reserve LLC, of which Empire Land owns 50.1% and home-builder KB Home Tucson Inc. owns 49.1%, to sell the land to Prime Group for $8 million more than its most recent appraisal value, but $7.5 million less than the secured obligations of Saguaro...
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