Amarillo, Texas: When the founder of the American Housing Foundation died in a suicide car crash, he left behind an estate worth $12.4 million, $24 million in life insurance proceeds, and a foundation with $459 million in debt. Currently, creditors want to reach the founder’s assets, the appointed executor also represents creditors of the foundation, and some creditors are trying to force the foundation into bankruptcy court.
For more information, see Kevin Welch, American Housing: New judges on case, Amarillo.com, May 28, 2009.
Special thanks to Sally Pittman (2009 J.D., Texas Tech University School of Law) for bringing this story to my attention.
