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LandSource Communities Development - Real Estate Partnership

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2008-06-09

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stories: bizjournals.com

LandSource Communities Development has filed for Chapter 11 bankruptcy protection. LandSource was partilly owned by national public home builder Lennar Corp. Per the Sacremento Business Journal:

LandSource's assets include the Newhall Land and Farming Co., which owns 15,000 acres of land north of Los Angeles. The California Public Employees' Retirement System is the partnership's main investor.

Miami-based homebuilder Lennar and LNR each have a 16 percent stake in the partnership, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas. Lennar is a major builder in the Sacramento region.

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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.