Ownit Mortgage non-insider employee retention plan approved

By Caroline Salls

Pittsburgh, April 4 - Ownit Mortgage Solutions, Inc. obtained court approval of its non-insider employee retention plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Central District of California.

Under the plan, controller Jill Oritz will receive $25,000 of stay pay upon filing of the company's 2006 tax returns and $25,000 upon confirmation of a plan of reorganization; senior credit director Robert Beaver will receive $7,500 upon finalization of all mortgage loan sales and $7,500 upon plan confirmation; and administrative assistant Angel Robertson will receive $2,500 upon finalization of all mortgage loan sales and $7,500 upon plan confirmation.

Ownit, an Agoura Hills, Calif., mortgage lender filed for bankruptcy on Dec. 28. Its Chapter 11 case number is 06-12579.

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