By Vince Sullivan (June 21, 2022, 7:56 PM EDT) — Real estate developer National Realty Investment Advisors received tenuous approval Tuesday for a series of private property sales from a New Jersey bankruptcy judge only after it agreed to segregate the sale proceeds until investors could review the deals.
During a hybrid virtual and in-person hearing, U.S. Bankruptcy Judge John K. Sherwood said he would allow the debtor to complete the private sale transactions for eight of its condominium properties for a combined $20 million despite his concerns about a securities fraud investigation announced by New Jersey regulators Tuesday.
“The fact there is a broker on some of these eight properties…
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