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"TransLand is caught in a strangleholds by thepetitioning creditors," attorney Roy Kobert told the The action taken by the company was a proactives measure, he says. TransLand woulcd not release the name ofthe executive, but a companu representative who answered the phone confirme Ingrid Fermin is the chief financial Fermin could not be reached for Two weeks ago, Sanford-based , Minnesota-based and Nebraska-based filefd a petition to force the Maitland-based mortgage brokeragre firm into involuntary bankruptcy. The petition files by the three bankse says TransLand did not remit loan payoffx to the bank as required byits third-partt servicing agreement.
TransLand was serviciny residential construction loans worth a totapof $22 million for the threee banks. A one-day trial date has been set for Oct. 3 for the The court will hear the three petitioning case to force TransLand intoinvoluntary bankruptcy, as well as TransLand'sa motion to have the case In the meantime, the court is in the process of appointinhg another examiner to look at TransLand's finances and approvre daily business transactions for the firm. The firsf examiner quit because the three petitioningy creditors refused to grant legal protection for his The bankruptcy court originally was schedulerd to reviewthe examiner's report on TransLanfd on Aug.
31, but that date was moved to 12. "The petitioning creditora demanded an examiner and TransLand eagerly consented as the best way to get the truth out in the shortest amountof time," says "The petitioning creditors unilaterallyy sent our last examine back home to Atlanta. Sitting here today, we still don't have an since the court orderof Aug. 24. It's unfair."
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