WL Homes seeks to sell property, place $1 million in escrow account

By Lisa Kerner

Charlotte, N.C., April 12 - WL Homes, LLC Chapter 7 trustee George L. Miller asked the court to approve the asset sale and distribution agreement with Weyerhaeuser Realty Investors, Inc., successor by merger to MW Housing Partners, LP, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

In 2005, WL Homes and MW Housing Partners entered into an operating agreement for the formation and operation of WL Indigo Associates, LLC, which developed a 77-unit condominium project in Los Angeles County.

Michael Licht and Winnie Licht have offered to buy three of the unsold condominium units in "as is" condition for a total of $1.44 million.

The trustee wants the court to order that he hold, on behalf WL Indigo, $1 million of the sale proceeds in a Chapter 7 trustee escrow to fulfill any future liabilities subject to the self-insurance retention obligation under commercial liability policies issued by Steadfast Insurance Co., or for other such use as agreed upon by the parties or directed by the court, the filing said.

WL Homes, an Irvine, Calif.-based homebuilder, filed for bankruptcy on Feb. 19, 2009. Its Chapter 11 case number is 09-10571.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.