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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (7364)6/1/2004 10:24:02 PM
From: Elroy Jetson  Read Replies (2) of 116555
 
I think you're smoking crack when you imagine that home builders don't go bankrupt and completely out of business.

Most of the best known names in the home building business went bankrupt around 1991.

NYSE traded Kaufman & Broad went bankrupt, I think in 1993. The current slimey management bought the name from the bankruptcy estate. All home owners lost their warranty coverage and any right to further repairs. Some homes were a total loss.

NYSE traded William Lyon Homes, the largest home builder in California, went completely out of business. General Lyon and his son opened a new two man and one secretary company with the same name. Five years later he was offered the position of CEO of Presley Development. They were gracious enough to "merge" Presley with the tiny William Lyon Company and change the name of the resulting company to William Lyon Homes.

NYSE traded Centex Homes went bankrupt in 1991 or 1992.

NYSE traded Ryland Homes went through bankruptcy around the same time though with some assistance from a private investor group.

If I get some time I'll give you the complete roster of major home builders that failed around that time. The list probably includes the complete list of home builders you imagine never go bankrupt.

Don't start smoking the same drugs Splotto is using, it can be dangerous to your financial health.

Pardee Homes never suffered, but only because as a wholly owned subsidiary of Weyerhaeuser Corp they had no outstanding debt.
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