Homebuilder-Bankruptcy.com

Whitney Lake’s Disclosure Statement is a very important court document discussing the treatment of deposits. I will present a summary here. Email adria@homebuilder-bankruptcy.com for a copy.
The home builder acknowledges that various deposits (where the sales are not closed) are owed as unsecured priority claims. What does this mean?
Under bankruptcy law, unsecured priority claims include those [...]

What sparked off this series of motions in the Levitt & Son’s bankruptcy was the final order approving debtor-in-possession (DIP) financing. According to this DIP financing order, all liens junior to Wachovia’s liens on certain real estate assets were to be stripped in their entirety.
As such, two members of the Deposit Holders Committee, Joseph and [...]

A Committee of Deposit Holders was appointed in bankruptcy proceedings of Levitt & Sons early last year. This Committee consisted of people who posted deposits, had not closed the sales and had not been refunded.  The good thing about having a Committee such as this is that the fees and other charges incurred by legal [...]

Among the first things which a home builder will do upon entering bankruptcy is to request authorization from the court to continue selling homes free and clear of liens and other encumbrances. Such sales “free and clear of liens” provide customers with some comfort in dealing with the financially-distressed builder.
PFP Holdings, the holding company for [...]