An Irvine firm that uses investor funds to buy and fix up aging apartment buildings has filed for Chapter 11 bankruptcy after a couple lenders went after it for not making its loan payments, according to court documents.Pacific Property Assets' financial problems first surfaced in May when the firm skipped about $500,000 in interest payments to about 750 investors who help finance purchase and construction costs through high-interest notes. The firm subsequently defaulted on the June payment as ...
aggregated: 31 weeks 5 days ago | 72 views
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