… to an article in the Star-Telegram, a federal bankruptcy judge approved the sale of the historic Ridglea Theater to FixFunding through a process called “deed in lieu of foreclosure.” Using the “deed in lieu of foreclosure” process will allow the debtor to return the property to the lender, avoid foreclosure and escape the loan default.  The Maulsby Trust, which owned the theater, filed for Chapter 11 bankruptcy in July after FixFunding posted the property for foreclosure. But …

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According to an article in the Star-Telegram, the owner of Fort Worth ’s historic Ridglea Theater filed for bankruptcy this week in an effort to stop foreclosure on the property.

The article said:

“The R.K. Maulsby Family Trust filed for Chapter 11 protection Thursday, stating that its debts are $1 million to $10 million. The Fort Worth school district, the only creditor to file a response so far, says it’s owed $31,416, according to documents filed in court.” …

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… in the Star-Telegram, Fort Worth ’s R.K. Maulsby Trust could lose ownership of the historic Ridglea Theater on Camp Bowie Boulevard due to foreclosure.

The article said:

“It’s the fourth time in two years the Maulsby Trust has faced foreclosure on the west-side landmark. The filing also includes the adjoining office and retail spaces at 3309 Winthrop Ave.

FixFunding loaned $1.1 million to the Maulsby Trust in July 2008 to pay a note to Wilshire State Bank in Los Angeles.” …