RITTER RANCH SALE PROCEDURES ARGUED.Byline: Evan Pondel Staff Writer WOODLAND HILLS - The sale procedures involving bankrupt Ritter rit·ter n. pl. ritter A knight. [German, from Middle High German riter, from Middle Dutch ridder, from r Ranch continue to stall, as the debtor and equity holders say the trustee is ``unfairly wedded'' to the property's lead bidder. Several attorneys objected to the sale procedures in U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. on Monday, expressing concern that trustee Robbin Itkin is favoring bidder RR Property Holdings. Also at issue is whether the final bid will be ``free and clear of lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. ,'' essentially usurping the rights of equity holders to receive any monetary compensation once the deal closes. ``It doesn't seem like the equity holders get anything under these procedures,'' said attorney Robert Pippin Pippin. For Frankish rulers thus named, use Pepin. A multimedia game and Internet machine from Apple that used the PowerPC architecture and a limited version of the Mac OS. , who is representing a company comprised of equity holders. Though Itkin has already filed sale procedures for Ritter Ranch, U.S. Bankruptcy Judge Geraldine Mund has asked the trustee to alter the bidders' requirements. Mund also scheduled an initial hearing for March 24 to further discuss the sale procedures, with an actual sale slated for March 31. ``But March 31 is an artificial deadline,'' Mund said. Artificial deadlines aren't new when Ritter Ranch in involved. The proposed 7,200-home project has been ensnarled in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. for several years. Mund said now is the right time to find a bidder due to low interest rates. A heated real estate market in the Antelope Valley This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley has also been stoking interest in the property as of late. Of the 20 companies that have expressed interest in Ritter Ranch, RR Property Holdings is vying vy·ing v. Present participle of vie. vying vie for the top bid. The Texas-based company's $6 million offer has become the focus of both Itkin and the city of Palmdale. Frank Merola, an attorney representing Palmdale, said the property is obviously going to sell and that certain companies are far more appropriate. ``In particular, we have looked at RR and feel they are the right fit,'' he said. John Musick, the debtor who acquired Ritter Ranch in 1998, is also interested in securing an appropriate bidder. ``But who knows what's going to go down. At the moment, it seems like everyone in this case thinks I'm trying to drag my feet,'' said Musick, who was a trial attorney for 35 years. ``After being in this for more than four years, let's get it right because I'm not just going to let go.'' CAPTION(S): map Map: Ritter Ranch |
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