Jack F. Williams named Petra Fund REIT, Petra Offshore Fund examiner

By Caroline Salls

Pittsburgh, April 13 - Jack F. Williams has been appointed as Petra Fund REIT Corp. and Petra Offshore Fund, LP's examiner, according to an April 13 filing with the U.S. Bankruptcy Court for the Southern District of New York.

The examiner appointment was ordered by the court last week.

As previously reported, the examiner will investigate:

• Any and all transfers from the Petra funds to affiliate entities, insiders and third parties from Sept. 1, 2008 to Oct. 20, 2010;

• Any and all transfers to warehouse lenders JPMorgan Chase and Royal Bank of Scotland in the 90 days before the funds filed for bankruptcy;

• The circumstances related to the payoff of the funds' Millennium Partners loan, including the sources of funds used to pay the loan; and

• The conduct tied to discovery requests included in KBS Preferred Holding I, LLC's examination motion.

Petra Fund REIT and Petra Offshore are New York-based real estate investment trusts. The companies filed for bankruptcy on Oct. 20. The Chapter 11 case number is 10-15500.

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