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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: John McCarthy	2/19/2008 10:49:18 PM
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South Florida developers file for bankruptcySouth Florida Business Journal South Florida developers file for bankruptcy [02/19/2008] Wornick files Chapter 11 bankruptcy, reorganization plan [02/15/2008] Charys Holding seeks bankruptcy protection [02/15/2008] Dunmore Homes bankruptcy case moves back to Sacramento [02/15/2008] Two South Florida condominium developers filed for bankruptcy last week. Strada 315 LLC, the developer of Fort Lauderdale's Strada 315, filed Chapter 11 after selling 48 of its 117 units. According to court documents, Regions Bank would not extend a $34.8 million construction loan on the project, at 315 N.E. Fourth St., which finished construction about two months ago. The bank also put a hold on any "excess proceeds" from unit sales, and Strada said it cannot pay subcontractors and creditors. Strada said it has repaid $16 million to Regions Bank and owes it another $18.6 million. In its bankruptcy filing, it indicated it has between $10 million and $50 million each in liabilities and assets. Surfside-based Beach House Property LLC, which is connected to Beach House Designed by Richard Meier, at 9449 Collins Ave., filed for Chapter 11 bankruptcy protection on Friday. The 101-unit condo was to break ground on the property of the Beach House Hotel last year. The company owes its 20 largest unsecured creditors $4.6 million. bizjournals.com

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