Heritage Highgate to Proceed with Home Sales
The bankruptcy court entered an order yesterday authorizing Heritage Highgate, the bankrupt New Jersey home builder, to sell homes free and clear of lien. Nothing in the order binds the purchaser (the deposit holders) to go forward with the closing. For those of you interested in the list of Heritage Homes lots for sale, email adria@homebuilder-bankruptcy.com
Another interesting tidbit on this case: Do you know exactly which entities are behind Heritage Highgate and Heritage Residential?
Equity Security Holders of Heritage Highgate:
- David Brandschain (15%)
- Lawrence Wargo (16.19%)
- Richard Carroll (16.19%)
- Sheppard Investment Group, II (52.62%)
Equity Security Holders of Heritage Residential:
- David Brandschain (15%)
- HBG-Land Partners, III, Inc (1%)
- Heritage Partners, LP (84%)
These details were scoured from the schedules filed by Heritage Highgate.
Why is it important to examine financial schedules filed by bankrupt builders? As a matter of due diligence, you should always assess the financial position of bankrupt builders before buying from them. It tells you about how well the development will be maintained and whether you can claim on home warranties, etc.
Check out our Latest Report on Heritage Highgate which provides an analysis of the builder’s financial position, based on financial statements filed in bankruptcy proceedings.
