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Judge: Fulton unlikely to be liquidated

By Implode-Explode Heavy Industries

``Nielsen said liquidation is an unlikely outcome to Fulton Homes' long and bumpy Chapter 11 reorganization proceedings, especially if the company's recent accounts of increased sales activity are accurate... The company's creditors, which include Bank of America, JPMorgan Chase Bank, Compass Bank and Wachovia Bank, are seeking millions of dollars for unpaid debts, much of it stemming from a $250 million unsecured line of credit extended to Fulton Homes during the housing boom earlier in the decade.''

Full post as published by Mortgage Lender Implode-o-Meter on August 27, 2010 (boomark / email).