We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Unsecured Creditors Blast Tousa Ch. 11 Exit Plan

Law360 (November 10, 2008, 12:00 AM EST) -- The unsecured creditors of bankrupt homebuilder Tousa Inc. are fighting the company's reorganization plan, calling it unconfirmable and claiming it was not designed in good faith.

According to the unsecured creditors' motion, filed Saturday in the U.S. Bankruptcy Court for the Southern District of Florida, Tousa's reorganization plan and disclosure statement were designed under the presumption that the homebuilder would prevail in a fraudulent conveyance suit the unsecured creditors filed in July.

The plan also calls for payments to individuals and companies that do not have...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.