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Sixells LLC - Condo developer

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2008-05-23

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stories: bizjournals.com

The Sacremento Business Journal reports that condo developer Sixells LLC will be "shutting down". The closure comes amidst a Sixells employee pleading "no-contest" to forgery. Regarding the shape of Sixells business prior to closure, the article states:

Sixells had 13 projects in various states of development when the housing market began to decline in 2006. Its most prominent project is near The Pavilions on Fair Oaks Boulevard, originally planned for $750,000 to $1 million condos. But after only 11 of 60 condos sold, the project has been assumed by partner Ravel Rasmussen Properties.

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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.