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2006-08-18

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stories: azcentral.com

Turner-Dunn, a Phoenix-Arizona home builder, filed for Chapter 11 bankruptcy protection according to The Arizona Republic. At the time of their filing, Turner-Dunn left some 200 homes unfinished and approximately 450 housing lots. Regarding Turner-Dunn's liabilities, the Republic notes:

Total debts of at least $22 million were listed to about 100 creditors, including lenders, subcontractors and other businesses, through bankruptcy filings for five Turner-Dunn companies owned or controlled by Marcus Dunn and involved in the Pinal County construction projects.

...

The Arizona Department of Real Estate and the Registrar of Contractors are investigating Dunn's companies. Unpaid subcontractors have claimed they're owed millions of dollars and slapped liens on Turner-Dunn's housing lots and in some cases on new homes that buyers moved into a few months ago.

Dunn's attorney, Alan Meda, said the company stalled out because of a cash shortage.

"No one knows how that occurred," said Meda, adding that problems didn't surface until after former partner and President Louis Turner left the company.

In an unrelated note, apparently Turner-Dunn was fined $11 million by the National Indian Gaming Commission for "for managing the Quapaw Tribe's Oklahoma casino for four years without an approved management contract."

Strange.

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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.