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Plan Lets Levitt Creditors Out Of Woodbridge Deal

Law360 (November 3, 2008, 12:00 AM EST) -- Defunct homebuilder Levitt & Sons LLC and its unsecured creditors have filed a new liquidation plan that allows creditors to opt out of a $12.8 million settlement with Levitt's parent company Woodbridge Holdings Co., an option they didn't have under the company's original plan.

The plan, filed Sunday in the U.S. Bankruptcy Court for the Southern District of Florida, also offers new incentives for certain deposit holders in Levitt's estate to accept the plan.

The original plan, filed in June by Levitt and the unsecured creditors,...
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