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Archive Home > 2010 > March > 04 > Settlement reached in Summit bankruptcy

Settlement reached in Summit bankruptcy

Defunct company’s four principals agree to pay $16.8M in damages; deal is expected to benefit creditors

By Andrew Moore / The Bulletin
March 4, 2010

The four principals of Summit 1031 Exchange have agreed to pay a total of $16.8 million in damages as part of a settlement agreement to a lawsuit filed against them by Kevin Padrick, the company’s bankruptcy trustee, according to U.S. Bankruptcy Court documents filed Tuesday.

The settlement,....

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