Mortgages Ltd. Sues Developer Over $36M In Loans

Law360, New York (November 13, 2008, 12:00 AM EST) -- Bankrupt lender Mortgages Ltd. has filed two lawsuits against the CEO of Southwestern shopping mall development company PDG America, alleging that the developer defaulted on about $36 million in construction loans.

In complaints filed Wednesday in the U.S. Bankruptcy Court for the District of Arizona, Mortgages Ltd. alleged that it provided a loan of $26 million to PDG Los Arcos LLC and a loan of more than $10 million to National Retail Development Partners I LLC in 2007.

Both loans were scheduled to mature in 2008,...
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