Real Estate

  • March 20, 2009

    $1.1M Deal In Aegis WARN Class Action Gets OK

    A bankruptcy judge has given preliminary approval to a $1.1 million settlement between subprime lender Aegis Mortgage Corp. and workers who alleged the company laid them off without giving sufficient notice as required under the Worker Adjustment and Retraining Notification Act.

  • March 20, 2009

    Insurer Off Hook For $20M WTC Shops Claim: Court

    Factory Mutual Insurance Co. will not have to pay a $20 million claim filed by Retail Brand Alliance Inc. over three chain stores destroyed in the Sept. 11 terrorist attacks on New York's World Trade Center, after a judge agreed with the insurer's contention that the company did not seek to replace the lost stores.

  • March 20, 2009

    People's Trust Violated Insurance Code: Fla.

    Florida property insurer People's Trust Insurance Co. has stopped writing new policies as it addresses allegations that it violated state insurance regulations, including writing policies that could stretch beyond its claims-paying ability.

  • March 20, 2009

    AIG, Countrywide File Competing Fraud Suits

    Former mortgage giant Countrywide Bank FSB and a mortgage-insurance subsidiary of American International Group Inc. have hit one another with separate lawsuits relating to hundreds of millions of dollars in insurance policies Countrywide took out with the AIG unit on risky mortgage loans.

  • March 19, 2009

    Turnaround Failure Sends Fairchild Into Ch. 11

    The Fairchild Corp., which does business in aerospace, motorcycle apparel and real estate, has filed for voluntary Chapter 11 bankruptcy, blaming a failed turnaround effort and falling demand for its products.

  • March 19, 2009

    Overcharge Action Against Title Insurer Gets Boot

    A federal judge has dismissed a putative class action accusing United General Title Insurance Co. of inflating title insurance rates after a Pennsylvania woman refinanced her home.

  • March 12, 2009

    Cash-Strapped Builder Warns Of Possible Ch. 11 Filing

    Southern California real estate developer Meruelo Maddux Properties Inc. disclosed Wednesday that it was rapidly running out of cash and might be forced to file for Chapter 11 bankruptcy protection.

  • March 12, 2009

    Tousa Noteholders’ Cash Collateral Appeal Spurned

    The bankruptcy judge for Tousa Inc.’s Chapter 11 reorganization has dismissed an appeal by minority noteholders and Wells Fargo Bank NA to exclude the paydown provision of the company’s cash collateral order.

  • March 11, 2009

    CORRECTED: Sunwest Judge To Stay On In SEC Action

    The federal judge overseeing the U.S. Securities and Exchange Commission's lawsuit against nursing home operator Sunwest Management Inc. and former CEO Jon M. Harder over an alleged $300 million Ponzi scheme should not be removed from the case, a magistrate judge has ruled against the wishes of a group of secured creditors for Sunwest.

  • March 6, 2009

    Judge OKs $6M DIP Loan For Tarragon

    The bankruptcy judge overseeing the Chapter 11 case of Tarragon Corp. has signed off on the real estate developer's bid to tap up to $6.25 million in post-petition financing to keep its business afloat during its restructuring period.

  • March 6, 2009

    Ex-KB Home CEO Indicted In Backdating Case

    Former KB Home Inc. CEO Bruce Karatz has been indicted over an alleged scheme to defraud company stockholders and investors of millions of dollars by backdating stock options for himself and other senior executives and deceiving the U.S. Securities and Exchange Commission, KB Home accountants and KB stockholders.

  • March 6, 2009

    Creditors Object To WL Homes Insider DIP Loan

    The creditors committee of bankrupt real estate developer WL Homes LLC, which operates as John Laing Homes, has objected to the debtors' request for post-petition financing, questioning the motives behind the proposed insider debtor-in-possession loan.

  • March 5, 2009

    House OKs Wider Mortgage Powers For Courts

    The U.S. House of Representatives has approved a controversial bill that would give bankruptcy courts the authority to modify the terms or reduce the principal balance of a homeowner's mortgage, while protecting lenders from investors when loan terms are altered.

  • March 5, 2009

    Creditors Stand Behind Kimball Hill Liquidation Plan

    Creditors for Kimball Hill Inc. have endorsed the bankrupt homebuilder’s plan of liquidation, clearing the stage for the plan’s confirmation hearing Monday.

  • March 6, 2009

    Shook Hardy Launches Land Use Litigation Practice

    Anticipating an upswing in land use lawsuits as demographic shifts and development threaten environmentally sensitive areas, Shook Hardy & Bacon LLP has launched a land use litigation practice out of its Miami office.

  • February 26, 2009

    Trustee Takes Issue With Tarragon's Lazard Hiring

    The U.S. trustee overseeing the bankruptcy of real estate developer Tarragon Corp. has objected to the hiring of investment bank Lazard Freres & Co. LLC, saying its fees are too high and it might have a conflict of interest.

  • February 26, 2009

    State Farm Accused Of Overcharging Homeowners

    State Farm Fire and Casualty Co. has been hit with a putative class action by policyholders who claim the insurer overcharged them for homeowners insurance by failing to take into consideration changes to their fire protection classes.

  • February 25, 2009

    AIG Can't Shift Duty To Defend Developer: Insurers

    National Fire Insurance Co. of Hartford and Valley Forge Insurance Co. have asked a federal court to rule that an American International Group Inc. unit that issued an umbrella policy to a condo developer can't shift the burden of defending the company in a negligence suit to them, because their policies only cover claims related to subcontractors.

  • February 25, 2009

    HomeBanc Mortgage Case Converted To Ch. 7

    HomeBanc Mortgage Corp.'s motion to convert its Chapter 11 bankruptcy case to Chapter 7 has been granted, despite an objection from Fifth Third Bank that liquidation would jeopardize collection funds to which the bank says it is entitled.

  • February 24, 2009

    Financiers Get OK To Foreclose On SouthStar Homes

    A judge overseeing the liquidation of subprime mortgage lender SouthStar Funding LLC on Monday lifted a stay on foreclosures, allowing several financial institutions to take over more than two dozen delinquent borrowers' homes.