FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 Montalbano Homes - Chicago View next topic
View previous topic



Post new topicReply to topic
Author Message
Southside
Dud?


Joined: 13 May 2009
Posts: 8
Location: Chicago Suburbs

Montalbano Homes - Chicago
PostPosted: Wed May 13, 2009 6:15 pm Reply with quoteBack to top

Hello everyone!

New to the board, at least in a posting capacity. I am a CFO for a mid-sized (whatever that is today) Chicago Home Builder(that is still in ...for now)

Effective today, Montalbano Homes - Chicago(headquarters) has sent all staff home, from their main office.

Too ...another one gone.

Southside
View user's profileSend private message
houston
Nitroglycerin


Joined: 02 Dec 2008
Posts: 661
Location: Houston, Texas

Re: Montalbano Homes - Chicago
PostPosted: Wed May 13, 2009 6:21 pm Reply with quoteBack to top

Just to clarify, were you the CFO at Montalbano or are you with another Chicago builder?

In any event, I am sorry to learn about Montalbano - I think they had a good product up there.

At one time, I think they were considering expanding into the Texas market.

_________________
Thanks
View user's profileSend private messageYahoo Messenger
Southside
Dud?


Joined: 13 May 2009
Posts: 8
Location: Chicago Suburbs

Re: Montalbano Homes - Chicago
PostPosted: Wed May 13, 2009 6:39 pm Reply with quoteBack to top

To clarify, I am with a builder other than Montalbano, and yes, we are still in ...for now.
The way I see it, if you do not own your projects free-and-clear, you most likely will not survive.
IF YOU HAVE DEBT - There are only two kinds of builders - the one that has declared bankruptcy, and the one that will.
View user's profileSend private message
panhead98
Dud?


Joined: 22 Oct 2008
Posts: 4

any updates on Montalbano in Chicago? Dead?
PostPosted: Wed May 20, 2009 1:17 pm Reply with quoteBack to top

any news on Montalbano Homes - dead?
View user's profileSend private message
Smotherme
Dud?


Joined: 21 Jan 2009
Posts: 7

Re: Montalbano Homes - Chicago
PostPosted: Tue May 26, 2009 3:26 am Reply with quoteBack to top

Chicago?! Nope. North Dallas area.

_________________
Question authority.
View user's profileSend private message
Southside
Dud?


Joined: 13 May 2009
Posts: 8
Location: Chicago Suburbs

Re: Montalbano Homes - Chicago
PostPosted: Fri May 29, 2009 8:52 pm Reply with quoteBack to top

It appears that Montalbano has laid-off the remaining 10% of their personnel today. Stick a fork in 'em, they're toast!

Southside
View user's profileSend private message
cherryco
Dud?


Joined: 04 Mar 2010
Posts: 2

Still Alive?
PostPosted: Thu Mar 04, 2010 5:15 pm Reply with quoteBack to top

I was researching into some of my customes that owes us money and came upon some new information. Montalbano's website is up and running again. It has a new copyright date of 2010. I have tried calling, still no return calls. They have also continued to build at the Impressions in Plainfield. They were the Gc only and all the subs were paid thru the title company.
View user's profileSend private message
Pooge
Flash in the pan


Joined: 28 Feb 2008
Posts: 90

Re: Montalbano Homes - Chicago
PostPosted: Thu Mar 04, 2010 8:54 pm Reply with quoteBack to top

Interesting. It appears they are just in IL right now. I couldn't find an active license in AZ. They could always just be finishing up places for the banks. Would love to know more.
View user's profileSend private message
Southside
Dud?


Joined: 13 May 2009
Posts: 8
Location: Chicago Suburbs

Re: Montalbano Homes - Chicago
PostPosted: Fri Mar 05, 2010 6:47 pm Reply with quoteBack to top

I have since left the home-building industry. That said, I am still in contact with my former employer, that has 6 projects around Chicago. Most of the local home builders are hanging on, because the banks are reluctant to forclose any of the properties, as long as the developer/builder can stay alive to possibly build something. Here, the best property locations with empty improved lots, are going for about .10/dollar, or no sale. Property farther out is currently worthless. I am sure that this is also the case with Montalbano.

Southside
View user's profileSend private message
Pooge
Flash in the pan


Joined: 28 Feb 2008
Posts: 90

Bankruptcy filed
PostPosted: Wed Mar 16, 2011 4:16 pm Reply with quoteBack to top

Montalbano Builders filed for Chapter 7 bankruptcy protection on March 8, 2011. They show over $$67 million of debt and only about $7.7 million in assets.
View user's profileSend private message
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT