RUSH Mortgage company goes bankrupt!! WCI - tied to Bank of America!
LIBERATOR
is costing him big. If I were Geddy Lee I'd admit to myself that I'm
fully negative, and screwed up, that I need to take control of people
subversively. But he can't seem to see that using the NSA for personal
ventures, is illegal, and negative. Robbing me, framing me,
blacklisting me - this is abuse, and he must pay and pay big. And that
he is, it's just in the beginning stages. DreamTheater needs to suffer
too becuase of their "blind alliance to RUSH in their abuses to
others". Otherwise DreamTheater should intervene and say "don't frame
him for a bicycle traffic ticket and put him in jail, that's abusive
and wrong" but DreamTheater didn't, so they have to suffer too.
Perhaps they can get Virginia Newbon to withdraw from my life
completely, as I have no interest in this person. If DreamTheater
could do that I might be able to stop Strong from including them in
the fall RUSH is going to suffer.
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WCI Communities files for bankruptcy
By ADRIAN SAINZ
AP Business Writer
Posted: Aug. 4, 2008
MIAMI — Carl Icahn's WCI Communities became the latest casualty of the
housing market crisis Monday, filing for Chapter 11 bankruptcy
protection after the home builder failed to get additional financing
in the face of massive losses.
Icahn, chairman of WCI's board, said the filing was necessary because
the Bonita Springs, Fla.-based developer's entire $1.8 billion debt
may soon be in default. Icahn said this was confirmed when some
holders of $125 million convertible notes insisted on being paid in
cash in full on Tuesday.
WCI also fired Chief Executive Jerry L. Starkey and replaced him on an
interim basis with David L. Fry.
"We need to restructure our debt and bring our capital structure in
line with today's marketplace realities. We believe Chapter 11
provides the most efficient and timely process for accomplishing
this," Fry said.
Day-to-day operations, including selling, building and delivering
homes, will continue, and employees will still come to work and be
paid, the company said.
WCI and about 130 of its subsidiaries filed petitions to restructure
their debt and capital. Companies that file for protection under
Chapter 11 of the U.S. Bankruptcy Code seek a court order to prevent
creditors from immediately seizing the company's assets.
WCI's real estate brokerage, which does business as Prudential Florida
WCI Realty, and its mortgage business were not include in the filing.
WCI Communities builds tower residences and traditional homes in
upscale communities in the mid-Atlantic and Northeast, but most of its
business is in Florida, where the housing market has struggled
mightily. The developer had been trying to stay afloat in the face of
weak demand, flagging prices, canceled orders and growing inventory.
Last week, the homebuilder reported a second quarter loss of $100.2
million, or $2.38 a share, compared with a loss of $33.2 million, or
$1.12 a share, for the same period a year ago.
WCI already had received multiple loan extensions from two banks -
Bank of America Corp. and KeyCorp's Keybank - as it sought flexibility
to pay interest on its debt. The banks agreed in January to new terms
on WCI loans and credit that were set to expire next June.
Icahn was named chairman last September after he attempted to take
over the board and force the sale of the company. He said at the time
that he viewed WCI as "a unique vehicle to take advantage of the
current market disarray."
The company said Monday it agreed with its principal lenders on terms
for access to over $50 million of cash to continue operating on an
interim basis. A motion for approval has been filed with the
bankruptcy court, the company said.
WCI also is negotiating a lender proposal for another $100 million in
cash.
Trading of WCI shares was suspended.