By
on October 08, 2013 at 6:00 PM,
updated October 08, 2013 at 6:06 PM
MANTUA TWP. — The township is suing a land developer over a half-finished construction project.
The lawsuit, filed Sept. 20, names the Paparone Housing Co., First Indemnity of America Insurance Co., Bond Safeguard Insurance Co., Wells Fargo Bank and Rouse/Chamberlain, LTD. as defendants.
The case centers around Paparone Housing’s development of Country Garden Estates, which was supposed to be completed in three phases. The developer could not afford to finish the development, however, and Wells Fargo foreclosed on the properties slated for development in late 2012....
This might be some of the issue. I don't think this is affordable housing, the average home costs half-million, but , affordable housing can be built in cities known to have high end housing. The average house in Seaside Heights still sells for a quarter million. There are houses in Seaside Heights as much as $700.000.
New Jersey's median housing cost per US Census in 2011 is over $300,000. Median household income is $71,000. There is 9.4% below the poverty level in New Jersey compared to 14.3% in the USA.
This is interesting, MF Global's customers are getting 100% back.
By
November 06, 2013 at 10:16 AM
updated November 06, 2013 at 10:51 AM
MF Global’s trustee (click here) will get court approval to complete distributions to former customers of the failed brokerage, allowing all missing funds to be returned by the end of the year.
U.S. Bankruptcy Judge Martin Glenn said yesterday he’s prepared to approve a plan to make the final determination of what 26,000 former customers are owed and distribute the money to them. The motion will ensure customers are paid by Dec. 31, satisfying all claims more than two years after the brokerage failed.
‘That’s quite an accomplishment,’’ Glenn said at a hearing in Manhattan. At the outset of the case, nobody thought that customers would recover everything they lost, he said.
MF Global Holdings, the brokerage’s parent company, filed for bankruptcy on Oct. 31, 2011, after wrong-way $6.3 billion bet on bonds of some of Europe’s most indebted nations. The company listed assets of $41 billion and debts of $39.7 billion. More than $1.6 billion in customer funds that should have been segregated were missing.
The trustee, James Giddens, marshaled more than $5.3 billion in assets from MF Global’s former exchanges and depositories, which he said were clearly customer property. He has already made interim distributions to customers. The final distributions will require him to advance funds from the company’s general bankruptcy estate....
How often does that happen, huh?
