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Florida builder seeks bankruptcy protection
By Times wires
Published November 10, 2007
FORT LAUDERDALE - Levitt Corp. unit Levitt & Sons LLC, a builder of planned suburban communities, filed for bankruptcy Friday, becoming the latest casualty in the U.S. housing market collapse. The company filed a Chapter 11 petition in U.S. Bankruptcy Court in Fort Lauderdale. Levitt listed debt of more than $100-million. Thirty-eight Levitt Corp. affiliates also sought court protection. Levitt & Sons, now the largest builder in bankruptcy, last month received default notifications from Wachovia Corp. relating to three separate loans totaling $181.5-million and a notice from KeyCorp relating to a $125-million loan, according to an Oct. 17 Securities and Exchange Commission filing. As part of the bankruptcy process "we will explore the potential sale of all or some of Levitt & Sons' assets," said Lawrence Young, the company's chief restructuring officer. He said the company would "seek a mechanism that will facilitate the completion of some unfinished homes." The company has built more than 200,000 homes in the U.S., Puerto Rico, Canada and Europe, the company said.
[Last modified November 9, 2007, 23:12:09]
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by John
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11/11/07 08:08 AM
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Bankruptcy means NOTHING in Florida. These people just walk away from their bills--start up again under a new name. Why do you suppose O.J. moved to Florida? There is no stigma attached to this any longer. They will even be sent new credit cards.
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by patty
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11/10/07 10:15 PM
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i have a levitt home that i just bought, since the title company didnt take out the property taxes owed by levitt, am i responsbile or do i go after the title company since they didnt do there job properly??
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by John
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11/10/07 12:04 PM
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Hard to feel sorry for developers who have pretty much had their way in Florida. So much of Florida's natural beauty and environment have been devestated by developers. They have also left the taxpayers with an enormous infrastructure bill to pay.
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