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McDonald Homes - Residential
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2007-06-29
stories: casperstartribune.net
McDonald Homes of Casper, Wyoming, filed for Chapter 7 bankruptcy protection on June 29, 2007. The Wyoming builder owed in excess of $6 million according to the Casper Star-Tribune.
According to the Star-Tribune, McDonald's CFO had embezzled some $300,000 and was sentenced to 20 years imprisonment.
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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.