Current news for this company:
Mayer-Luce Development - Developer, home builder
Desert Hot Springs, California-based Mayer-Luce Development has filed for Chapter 7 bankruptcy protection according to this article from The Press-Enterprise. Mayer-Luce was owned by Robert Mayer and Walter Luce, who are seeking the bankruptcy protection. Per the article:
Apparently, Mayer-Luce had promised to build a golf course before the property fell to foreclosure. The course was to be a part of a billion dollar project replete with a "high end hotel". These plans are now shot, and some homeowners are suing Mayer-Luce for "shoddy construction". Randomly, Robert Mayer's father founded the Oscar Mayer bologna brand.
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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.