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Originally published February 6, 2012 at 4:33 PM | Page modified February 7, 2012 at 6:27 AM

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Mastro creditors due to get 1 percent of what's owed

A federal bankruptcy judge has approved distribution of $2.8 million in recovered funds to fugitive Seattle real-estate magnate Michael R. Mastro's many creditors.

By Seattle Times business staff

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...........as usual, they never tell us what percentage of the recovered money went for... MORE
A federal bankruptcy judge has approved distribution of $2.8 million in recovered funds... MORE

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A federal bankruptcy judge has approved distribution of $2.8 million in recovered funds to fugitive Seattle real-estate magnate Michael R. Mastro's many creditors.

Checks should be mailed later this month, trustee James Rigby said. Creditors will get just over 1 percent of what Mastro owes them — approved and pending unsecured claims total more than $270 million.

Judge Marc Barreca approved the payments Friday over the objection of former Mastro associate Hendrik Dorssers. He argued the money should be held in reserve while he appeals a ruling denying him any of the proceeds from the 2010 sale of Mastro's Medina waterfront mansion.

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