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Monarch Homes of Wisconsin - Milwaukee-based luxury home builder

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2008-05-12

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stories: jsonline.com

Milwaukee, Wisconsin-based luxury home builder Monarch Homes of Wisconsin has filed for Chapter 7 bankruptcy protection per the Milwaukee Journal-Sentinel:

Slinger-based Monarch filed for Chapter 7 bankruptcy, which involves selling assets with the proceeds distributed to the company's creditors. Once that process is completed, Monarch will be gone.

The prospects of collecting money from the company appear dim.

Monarch's bankruptcy filing, which occurred last week, said the company has estimated assets of zero to $50,000 and estimated liabilities of $1 million to $10 million. More detailed information is to be filed later this month.

Monarch Homes makes one more ex-Extreme Makeover: Home Edition home builder to "implode."

Further to the article, some would-be Monarch Homes homeowners have been left in the lurch of bankruptcy with incomplete homes.

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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.