Current news for this company:
Charlevoix Homes LLC - Arizona Home Builder
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:
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.
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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.