moh malekpour
Elite Member
- Joined
- May 25, 2002
- Professional Status
- Certified Residential Appraiser
- State
- California
Bobby, Roger, Brad,
The Maestro is not an official anymore. He is a free agent now and can say anything he wishes. He shoul have talked to KARA homes poeple who filed for Chapter 11 last week before he opened his mouth to Canadian Mortgage Bankers, the BMO, about the US housing market. But the Maestro is a businessman and tells his audience whatever they like to hear for a price of $1000 a pop. Nothing is wrong with that. Mortgage bankers owe him more than that
http://www.globest.com/news/751_751/newjersey/149646-1.html
Last updated: October 9, 2006 09:25am
Kara Homes Takes Chapter 11 Route
By Eric Peterson
EAST BRUNSWICK, NJ-Luxury homebuilder Kara Homes, based here, late last week filed for Chapter 11 protection, with company officials citing slowed sales for the company’s financial woes. The company reported $288 million in sales in 2005.
In the 344-page petition filed with the US Bankruptcy Court, District of New Jersey, a copy of which was obtained by GlobeSt.com, the company listed just less than $350.2 million in assets and a little more than $296.8 million in liabilities. Some $248 million of those liabilities are construction loans from various banks. Most of the rest is money owed to contractors and suppliers. Some of the largest unsecured creditors include RWZ Stairs & Rails Inc. of Lakewood, Benchmark Inc., also of Lakewood, and J. Wright Construction Inc. of Toms River.
According to information released by David Bruck of the law firm of Greenbaum, Rowe, Smith & Davis of Woodbridge, Kara Homes’ bankruptcy attorney, who cited economic conditions and a slowdown in housing sales, the company has laid off 100 of its 170 employees. The company also intends to get financing to complete projects under development, according to Bruck, and expects to seek buyers for several projects in the early stages of development. Company officials could not be reached for further comment
The Maestro is not an official anymore. He is a free agent now and can say anything he wishes. He shoul have talked to KARA homes poeple who filed for Chapter 11 last week before he opened his mouth to Canadian Mortgage Bankers, the BMO, about the US housing market. But the Maestro is a businessman and tells his audience whatever they like to hear for a price of $1000 a pop. Nothing is wrong with that. Mortgage bankers owe him more than that
http://www.globest.com/news/751_751/newjersey/149646-1.html
Last updated: October 9, 2006 09:25am
Kara Homes Takes Chapter 11 Route
By Eric Peterson
EAST BRUNSWICK, NJ-Luxury homebuilder Kara Homes, based here, late last week filed for Chapter 11 protection, with company officials citing slowed sales for the company’s financial woes. The company reported $288 million in sales in 2005.
In the 344-page petition filed with the US Bankruptcy Court, District of New Jersey, a copy of which was obtained by GlobeSt.com, the company listed just less than $350.2 million in assets and a little more than $296.8 million in liabilities. Some $248 million of those liabilities are construction loans from various banks. Most of the rest is money owed to contractors and suppliers. Some of the largest unsecured creditors include RWZ Stairs & Rails Inc. of Lakewood, Benchmark Inc., also of Lakewood, and J. Wright Construction Inc. of Toms River.
According to information released by David Bruck of the law firm of Greenbaum, Rowe, Smith & Davis of Woodbridge, Kara Homes’ bankruptcy attorney, who cited economic conditions and a slowdown in housing sales, the company has laid off 100 of its 170 employees. The company also intends to get financing to complete projects under development, according to Bruck, and expects to seek buyers for several projects in the early stages of development. Company officials could not be reached for further comment
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