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News Now

CU System
Mortgage broker bankruptcy hearing creditors set
NEWARK, N.J. (3/18/09)--A federal bankruptcy court in New Jersey took two actions related to the U.S. Mortgage Corp. (known as CU National Mortgage) bankruptcy case: it appointed seven credit union representatives to an Unsecured Creditors' Committee and set a hearing date for May 11. U.S. Mortgage filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey, listing more than $200 million in debts to Fannie Mae and 19 credit unions, among others (News Now March 2). Nearly 300 creditors are listed in the petition, with 19 credit unions among the top 20 unsecured creditors. According to documents filed with the court March 11, the Unsecured Creditors' Committee includes:
* Chairperson, Chris Conway, Educational Systems FCU, Greenbelt, Md. * Lisa Mingoia, Suffolk FCU, Medford, N.Y.; * Robert N. Squillante, Picatinny FCU, Dover, N.J.; * Alfred Scipio, Treasury Department FCU, Washington, D.C.; * Harry R. Jacobson, Pinnacle FCU, Edison, N.J.; * Ann M. South, Novartis FCU, East Hanover, N.J.; and * Ronald P. Roy, Energy FCU, Rockville, Md.
Attorney for the committee is Carollyn Callari of Venable LLP, New York, N.Y. According to documents filed Monday, a hearing on a motion for relief from a stay and order granting Sovereign Bank relief from an automatic stay will begin at 11 a.m. EDT on May 11 in Newark.


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