Meruelo Maddux Bankruptcy War Rages On

The Los Angeles Business Journal checks in with Meruelo Maddox's bankruptcy proceedings, reporting that while the developer struck a deal with one group of creditors, Legendary Investors Group, Meruelo Maddux still faces a threat from New York investment firms Charlestown Capital Advisors LLC and Hartland Asset Management, which submitted their own plan to oust the top management of the company. Among other things, the competing plan accuses Meruelo of using "the company’s financial resources for his personal gains," and cites a "$100,000 wire for a Florida foreclosure auction that the shareholders allege was for the purchase of property for Meruelo’s personal use." Meruelo Maddux contends the transactions were for “legitimate business purposes" and accuses the other side of a "war of attrition." Pictured: Mysterious Meruelo Maddux South Park tower. [LABJ]