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"Stratland" companies (James Bovino) - Developer

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2008-11-08

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stories: northjersey.com

We have begun piecing together what appears to be a series of development implosions all tied to one man, James Bovino, who is also the CEO of Stratland Homes (website: stratlandhomes.com). The North Jersey Record recently reported the following:

Companies that own three apartment buildings in Westwood and one in River Vale, all headed by developer James J. Bovino [Ed. note: listed as CEO], have filed for bankruptcy reorganization, claiming debts of up to $40 million.

The buildings — The Madison, Coventry Square, and Stanford Court in Westwood, and Village on the Green in River Vale — contain more than 270 apartments. The filing occurred last week in U.S. Bankruptcy Court in Newark. . . .

A 2007 court ruling identifies Bovino as CEO of Stratland Homes, Inc. Stratland Homes owns a Web site, which is operated from the Kinderkamack Road address and lists apartments for rent in the four buildings. . . .

U.S. Bankruptcy Court records in Arizona show that four companies with Stratland in the title, and with a CEO identified as James Bovino, filed for bankruptcy there in July.

Here is a link on the Stratland website to a page that lists units for rent under "The Stratford Organization" at all four locations mentioned in the bankruptcy filing.

We still lack certain details as to the total number of companies that have imploded. The article alludes to four companies in Arizona bankruptcy court as well as four in New Jersey.

As to the size of these companies, we are classifying this implosion as "tiny" until we can better ascertain if a full implosion listing is more appropriate.

If you can provide further details to help clarify which companies (and how may)linked to James "Jim" Bovino and/or Stratland Homes, or elaborate further as to the size of these operations, please email us or leave a comment below via our forums.

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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.