Current news for this company:
Rhodes Design and Development - Las Vegas developer and home builder
The Las Vegas Review Journal has has reported that James Rhodes ahs filed for Chapter 11 bankruptcy protection "on behalf of many of his key businesses, including Rhodes Design and Development Corp." The petition lists a wide range of assets and liabilities — anywhere from $100 to $500 million. Over the years, it seems that Rhodes was involved in a good deal of conflict. Further to the article:
We are classifying the Rhodes bankruptcies collectively as a full-scale "implosion" based on the cited assets and liabilities. However, we've yet to determine the relative size of Rhodes' business at peak. If you can provide information regarding peak closings, developments, or employees, please comment below or email us.
rylandcruncher at 07:34 2009-04-03 said:In 2005, Rhodes Homes closed approximately 600 homes and recorded $285M in revenue. The following year, at the peak of the Vegas market, revenue exceeded $300M on more than 600 closings. Undoubtedly these results made Rhodes the largest privately-held builder in the Vegas area. This company had great locations, but had to be one of the worst managed companies in the homebuilding industry. Somehow, Jim Rhodes managed to obtain financing much needed financing thru a $500M publicly traded facility, underwritten by Credit Suisse. If not for this infusion of cash, this bankruptcy would have occurred two years ago. Frankly, it's shocking that they lasted as long as they did. RIP! 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.