Court approves selection of Geoffrey Groshong as MILA Chapter 11 trustee

By Reshmi Basu

New York, July 27 - MILA, Inc.'s U.S. Trustee received court approval for its selection of Geoffrey Groshang to serve as the company's Chapter 11 trustee, according to a Friday filing with the U.S. Bankruptcy Court for the Western District of Washington.

As previously reported, the company asked for a trustee to oversee its case so that it could provide the maximum return to its creditors.

In the trustee motion, MILA, which does business as Mortgage Investment Lending Associates, said the recoverable value of the remaining loans it nominally holds is likely significantly less than the claims they secure.

MILA was a Mountlake Terrace, Wash., wholesale residential mortgage lender. Its Chapter 11 case number is 07-10359.

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