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Investors' Plan Draws Ire In Mortgages Ltd. Ch.11

Law360 (March 2, 2009, 12:00 AM EST) -- In a rare moment of agreement, creditors in the turbulent Mortgages Ltd. bankruptcy proceeding have joined the debtor in staunch opposition to the official committee of investors’ proposed plan of reorganization.

With the hearing for the proposed plan scheduled Wednesday, the official committee of unsecured creditors came out against the disclosure statement Monday, adding its objection to those filed by creditors and Mortgages Ltd. alike.

The disclosure statement is riddled with deficiencies regarding the debtor’s path to bankruptcy among other requirements, and the plan of confirmation...
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