Rev Op Group v. ML Manager LLC (In Re Mortgages Ltd.)
Court of Appeals for the Ninth Circuit
1Opinion of the Court
OPINION
WALLACE, Senior Circuit Judge:
Mortgages Ltd. was a private lender for certain real estate investments in Arizona. Mortgages Ltd. raised money from investors to extend loans to real estate purchasers, secured by the purchased real estate, and acted as servicing agent for the loans and properties. The investors received “pass-through” fractional interests in the real estate that secured the loans and the resulting loan payments. The pass-through investors acquired an actual interest in each underlying loan.
On June 24, 2008, Mortgages Ltd. filed for Chapter 11 bankruptcy. The company was…
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