Navigation

Current news for this company:

Charlevoix Homes LLC - Arizona Home Builder

Search

 

2008-08-18

Comment on this article | Subscribe by email!

stories: azcentral.com

Azcentral.com reports that another Scottsdale-based home builder has filed for bankruptcy protection. Charlevoix Homes LLC was founded by Michael Roberts, who has filed for personal bankruptcy protection listing "up to $50 million in liabilities and more than 100 creditors." Regarding the size and scope of Charlevoix's operations, the article notes:

Charlevoix started in 2002 and had grown quickly to 32 employees within four years. The Arizona Small Business Association recognized Charlevoix as one of its 50 Arizona Companies to Watch in 2006. It was planning or building communities in Phoenix, Glendale, Chandler and the southwest Valley. ...

Roberts also told investors during the conference call that Charlevoix Homes had been worth $32 million three years ago but is in debt now with no assets.

The "no assets" part is no exaggeration. Though many are going after Roberts' for debts owed, it seems he has little in the way of funds even as his $5.5 million house is for sale.

Charlevoix had set up separate legal entities for different building communities being devloped. At least one of these, Meridian Hills, filed for Chapter 11 bankruptcy already.

We have classified this implosion as "tiny"; however, we are still seeking further information to refine our understanding of Charlevoix Homes' peak size. Data we could use include peak closings and number of employees. Please let us know if you have any of this or other informatio you could share.

permalink to this record | forum thread


Comments: Be the first to add a comment

add a comment | go to forum thread

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.