Conversion Fight Over Mortgages Ltd. Rages On

Law360, New York (August 6, 2008, 12:00 AM EDT) -- The battle over what to do with Mortgages Ltd. continues to rage, with the beleaguered lender still duking it out with creditors over whether the bankruptcy case should proceed as a Chapter 11 or a Chapter 7.

On Monday, Rightpath Limited Development Group sought an order from the U.S. Bankruptcy Court of Arizona to convert Mortgages' Chapter 11 reorganization case to Chapter 7 liquidation status, marking the second attempt by a borrower to force the company into liquidating its assets.

Rightpath said that it would also...
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