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Posted: Friday, 03 February 2012 2:25PM

Homestead Bankruptcy Documents: Grim Financial News



LYNDEN, Wash. (Metro Networks Inc.)  -- Investors and creditors of Homestead Northwest shouldn't expect to get much money out of a failed Lynden-based real estate developer.

The latest documents filed in the company's bankruptcy case reveal little, if any money will be available to pay them. 

The latest bankruptcy documents list about one-point-seven million dollars in secured debts to seven investors and 145 firms and individuals listed as unsecured creditors.

Mukilteo attorney Diane Veltkamp tells the "Bellingham Herald" the full extent of the company's debts and investors' losses won't be known until all Homestead-related companies have filed their own bankruptcy documents and disclosures.

Homestead filed for Chapter 7 bankruptcy in January.

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