2008-06-25 — blogspot.com
Mortgages Ltd. filed for Chapter 11 bankruptcy Monday night, under pressure from a borrower that earlier had filed a petition seeking to liquidate the lender's assets.
The move by the Phoenix-based commercial real-estate lender comes three days after Scottsdale-based developer Grace Communities, one of its borrowers, filed a petition to force Mortgages Ltd. into Chapter 7 bankruptcy.
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