By Becky Yerak
A major shareholder and former executive of liquidating Eagle Hospitality Real Estate Investment Trust has filed for personal bankruptcy. Howard Wu filed for chapter 7 last week in the US Bankruptcy Court in Los Angeles.
The move to seek protection from creditors came weeks after a judge in Eagle’s bankruptcy sanctioned Wu and another principal for not fully accounting for $2.4M in federal Covid-19 relief aid received on behalf of the hotel business.
Judge Christopher Sontchi had ordered that, starting Jan. 1, Wu and Taylor Woods would each be fined $250 a day until they could come up with $2.4M or properly account for the money’s whereabouts.
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