Lawyers Trade Shots In Mortgages Ltd. Bankruptcy

Law360, New York (August 13, 2008, 12:00 AM EDT) -- Calling bankrupt Mortgages Ltd. a “corrupt organization” and a “Ponzi scheme,” creditors on Tuesday hammered the home loan firm — and lawyers representing it — in an effort to force it to leave Chapter 11 and liquidate under Chapter 7.

The case is being heard in the U.S. Bankruptcy Court for the District of Arizona.

“We are contesting vigorously the attempt to convert the case,” said Bradley Jay Stevens of Jennings Strouss & Salmon PLC, the lead attorney representing the Phoenix, Ariz.-based mortgage lender.

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