Charity Foundation to Liquidate Assets
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PHILADELPHIA — With fraud investigators closing in, a foundation that once promised to double the money of charities and philanthropists agreed Friday to liquidate its assets and begin settling up with its creditors.
U.S. Bankruptcy Judge Bruce Fox agreed to change the bankruptcy status of the Foundation for New Era Philanthropy from Chapter 11 to Chapter 7.
That means the death of the suburban Philadelphia foundation, which owes millions of dollars to about 300 creditors, including universities, museums and some of the nation’s most sophisticated investors.
No criminal charges have been filed.
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