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2007-12-05

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stories: bizjournals.com

An alleged townhome and home builder from South Florida, British American Homes, filed for Chapter 11 bankrupty protection only to get pushed into Chapter 7 bankruptcy. Per the Orlando Business Journal:

Court filings say the South Florida builder got nearly $1 million in deposits during the last two years, but did not come through on its promises to develop its Chelsea's Landing and Elliott's Landing communities in Osceola and Polk counties.

The 33-acre Chelsea's Landing was to have 160 townhomes in Polk County and the 124-acre Eliott's Landing was to have 243 homes in Osceola County. But the builder never bought the land in Polk, says Phil D'Aniello, an Orlando attorney with Fassett, Anthony & Taylor law firm who represented the owner of the land in Polk County.

Further to the article, all forms of contact with British American Homes have been disconnected. Was British American actually a builder; in other words, did they do anything other than merely accept the deposits of would-be homebuyers? If you have any further information, please let us know.

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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.