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Ralph Angelucci Builder, Inc. - Residential




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Lexington, Kentucky home builder Ralph Angelucci Builder, Inc., filed for bankruptcy. Per an article from the Herald-Leader (Cached):

Angelucci, who has served as president of the Home Builders Association of Lexington, formed his first company, Ralph Angelucci Homes Inc., in 1974, according to filings with the Kentucky Secretary of State. The present organization and a sister company, Lakewood Building Co. Inc., were organized in 1989.

Most of the company's assets are in seven houses, including four that are under construction. The properties are worth a total of $678,900, according to the filing.

The company reported sales of $3.12 million for 2005, $1.43 million for 2006 when the housing market began softening and $936,308 for about 11 months of 2007.

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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.