New wrinkle in Tousa bankruptcy saga

A further twist in the long, drawn-out bankruptcy of home builder Tousa occurred this week as the creditors’ committee for the Hollywood company sought to sue another group of joint venture partners. The creditors already brought about a judgment against a group of secured lenders after claiming they received money through fraudulent transfers; they now want to sue Arthur and Edward Falcone, whose company was the joint purchaser of builder Transeastern in a 2005 deal. Kendall Land Development is also a target of the committee’s planned lawsuits. Tousa filed for bankruptcy protection in January 2008. [Miami Herald]