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2008-11-15

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stories: ajc.com

Land Resource LLC, a southeastern U.S. developer, has filed for Chapter 11 bankruptcy according to the AJC listing liabilities of over $200 million and assets valued at only about half that.

Per the AJC article:

"The banks stopped making loans to our customers," Ward said in an e-mail. "It just doesn't seem fair that the banks can put us into bankruptcy because of their failure to lend and then get a federal bailout, but then chase me personally and ruin a very good company and put 250 people out of work and affect thousands of property owners and leave them with uncompleted lots."

Ward, who is 60, said he will start over.

The company's assets include 128 unsold lots in Cumberland Harbour in St. Marys, where the largest marina complex on the Georgia coast has been proposed. According to Land Resource, 936 lots have been sold. They asked from $150,000 to $750,000 for lots.

If you have any further details on this developer implosion, please let us know!

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Comments:

halve at 12:54 2008-11-19 said:
I'm embarrassed to have at one point worked for Land Resource. They made an absurd amount of money during the bubble years yet put none of that into infrastructure/amenities. Also pissed that I own properties there b/c of this lack of following up on their "proposed amenities."

At least the marina at CH got approved by the supreme court. Permalink

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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.