Fate of $26M of Memphis Housing Debt in Court's Hands

DeSue, Tedra
April 2003
Bond Buyer;4/2/2003, Vol. 344 Issue 31606, p3
Trade Publication
Bondholders of about 26 million dollars in defaulted multifamily housing bonds sold in 1998 to finance a church group's purchase of apartment complexes in Memphis will be in bankruptcy court on April 2, 2003 for a hearing that could determine how much of their investment they could recoup. Four Stones Housing Corp. filed for bankruptcy protection in the Western District of Tennessee's U.S. Bankruptcy Court following the default of the revenue bonds issued for it by the Shelby County Health, Education, and Facilities Board. Proceeds were used so that Christian Methodist Episcopalian Church could buy four apartment complexes geared toward low- to moderate-income renters.


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