Bad Land Deals Send Oregon Homebuilder Into Ch. 11

Law360, New York (June 11, 2008, 12:00 AM EDT) -- Oregon real estate developer Legend Homes Corp. has filed for bankruptcy protection, marking another victim claimed by the struggling real estate and credit markets.

Legend Homes’ parent company, Matrix Development Corp., filed a voluntary petition for Chapter 11 on Tuesday in the U.S. Bankruptcy Court for the District of Oregon, following speculation about the company’s financial viability. As of Dec. 31, 2008, the company listed total assets of $258 million and $198 million in total liabilities, court documents said.

A week before the bankruptcy filing, Portland...
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