The Tampa-based Burcaw Development Group, which specialized in land acquisition/sales, created in 2001 by sisters Laurie and Amy Burcaw, filed for Chapter 11 bankruptcy protection on May 3, 2007. According to one Tampa Bay Business Journal article:
The company, which is headed by Laurie Burcaw, has debts between $1 million and $100 million, according to a May 3 filing in U.S. Bankruptcy Court for the Middle District of Florida.
Laurie Burcaw is listed as the firm's largest unsecured creditor, with a $15 million claim. Other unsecured creditors listed in the filing are SunAmerica Investments, with four claims totaling $8.4 million; Regions Bank, with two claims totaling $5.9 million; Florida Capital, with three claims totaling $1.8 million; M&I Marshall and Ilsley Bank, with a $1.6 million claim; Wachovia with two claims totaling $1.2 million; and BB&T, with two claims totaling $925,000.
The Burcaw sisters had a number of businesses related to home building and development. According to this earlier Tampa Bay Business Journal article:
"We kept developing more and more contacts through the surveying and permitting businesses, and the longer we worked with them the more they wanted us to help them in finding appropriate land," said Laurie Burcaw. "In response to our clients, we wanted to be able to offer them another service rather than have to hand them off to someone else to handle their needs."
In the beginning of 2003, Amy Burcaw began collecting commercial property and by the end of the year, which the sisters consider to be July, Burcaw Development had collected 1,600 units. In the first month of its second year, August, an additional 1,000 units were added.
We are uncertain at this time as to how the bankruptcy of Burcaw Development Group has affected the other Burcaw businesses. If you have any further information regarding this implosion listing, 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.