First Magnus, committee object to plan confirmation stay request

By Caroline Salls

Pittsburgh, March 11 - First Magnus Financial Corp. and its official committee of unsecured creditors objected to WNS North America, Inc.'s request for a stay of the court order confirming First Magnus' plan of liquidation, according to a Monday filing with the U.S. Bankruptcy Court for the District of Arizona.

First Magnus and the committee said the stay motion is based on the same arguments that the court has already rejected three times, including at the disclosure statement hearing, the plan confirmation hearing and at a hearing on WNS' motion for reconsideration of the confirmation hearing.

"WNS continues to get the facts wrong, misinterprets the bankruptcy code and fails to identify a single legal or factual error made by the court," according to the objection.

According to the objection, WNS was given ample opportunity to take discovery before the plan confirmation hearing, and it "was given full rein to cross-examine all witnesses during the confirmation hearing."

First Magnus, a Tucson, Ariz., mortgage loan originator, filed for bankruptcy on Aug. 21, 2007. Its Chapter 11 case number is 07-10578.

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