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40-year-old publicly traded company withdraws bankruptcy filing – WSB-TV Channel 2

Gillberg
40-year-old publicly traded company withdraws bankruptcy filing – WSB-TV Channel 2

ATLANTA — Channel 2 action News has learned that MV Realty has withdrawn its bankruptcy filing.

Channel 2 Action News reported on MV Realty’s benefits program in which you get a small check now but a big penalty later – 3% of the value of your home if you don’t use it to sell your home.

The company used the liens to force homeowners to pay them thousands of dollars for the sale of their homes.

After our investigation, MV Realty was sued by several state attorneys general, including Georgia Attorney General Chris Carr.

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Last fall, MV Realty filed for bankruptcy in federal court. They are now out of the bankruptcy process.

Last year, Governor Brian Kemp signed legislation a bill that bans a key part of controversial real estate transactions. The new Georgia law does not prohibit 40-year contracts but prevents liens that MV uses to enforce them.

This does not impact any liens already on the books, but an open and active investigation is also still ongoing by the state attorney general’s office.

Channel 2 Action News is working to see what that might mean for owners who are still bound by the company’s 40-year listing agreements.

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