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 Did Engle Home's reorg just fail? View next topic
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SlickJulie
Flash in the pan


Joined: 01 Feb 2008
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Did Engle Home's reorg just fail?
PostPosted: Thu Apr 17, 2008 4:28 pm Reply with quoteBack to top

Just came across this on a blog....
http://kwev.blogspot.com/2008/.....ilure.html

Engle Homes is part of ...Does someone have a link to the legal filings on ...I'd like to take a read....

Thanks in advance....

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Pooge
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Joined: 28 Feb 2008
Posts: 90

Re: Did Engle Home's reorg just fail?
PostPosted: Thu Apr 17, 2008 7:53 pm Reply with quoteBack to top

While I can't give you a link, I can say that her information is a bit off. It appears, based upon an agreement reached with two parties, there is now one development in Pinal County, AZ that they cannot build in until the Final Order is entered or the expiration of the interim commitment uner a credit agreement that was filed under a DIP financing agreement. This does not affect any other areas that they build in. The Chapter 11 reorganization is still proceeding.
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Aristotle
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Joined: 05 Dec 2007
Posts: 594
Location: On a sand dune, sipping a cold soda

How to Get Into Bankruptcy Court Records
PostPosted: Wed Apr 23, 2008 8:56 pm Reply with quoteBack to top

[quote="SlickJulie"]Just came across this on a blog....
http://kwev.blogspot.com/2008/.....ilure.html

Engle Homes is part of ...Does someone have a link to the legal filings on ...I'd like to take a read....

Thanks in advance....[/quote]

Almost all of the U.S. Bankruptcy Courts are part of an online system called "Pacer". You can sign up for Pacer if you have a credit card. I signed up through the U.S. Bankruptcy Court for the Central District of California, but I can also see actual legal documents filed in Phoenix Bankruptcy Court, for example.

The "problem" with Pacer is that you pay on a per-page basis just to look at documents, even if you don't print them. Documents typically filed in bankruptcy cases often have 100 pg. + exhibits which are documents previously filed. So you may only print 2 pages but end up paying to look at 120.

Once you have a Pacer account, you need to know which Bankruptcy Court a company's case is filed in. I usually find that information in a newspaper article, but on occasion have been very nervy and called the homebuilder's P.R. representative and simply asked what bankruptcy court the case is in.

You then need a case number (or just one of the case numbers for related companies). If you don't have the case number, but you are in the right Bankruptcy Court's Pacer system, you can use the specific bankruptcy court's name search engine to find the name of the company you are looking for. Be aware that when homebuilders file bankruptcies, they often bankrupt only project specific subsidiaries but do not bankrupt the "mother ship". That makes finding the file without the case number all the more frustrating.

Regardless of the pain in the end Pacer creates when you are signing up, once you get used to using it the stuff you can find is often very juicy. I was watching a land developer bankruptcy where Pardee was an unsecured creditor, due to having done $5M+ grading without filing the Preliminary Notice which California mechanics lien law required. It was interesting to see how the 'responsible officer' at Weyerhaeuser defended the stupid errors of his subordinates.

The other good thing about hooking into Pacer is that there is often reference to state court litigation affecting a particular homebuilder, with case number and party names included. Then, if you're really curious you can see if that state court case's documents are online, by looking at the state court's website.

The other "cheap and interesting" alternative to Pacer, as to bankruptcies, is to go to your local bankruptcy court and look at the file on line for free. If you have a case number for an out-of-town bankruptcy case, it's worth going to your local bankruptcy court clerk's office and seeing if you can use their Pacer system to look at the out-of-town documents for free.

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Aristotle

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Aristotle
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Joined: 05 Dec 2007
Posts: 594
Location: On a sand dune, sipping a cold soda

Post by Lawyer Involved in Engle Bankruptcy
PostPosted: Wed Apr 23, 2008 9:16 pm Reply with quoteBack to top

[quote="Pooge"]While I can't give you a link, I can say that her information is a bit off. It appears, based upon an agreement reached with two parties, there is now one development in Pinal County, AZ that they cannot build in until the Final Order is entered or the expiration of the interim commitment uner a credit agreement that was filed under a DIP financing agreement. This does not affect any other areas that they build in. The Chapter 11 reorganization is still proceeding.[/quote]

The comment above was definitely posted by a lawyer involved, to some extent, in the Engle Homes bankruptcy. It assumes that the reader knows "bankruptcyese".

If Engle Homes was trying to a good public relations job with real estate brokers such as the Kellar Williams broker whose email started this string, Engle Homes would put out a detailed press release describing what is going on with completion of homes which were "custom ordered" by home buyers who gave Engle deposits. Without such a press release, no broker or real estate sales person in their right mind is going to take a potential homebuyer to an Engle tract and recommend that the homebuyer put down a deposit on the home.

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Aristotle

As Yogi Berra said "It's like deja vu all over again."
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Pooge
Flash in the pan


Joined: 28 Feb 2008
Posts: 90

Re: Did Engle Home's reorg just fail?
PostPosted: Thu Apr 24, 2008 1:57 pm Reply with quoteBack to top

Aristotle, no I am not an attorney, I just play one on TV.

Actually if you go to the more current postings on the broker's blog, Engle did contact her to explain that only one joint venture was affected.
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