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Equity One Set to Pay $14M for People’s Choice Assets

Mark Mueller
By Mark Mueller
133

It looks like Irvine-based People’s Choice Home Loan Inc. has found a buyer for its assets.

Equity One Inc. is set to pay $14 million for loans held by People’s Choice.

An Equity One bid for the People’s Choice assets was recently deemed the “highest and best” offer by Santa Ana’s bankruptcy court, although Judge Robert Kwan said some legal matters still need to be resolved for the sale to be completed.

Bear Stearns & Co. and other investment banks are reportedly contesting the sale of certain contracts held by People’s Choice until several million dollars’ worth of defaulted loan issues are accounted for.

A hearing has been scheduled next week regarding the matter.

People’s Choice filed a petition for Chapter 11 bankruptcy protection in March.

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Mark Mueller
Mark Mueller
Mark is the former Editor-in-Chief and current Community Editor of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.

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