Downey trustee gets OK of $100,000 sale of savings and loan interest

By Mark Reccek

Bethlehem, Pa., Oct. 29 – Downey Financial Corp. Chapter 7 trustee Matthew A. Cantor received court authorization to sell and assign the equity interest in Downey Savings and Loan Association, FA for $100,000 to DKD Liquidating Trust LLC, Halcyon Loan Trading Fund LLC and Vaquero Investors LLC, according to an order issued Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Cantor previously indicated he intended to use the offer to market the equity interest to determine whether other interested parties and competing purchasers were interested in proposing a higher offer.

The sale was “as is, where is” and included no warranties, the previous motion said.

Newport Beach, Calif.-based Downey Financial filed for bankruptcy on Nov. 26, 2008. Its Chapter 7 case number is 08-13041.

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