Creditors File Over $23 million in Claims Against Jean Marc El Jwaidi
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Las Vegas Developer Fights Creditor Claim in Bankruptcy Suit


May 12, 2011

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A well known Las Vegas developer has filed for bankruptcy.

Las Vegas real estate developer Jean Marc El Jwaidi has objected to the Vestige Mortgage claim from the list of debts he owes in his bankruptcy case, alleging he was mistreated by the company, according to the website VegasInc.

Creditors have filed $23.4 million in claims against El Jwaidi's personal bankruptcy claims. The source said El Jwaidi is particularly anxious to lower his claims since he only listed $6.273 million is assets in his Chapter 7 liquidation petition. His company Babuski LLC is also in the bankruptcy process.

In his objection filed this week against the claim by Vestin Mortgage, El Jwaidi said its claim of $13.3 million against his estate is unfounded. The source reported that Vestin loaned Babuski LLC only $8.7 million and had repaid about $8.3 million before the bankruptcy petition.

The objection also said that after Babuski LLC defaulted on the loan, Vestin agreed to accept monthly payments of $200,000, according to the website.

In 2009 El Jwaidi was arrested for reportedly orchestrating a real estate development scheme that scammed elderly victims out of millions of dollars. The Las Vegas Sun reports that El Jwaidi gained a "conditional dismissal" of the criminal charges against him.

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