A Port Angeles home builder has many spec homes on the market, and it apparently has begun to catch up with him. Nine of his homes were foreclosed on September 26th, the result of two financial institutions foreclosing on their lines of credit.
Stripped of his beloved Winchester Country Club housing development and facing the potential seizure of numerous personal assets, Myers filed for Chapter 7 personal bankruptcy protection last month. It marks a devastating chapter in a life spent conquering huge obstacles.
After nearly half a century of building Florida neighborhoods, Oriole Homes Corp. finally met an economic downturn it couldn’t survive.
Woodside Homes will continue building houses and paying employees as it works through a bankruptcy reorganization initiated by the company’s creditors, a spokeswoman for the builder said Friday.
At the peak of his success, developer Michael F. Teufel had acclaimed projects all over Tucson, earning praise for innovative designs and community accolades for business growth. Then things went bad.
But the effect of Walker’s bankruptcy - with more than 800 creditors and about $69 million in liabilities - extends far beyond Eagle. It touches both large corporations and tiny one-man operations. And Idaho bankruptcy trustees and attorneys say more homebuilders face the same fate, and Crestwood’s troubles should be a cautionary tale for consumers and business people alike.
Charlevoix Homes, which has restructured as Copperleaf Communities, is trying to salvage its stalled communities, find new lenders and pay off investors, said Keith Hendricks, an attorney representing company founder Michael Roberts.
The company lost a battle Wednesday in court when it failed to get judicial approval to hire a real estate broker with strong family ties to M.W. Johnson Construction.
