Sunday, August 18, 2013

Leader winds down Mortgages Ltd. asset sell-off

Mark Winkleman is the chief operating officer of ML Manager LLC, which took over the assets of Mortgages Ltd. after the Phoenix-based hard-money lender crashed with the real-estate market. His job for the past three years has been to sell the lender’s assets and try to recover the most money for the more than 1,500 investors. No easy feat.

Mortgages Ltd. had almost $1 billion in outstanding loans at the time of its bankruptcy in 2008. CEO Scott Coles committed suicide as the company went under.

Winkleman, an attorney and former Arizona state land commissioner, has sold most of Mortgages Ltd.’s assets. His latest deal is to sell the well-known Hotel Monroe project in downtown Phoenix. California company Grasshopper Development has signed a contract to pay $7.85 million for the property.

Read more...Leader winds down Mortgages Ltd. asset sell-off

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