Taro Properties - Arizona Land Bank

Arizona-based "land bank" Taro Properties Arizona LLC (As well as affiliates Taro Properties Arizona I and Texas I) has filed for bankruptcy protection according to an azcentral.com article:

Taro Properties Arizona LLC and two affiliates, Taro Properties Nevada I and Taro Properties Texas I, filed for protection from creditors Wednesday under Chapter 11 of the U.S. Bankruptcy Code.

In June, Taro Properties Arizona was facing foreclosure on three land holdings, two in Gilbert and the other in Phoenix, totaling 1,251 parcels and $75.3 million in mortgage loans. Its creditors include Bank of America, which initiated foreclosure proceedings on 493 vacant lots owned by Taro inside the Cooley Station North subdivision in Gilbert.

Taro had contracted with Trend Homes to sell lots to the home builder incrementally, but new-home sales in the area ground to a halt in 2007, and Trend Homes no longer was able to meet its purchase schedule.

In other words, Taro Properties is a derivative casualty of the Trend Homes implosion, which we noted back on February 1 (See their implosion listing here).