NJ developer secures cautious deal for Ch. 11 Home Sales

By Vince Sullivan (June 21, 2022, 7:56 p.m. EDT) — Property developer National Realty Investment Advisors received tenuous approval for a series of private property sales from a New Jersey bankruptcy judge on Tuesday only after agreeing to separate proceeds from the sale until investors can consider the offers.

In a hybrid virtual and in-person hearing, U.S. Bankruptcy Judge John K. Sherwood said he would allow the debtor to complete the private sale transactions for eight of his condominium properties for a total of $20 million. despite his concerns about a securities fraud investigation announced by New Jersey regulators on Tuesday.

“The fact that there is a broker on some of these eight properties…

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