Bankruptcy Litigants Busy

Posted on October 28, 2009
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A bankruptcy court has approved an agreement by Taylor, Bean and Whitaker Mortgage Corp. to share financial information with Freddie Mac on unprocessed mortgage payments. A bankruptcy judge in the case of failed Thornburg Mortgage Inc. has appointed a trustee as a result of allegations that the company’s former chief executive and former chief financial officer utilized employees and resources of the bankrupt firm to start a new venture. A lawsuit filed by the bankruptcy trustee for American Business Financial Services Inc. alleges that JPMorgan Chase & Co., Bear Stearns, Morgan Stanley and Credit Suisse Group AG kept American Business afloat by enabling it to overstate the value of its assets.

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