Unsecured Creditors Blast Tousa Ch. 11 Exit Plan

Law360, New York (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...
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