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Long Beach, Calif.--Broker/dealers that sold IDM Corp. limited partnerships are the next target of approximately 400 disgruntled investors.
IDM, a syndicator of primarily mortgage income partnerships with $90 million in annual sales, filed for Chapter 11 reorganization in July (FSW, July 27), along with 24 other IDM entities, including some partnerships.
The group of limited partners already has filed a $75 million lawsuit against approximately 50 defendants. Included in the current suit are IDM entities and affiliates that did not seek Chapter 11 protection. Peat Marwick and the properties' appraisers also are named. A spokesman for Peat...