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Citicorp Objects To Tousa Cash Extension Request

Law360 (January 7, 2009, 12:00 AM EST) -- The administrator of Tousa Inc.'s revolving credit facility has opposed the bankrupt homebuilder's request for extended use of cash collateral, saying the money was being squandered by creditors in pursuit of unrealistic claims against senior lenders.

In a limited objection filed in the U.S. Bankruptcy Court for the Southern District of Florida on Tuesday, Citicorp North America Inc. — acting as agent for the lenders — said the official committee of unsecured creditors in the Chapter 11 case was wasting the funds to pay legal bills....
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