[Source: Andrew Johnson, Arizona Republic] — A group of about 50 investors who pumped nearly $8 million into a fund that bankrupt construction lender Mortgages Ltd. managed could have a new committee representing it in court. Judge Randolph Haines granted a motion at a hearing Wednesday at the U.S. Bankruptcy Court in Phoenix clarifying that an existing investor committee does not represent Mortgages Ltd.’s Value-to-Loan fund investors.
That leaves the door open for the U.S. Trustee’s Office to appoint a separate committee to represent those investors. Jonathan Hess, an attorney for the U.S. Trustee in Phoenix, said the office plans to decide on such a request shortly. Valley bankruptcy attorney Dale Schian said he has been asked by a handful of investors in the Value-to-Loan fund to get a committee formed to represent those investors. [Note: To read the full article, click here.]
Known Downtown/Midtown Phoenix Projects associated with Mortgages Ltd.