Current news for this company:
Bridgeport Development - Oklahoma-area residential builder
A tipper has forwarded us the above story, about this regional builder shutting down operations. More key details:
Some very interesting details in that -- the mechanics of a housing downturn interacting (destructively) with a credit crunch.
Our source forwarded us the following vitals on Bridgeport (unconfirmed): Founded 1997 / Home Starts (all figures 2006) 120 / Sales Volume 27 Million / Employees 35 / Average home price $230,000.
That would rank them as a "tiny", though still significant builder.
disgruntled at 02:46 2008-10-17 said:Brass Brick Homes didn't pay any of the subcontractors. All of the subcontractors are now filing liens on our property. No one is willing to do any warranty work. Our 1 year warranty is null and void now. We have never heard from Brass Brick Homes. Do not buy a Brass Brick home. Do not work for Brass Brick (Ashley & Wiley Cunningham) Homes. Permalink
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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.