Some lenders to bankrupt homebuilder Tousa asked a judge to dismiss parts of the lawsuit filed against them by the official creditors’ committee that seeks to recover as much as $800 million. Hollywood-based Tousa was the main guarantor of $675 million in financing for Transeastern Properties in 2005, a transaction that forced some subsidiaries to become co-borrowers and guarantors. The new debt incurred by the units and the granting of liens were fraudulent transfers, the committee alleged.
Tousa bankruptcy tangle continues
August 20, 2008 10:13AM