WL Homes’ Chapter 7 trustee gets approval to distribute funds

By Sarah Lizee

Olympia, Wash., Feb. 3 – WL Homes LLC Chapter 7 trustee George L. Miller received court approval to distribute the $10.64 million balance of estate funds, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the trustee said in a final report filed in September that all scheduled and known assets of the estate had been reduced to cash, released to the debtor as exempt property under bankruptcy code, or had been or would be abandoned.

The trustee realized gross receipts of $97.63 million.

Funds were disbursed in the following amounts: $61.37 million in payments made under an interim distribution; $25.3 million in administrative expenses; and $320,198.69 in bank service fees.

This left the balance on hand of $10.64 million.

Of that amount, $9.32 million will be paid for timely filed general unsecured claims.

WL Homes, an Irvine, Calif.-based homebuilder, filed for Chapter 11 bankruptcy on Feb. 19, 2009. The case was converted to Chapter 7 on June 5, 2009. Its case number is 09-10571.

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