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Troubled MTR Western to be sold for $5M

Documents in a bankruptcy filing on Wednesday in Seattle and reported by the Seattle Times show MTR Western, the transit company owned by Frederick Berg, will be sold to Seattle-based GTO for $5 million. Berg, who led the Meridian Group, is currently in custody charged with defrauding investors of more than $100 million. Berg’s bus company, real estate properties and personal assets are in the process of being sold by a trustee. Money from the sale will go to pay creditors. GTO owner Howard S. Wright III is an investor in the Seattle Sheraton. His family built Seattle’s iconic Space Needle. For more, visit www.seattletimes.com.

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Posted by on Jan 14 2011. Filed under Latest News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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