Replies to post #251 on Bankrupt and Distressed (BAD) Research and Due Dil

[eom7]

MMPIQ .07 FYI: Posted by: drsandcrs Date: Monday, May 10, 2010 5:16:44 PM
In reply to: drsandcrs who wrote msg# 1379 Post # of 1383

Calling in an army brigade of attorneys and lawyers ....

here's the body of the letter requesting an army ....

May 4, 2010

Alistaire Bambach, Esq.
U.S. Securities and Exchange Commission
New York Regional Office
3 World Financial Center, Suite 400
New York, NY 10281-1022

ALSO VIA FACSIMILE – [phone] and [phone]

Re: Meruelo Maddux Properties, Inc.
Commission File Number: 001-33262

Dear Ms. Bambach:

I am requesting the immediate assistance of the SEC to prevent the utilization of a Bankruptcy Court by the insiders of Meruelo Maddux Properties, Inc. (MMPI) to effectively destroy the rights of its minority investors and commit what would be tantamount to a securities crime.

Facts:

On or about February 14, 2007 MMPI completed their IPO and raised approximately $426,000,000.

On or about March 27, 2009 MMPI filed voluntary bankruptcy petitions in the US Bankruptcy Court Central District of California - Case No. 1:09-bk-13356-KT, the Honorable Kathleen Thompson presiding.

On or about May 1, 2010 MMPI filed a Plan of Reorganization that provides in part for all secured and unsecured creditors to be paid in full with interest, insiders to inject $10 million in new equity utilizing a Private Placement followed by the cancellation of all existing public shares outstanding even though the plan of reorganization as filed reflects nearly $200,000,000 in stockholder’s equity.

Time is of the essence. Immediate action on the part of the SEC, as the primary regulator, is necessary to protect the minority investor’s rights.

Very truly yours,


(ccd Mary Schapiro and sent a separate letter to CA AG Brown)