The Macauley Companies - Atlanta home builder

Back-add (2008-09-23):

We have learned that Atlanta-based Macauley Companies filed for Chapter 7 bankruptcy protection on May 1, and founder Stephen Macauley further filed for personal bankruptcy protection on August 1.

Per the Atlanta Business Chronicle:

Stephen H. Macauley, president of The Macauley Companies Inc., has filed for personal bankruptcy, reporting debts of $131 million.

In recent years Macauley has completed 32 communities with more than 11,000 homes both north and south of Atlanta. ...

Macauley on May 1 filed for a Chapter 7 liquidation of assets in U.S. Bankruptcy Court in Atlanta and now lists his occupation as unemployed. He earned $835,000 in 2006 and $434,000 in 2007, according to court documents.

He says he filed bankruptcy because the value of his assets today is about half of what they were underwritten for, so there was no way for him to pay the debt.

The Macauley Companies website appears to be down (macauleycompanies.com).

Despite these setbacks, Stephen Macauley is "very bullish on Atlanta and I want to keep creating great communities and great places for people to live."

Prior to Macauley Companies shutdown, they had as many as 34 employees.