IMH Wins Approval of Plan to Hand Control to JPMorgan Chase

Federal Judge Christopher Sontchi approves the bankruptcy-exit plan filed by bankrupt real estate holding company IMH Financial Corp.

• “I’m happy to confirm this plan,” says Sontchi in court Tuesday as he approves the plan. “It is unopposed and fully resolved”
• IMH is a real estate holding company that manages the 150-year-old MacArthur Place Hotel & Spa in California’s wine country
• JPMorgan Chase Funding Inc. receives 100% of new common stock of the reorganized company under the plan: court filing
• Previously: JPMorgan to Get Part of Luxury Resort After IMH Seeks Bankruptcy
• The case is IMH Financial Corporation, 20-11858, U.S. ...