Webinar: The Ins and Outs of Real Estate Liquidation Sales
When real estate brokers are faced with...
SEARCH
Bankruptcy Court Approves Reorganization Plan for Attorney & Financier Leonard Ross Filed By Chapter 11 Trustee, Howard M. Ehrenberg of SulmeyerKupetz
Howard M. Ehrenberg, Category: Receivers and Trustees
ANNOUNCEMENT
September 10, 2012
Creditors assured 100 percent repayment and Ross’ assets protected
Howard M. Ehrenberg of SulmeyerKupetz, in his capacity as a Chapter 11 Trustee, has confirmed a reorganization plan in the Chapter 11 cases of Leonard Ross, attorney and financier.
Ehrenberg was appointed by the U.S. Trustees to oversee Ross’ bankruptcy estates when he filed for bankruptcy protection in 2010. Ehrenberg was tasked with administering assets while juggling the conflicting interests and goals of the various parties involved.
“I am very pleased that a consensual reorganization plan was achieved,” commented Ehrenberg, “which was reached in this case with Ross’ cooperation and the overwhelming majority approval from creditors.”
At the hearing on confirmation of the plan in September 2012, Bankruptcy Judge Vincent P. Zurzolo stated from the bench that the work of the Trustee and his counsel (SulmeyerKupetz) was exemplary and extraordinary.
The plan settles all major judgments and results with all creditors receiving 100 percent of their allowed claims with interest, while Ross’ assets are still protected. The Ross estate consisted of possibly the most expensive house in Beverly Hills, California, the former William Randolph Hearst Castle, valued at $100 million dollars.
“I am grateful for Howard’s expertise in creating an amicable resolution and obtaining the court’s approval in a short time frame,” said Ross.