Oh, the carnage to come... This dog has now crashed 71% from the peak - congrats to any shorts...
Shares of Technical Olympic USA plunged 33% Tuesday after the homebuilder disclosed that Deutsche Bank is demanding the payment of certain debts related to a troubled joint venture in Florida.
Technical Olympic disputes the move and said it doesn't believe its obligations under its credit agreements have been triggered. Still, shares of the company recently were down $3.55 to $7.24 on heavy volume.
The builder said in a Securities and Exchange Commission filing that it received a letter last week from Deutsche Bank alleging that the company's Transeastern venture has failed to comply with certain of its obligations under the credit agreement. As a result, the lender said that multiple defaults have occurred, requiring a payment of debts under the guarantees.
November 07, 2006
FLASH: Engle Homes (TOA) stock tumbles 37% today, first of many builders to go bankrupt?
Posted by blogger at 11/07/2006
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11 comments:
Here in St. Louis, that distintion went to a builder named....
Lawless Homes
appropriate don't you think?
Smug Bastard
Yet the Stock Market does not even notice..what a scam..and blatant!
Yet the Stock Market does not even notice..what a scam..and blatant!
Tuesday, November 07, 2006 7:23
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Q: Whats the difference between the Dow Jones at 20,000 and the Dow Jones at -0-?
A: about 1 hour.
Q: Whats the difference between the Dow Jones at 20,000 and the Dow Jones at -0-?
A: 200 microseconds and 15 kg of plutonium.
KBH (KB Homes) has recieved notice of default of bond holders. KBH still has not released results of quarter ending August 31.
Hmmmmm....
KB will be next - just like dominos.
If this starts unwinding badly - the dems may regret being the party in power in congress when it gets ugly?
Smug, fellow St. Louisan here. What are your thoughts on the market here? I'm seeing houses in the 150k range knocking off 20k or so to sell.
WCI reported a 73% third quarter earnings drop but the stock price went up 6.5% today.
Can anyone explain??
WCI reported a 73% third quarter earnings drop but the stock price went up 6.5% today.
Can anyone explain??
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Individual investors don't matter anymore on Wall Street. Stock volumes are determined by hedge funds, the MSBs, ete.
I love this. Whenever there is an ENRON, World Com etc. you always find the banks sitting behind them pulling the strings. And these banks are more bankrupt than any of the shell companies they prop up for the express purpose of looting what's left of the US Economy.
"FDR where have you gone"?
Fellow St. Louisan on Sept 7 entry
I believe the St. Louis market for the median house price is about 20-30% over value. The median wage for most of the burb areas around St. Louis (not Frontenac or T&C) is around 55k. It used to be that the median asking price was about 3x gross wages here - sometimes a little less than that depending upon the school district. I'd love to see a 30-40% decrease but I think that's pie in the sky hoping. I'm sitting on some cash and waiting but I've been waiting for going on three years now so needless to say, I'm anxious. For the good of the area I'd like to see the decrease come in a 2-3% decrease per month. I'm patient but G*d da*ned! This b.s. has been going on for what feels like an eternity. When the median asking price is 3x or 2.8% of median household income, then we are back to normal - it could go below if the mass psychology is right but who knows the future
Smug Bastard
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