Real Estate

  • March 11, 2009

    CORRECTED: Sunwest Judge To Stay On In SEC Action

    The federal judge overseeing the U.S. Securities and Exchange Commission's lawsuit against nursing home operator Sunwest Management Inc. and former CEO Jon M. Harder over an alleged $300 million Ponzi scheme should not be removed from the case, a magistrate judge has ruled against the wishes of a group of secured creditors for Sunwest.

  • March 6, 2009

    Judge OKs $6M DIP Loan For Tarragon

    The bankruptcy judge overseeing the Chapter 11 case of Tarragon Corp. has signed off on the real estate developer's bid to tap up to $6.25 million in post-petition financing to keep its business afloat during its restructuring period.

  • March 6, 2009

    Ex-KB Home CEO Indicted In Backdating Case

    Former KB Home Inc. CEO Bruce Karatz has been indicted over an alleged scheme to defraud company stockholders and investors of millions of dollars by backdating stock options for himself and other senior executives and deceiving the U.S. Securities and Exchange Commission, KB Home accountants and KB stockholders.

  • March 6, 2009

    Creditors Object To WL Homes Insider DIP Loan

    The creditors committee of bankrupt real estate developer WL Homes LLC, which operates as John Laing Homes, has objected to the debtors' request for post-petition financing, questioning the motives behind the proposed insider debtor-in-possession loan.

  • March 5, 2009

    House OKs Wider Mortgage Powers For Courts

    The U.S. House of Representatives has approved a controversial bill that would give bankruptcy courts the authority to modify the terms or reduce the principal balance of a homeowner's mortgage, while protecting lenders from investors when loan terms are altered.

  • March 6, 2009

    Shook Hardy Launches Land Use Litigation Practice

    Anticipating an upswing in land use lawsuits as demographic shifts and development threaten environmentally sensitive areas, Shook Hardy & Bacon LLP has launched a land use litigation practice out of its Miami office.

  • March 5, 2009

    Creditors Stand Behind Kimball Hill Liquidation Plan

    Creditors for Kimball Hill Inc. have endorsed the bankrupt homebuilder’s plan of liquidation, clearing the stage for the plan’s confirmation hearing Monday.

  • February 26, 2009

    Trustee Takes Issue With Tarragon's Lazard Hiring

    The U.S. trustee overseeing the bankruptcy of real estate developer Tarragon Corp. has objected to the hiring of investment bank Lazard Freres & Co. LLC, saying its fees are too high and it might have a conflict of interest.

  • February 26, 2009

    State Farm Accused Of Overcharging Homeowners

    State Farm Fire and Casualty Co. has been hit with a putative class action by policyholders who claim the insurer overcharged them for homeowners insurance by failing to take into consideration changes to their fire protection classes.

  • February 25, 2009

    AIG Can't Shift Duty To Defend Developer: Insurers

    National Fire Insurance Co. of Hartford and Valley Forge Insurance Co. have asked a federal court to rule that an American International Group Inc. unit that issued an umbrella policy to a condo developer can't shift the burden of defending the company in a negligence suit to them, because their policies only cover claims related to subcontractors.

  • February 25, 2009

    HomeBanc Mortgage Case Converted To Ch. 7

    HomeBanc Mortgage Corp.'s motion to convert its Chapter 11 bankruptcy case to Chapter 7 has been granted, despite an objection from Fifth Third Bank that liquidation would jeopardize collection funds to which the bank says it is entitled.

  • February 24, 2009

    Financiers Get OK To Foreclose On SouthStar Homes

    A judge overseeing the liquidation of subprime mortgage lender SouthStar Funding LLC on Monday lifted a stay on foreclosures, allowing several financial institutions to take over more than two dozen delinquent borrowers' homes.

  • February 24, 2009

    Builder Levitt & Sons Gets Go-Ahead For Liquidation

    A bankruptcy court has confirmed the liquidation plan for defunct Levitt and Sons LLC, approving the dismantling of a storied homebuilder and development company credited with helping launch young families’ post-World War II migration to the suburbs.

  • February 20, 2009

    Objections Fly As John Laing Homes Files For Ch. 11

    WL Homes LLC, which does business as John Laing Homes, on Thursday filed a voluntary petition for Chapter 11 bankruptcy protection and almost immediately ran into a buzz saw of objections from banks to whom the debtors owe tens of millions of dollars.

  • February 13, 2009

    Jones Day, Web Site Settle Hyperlink Trademark Suit

    Law firm Jones Day and real estate news Web site BlockShopper.com have reached a settlement in a trademark lawsuit that drew the attention of Internet free speech advocates across the country.

  • February 13, 2009

    Fraud Suit V. Holland & Knight Too Late: Judge

    A federal judge has tossed a Florida man’s lawsuit accusing Holland & Knight LLP of misrepresenting him in a copyright dispute by withholding key information that led him to take a settlement offer.

  • February 13, 2009

    4th Circ. Nixes Ruling For Ohio Casualty In Mold Suit

    Reversing a lower court ruling, a federal appeals court has found Ohio Casualty Co. responsible for indemnifying homebuilder Stanley Martin Cos. Inc. for the cost of repairing mold damage caused by a subcontractor.

  • February 13, 2009

    Bankrupt Levitt, BofA Reach Deal On $102M Claim

    With defunct real estate developer Levitt and Sons LLC only a week away from a hearing on its reorganization plan, the debtors and unsecured creditors have reached an agreement with Bank of America NA over its $102 million claim against the estate.

  • February 12, 2009

    Westgate Resorts Hit With Overtime Class Actions

    Time-share manager Westgate Resorts Inc. has been slapped with a pair of proposed class actions alleging that it failed to pay employees overtime.

  • February 11, 2009

    Mid-Continent Denies Duty To Defend Homebuilder

    Mid-Continent Casualty Co. has sued Greater Midwest Builders Ltd., seeking a judgment that it has no duty to defend or indemnify the developer in an underlying suit over allegedly defective townhomes because of certain insurance policy exclusions.