The owners of stalled New Jersey development Medford Village said in court documents that it belongs in chapter 11, despite creditor Lennar Corp.'s arguments that the project's filing was made in "bad faith," Dow Jones Newswires reported yesterday. The 280-acre project by developer Stephen Samost called the Miami home builder's allegations that it filed for bankruptcy in bad faith "disingenuous at best," according to documents filed with the U.S. Bankruptcy Court in Camden, N.J. "The record ultimately shows that the debtor properly and adequately exercised state-court remedies available to it before filing its bankruptcy petition to reorganize its affairs. In short, these improper-conduct contentions have no merit and must be rejected in their entirety," Medford said. Late last month, Lennar filed a motion asking the court to dismiss Medford's bankruptcy case so it can execute a foreclose judgment and move forward with a sheriff's sale of the Medford project.
