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FULBRIGHT TO ASSIST GROUP IN ROUNDS OF PARTNERSHIPS TO BE RELEASED.
Update: March 11
The "Combined Group" of Investors has forwarded a list of 11 partnerships it would like to have the Trustee consider releasing from the Money Mortgage service agreement. The limited partners have been mailed a "withdrawal agreement" and a "first amended" to the partnership agreement, for their approval.
FIRST GROUP: (11) Mailed 12/16/01
Bellaire Lenders, LP
Buckeye Mortgage, LP
Danbury Lenders, LP
Dell Funding Group, LP
Favill Funding Interests, LP
Grand Island Mortgage, LP
OKC Lenders, LP
Orlando Mortgage, LP
Salem Mortgage, LP
#1 Silver Chase Lenders, LP
Waterfront Mortgage, LP
SECOND GROUP: (20) To Be Mailed 1/3/02 - 1/12/02
1950 Lenders, Ltd.
#1 Bonnie Brae Lenders, Ltd.
#1 Castle Court, Ltd.
Chesterfield Mortgage, LP
Energy Lending, LP
Everglades Mortgage, LP
Flint Mortgage Group, LP
Gessner Lenders, LP
Gulfport Lenders, Ltd.
Indian River Lenders, LP
New Haven Mortgage, LP
SAH Mortgage Group, LP
St. John Mortgage, LP
Savannah Lending Group, LP
Savannah Lending Group II, LP
#1 Seven Oaks Lenders, LP
Southeast Texas Mortgage, LP
#1 Superior Mortgage Lending, LP
Waterford Lending Group, LP
THIRD GROUP: (20) To Be Mailed 2/20/01 - 3/20/01
1611 La Branch Lenders, LP
1634 Lenders, LP
249 Lenders, Ltd.
AMC Funding, LP
Astro Lenders, LP
Bonita Mortgage, LP
Brookshire Lending Group, LP
Fondren Court Lenders, LP
Lakeside Funding, LP
North Houston Mortgage Group, LP
#1 Pin Oak Funding, LP
#1 Ranger Mortgage Group, LP
San Gabriel Mortgage, LP
Spring Branch Townhomes, LP
Springfield Lenders, LP
Stonehaven Mortgage Group, LP
#1 Tejas Lending Group, LP
Thames Mortgage, LP
Timmons Lending Group, LP
Woodland Funding, LP
The managers selected these partnerships based on performing loans, cash-flow, and immediate need for servicing the loan. Others will follow. Fulbright, representing its investment group, will be consulting with the Trustee on the best and most efficient way to expedite the release of most all the partnerships; and reviewing contingencies, such as payments made by MM when the borrower was in default. The Trustee has indicated that he wants to negotiate on how the partnerships will pay back the interest given to the investors that he considers an asset of the bankruptcy estate.
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