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Liberty Realty Real Estate Company,Las Vegas Bankruptcy judge shifts Liberty Realty to Chapter 7, Las Vegas News

Liberty Realty, Las Vegas Bankruptcy judge shifts Liberty Realty to Chapter 7

As most of you who know me, know that I blogged about leaving Liberty last month... Las Vegas Real Estate Agent Dawn Barrier, Makes a Move to Century 21 from Liberty Realty...

Well, some of you ask for more information...here is what I found out toay in the Review Journal...Click here to read the full article

Bankruptcy Court Judge Bruce Markell denied a motion Tuesday to dismiss Liberty Realty's Chapter 11 bankruptcy reorganization filing, pleasing several real estate agents who told the judge about unpaid commission amounts of up to $114,000.

Markell said he would convert the bankruptcy case to Chapter 7 liquidation and appoint a U.S. Trustee to distribute any assets.

Liberty Realty was acquired last week by Century 21 Aadvantage Gold, a surprise to the judge and to some attorneys in the courtroom, leaving agents with unsigned commission checks that couldn't be cashed.

If Liberty was sold to Century 21, it was certainly not done with court approval, Markell said.

The Chapter 7 bankruptcy trustee, when appointed, would pursue any assets that may be recovered and available for distribution, he said. The judge encouraged agents to fill out paperwork with the court to be notified of any further proceedings.

Christopher Burke, attorney for Liberty Realty, said a plan of reorganization had not been filed because it is not believed the debtors can perform under such a plan at this time or get the plan confirmed.

Review Journal...Click here to read the full article

 

Dawn Barrier    EXP REALTY Las Vegas   (702) 812-4550 

 
 
 
 
 
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Any Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing or as noted,covers the Las Vegas Valley, North Las Vegas, Henderson area or as noted.

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Comment balloon 3 commentsDawn Barrier • May 06 2009 07:35PM
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