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Kurlemann Builders Inc. - Home builder

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2008-03-04

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stories: enquirer.com, western-star.com, bizjournals.com

Kurlemann Builders Inc. filed filed for Chapter 7 bankruptcy on March 3. The builders Inc. is one of sixteen seperate homebuilding companies owned by Bernie Kurlemann. Kurlemann Builders Inc. is a subsidiary of the Kurlemann Custom Building Group. According to Bernard Kurlemann, that group is reorganizing and shutting down the high end builder.

"Essentially, (Kurlemann Builders, Inc.) was not building any more and there was no reason to keep the company in business," Kurlemann said. "The solvency of the other building companies is totally intact ... I think some would like to hear that this is all about the aftermath of the subprime lending problems, but really this is about certain products and certain companies go through their own lifecycles."

Coincidentaly the move kills the lawsuits of two Mason residents who sued him for shoddy work will likely only get a fraction of their money. In addition to just "not building any more" Kurlemann Builders may not have been interested in paying their debt anymore:

...claiming $61,907 in assets and $1.85 million in debt. According to court records, at least $1.5 million of the debt is associated with two lawsuits filed in Warren County — most was for the $1.15 million award a jury decided and $281,525 was for Kurlemann's own law firm, Thompson Hine, LLP.

Link. Why would a builder own 16 building companies? Maybe the chapter 7 filing for Kurlemann Builders Inc. answers that question. In this case the lawsuits are restricted to just one of the companies and while the debtors pick over the bones of Kurlemann Builders Inc. the other companies are "buzzing right along,"

So let's say good by to Kurlemann Builders Inc. and hello to our new ailing member Kurlemann Custom Building Group.

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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.