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Originally published October 24, 2011 at 5:15 PM | Page modified October 25, 2011 at 7:24 AM

Mastro associate appeals bankruptcy ruling on mansion

A former business associate of fugitive real-estate magnate Michael R. Mastro plans to appeal a bankruptcy judge's ruling denying him part of the proceeds from the sale last year of Mastro's Medina waterfront mansion.

Seattle Times business reporter

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A former business associate of fugitive real-estate magnate Michael R. Mastro plans to appeal a bankruptcy judge's ruling denying him part of the proceeds from the sale last year of Mastro's Medina waterfront mansion.

Hendrik Dorssers, a Monaco businessman, contended Mastro had put up the house as collateral in February 2009 for a $1.2 million loan Dorssers made to him in December 2008. But U.S. Bankruptcy Judge Marc Barreca ruled last month that that transaction was a sham intended to keep the mansion out of Mastro's creditors' reach.

Until his appeal is decided, Dorssers' lawyer said in a recent court filing, Barreca should set aside more than $3 million of the $8.36 million netted when the house was sold.

Mastro, a longtime Seattle real-estate developer and lender, was pushed into bankruptcy in July 2009. He and his wife disappeared this summer; warrants have been issued for their arrests.

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