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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Woodside
PostPosted: Tue Aug 26, 2008 7:13 pm Reply with quoteBack to top

Posted:

http://builder-implode.com/imp.....08-21.html

Anyone have more info? Corrections?
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Pooge
Flash in the pan


Joined: 28 Feb 2008
Posts: 90

Re: Woodside
PostPosted: Tue Aug 26, 2008 8:04 pm Reply with quoteBack to top

Aaron, it is a Chapter 11 case. It was filed 8/21/08 in the US Bankruptcy Court Central District of California (Riverside). I tried going through PACER to get more information but am having problems accessing it. It looks like there are filings for 12 Woodside entities.
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Aaron
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Posts: 824
Location: Atlanta, GA

Re: Woodside
PostPosted: Tue Aug 26, 2008 10:32 pm Reply with quoteBack to top

Yes, I'm aware it is a Chapter 11 case -- I did write that, after all =)

We are also having problems accessing the data. Gooooo US Federal court system!
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Pooge
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Joined: 28 Feb 2008
Posts: 90

Re: Woodside
PostPosted: Wed Aug 27, 2008 1:55 pm Reply with quoteBack to top

Aaron, darling dearest: Razz

And yes, the computer system for that particular bankruptcy court is *still* experiencing difficulties.
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Pooge
Flash in the pan


Joined: 28 Feb 2008
Posts: 90

Re: Woodside
PostPosted: Wed Aug 27, 2008 3:01 pm Reply with quoteBack to top

A little bit more on this from The Street:

http://www.thestreet.com/s/lar.....34750.html

This article is stating the total claim amount is around $156 million.
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Aaron
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Re: Woodside
PostPosted: Wed Aug 27, 2008 4:19 pm Reply with quoteBack to top

I've updated the coverage to point out they technically aren't in BK yet.
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Pooge
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Re: Woodside
PostPosted: Wed Aug 27, 2008 6:47 pm Reply with quoteBack to top

The Pacer access for the court is back. On top of what has been originally reported, JPMorgan Chase has filed a Joinder to add themselves and 14 other banks. The banks are claiming that as a group they are owed around $330 million.
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Aristotle
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Joined: 05 Dec 2007
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Location: On a sand dune, sipping a cold soda

Details on Involuntary Chapter 11 for Woodside Homes
PostPosted: Wed Aug 27, 2008 8:17 pm Reply with quoteBack to top

The lead case is 6:08-bk-20827-PC In re: Woodside Homes Corporation. The other 14 debtors are all entities named Woodside Homes of X: California, Central California, Florida, Fresno, Minnesota, Nevada, Northern California, Reno, South Texas, South East Florida and Southern California.

Woodside Homes' main office is in Salt Lake City, Utah.

The cases were filed on 8/21/08 in the Central District of California, and assigned to relatively new Bankruptcy Judge Peter Carroll.

The creditors who actually filed the case, and who say they have non-contingent unsecured claims and the dollar amounts they claim are:

Metropolitan Life $35,500,000
AXA Equitable Life $40,000,000
John Hancock LIfe $51,900,000
New York Life $10,000,000

Those 4 creditors are represented by a very large, mainstream law firm: Bingham McCutchen LLP, 333 S. Grand Ave, Los Angeles 90071.

JP Morgan Chase, in its capacity as Administrative Agent on a $330,000,000 "non-contingent unsecured debt" joined in the Involuntary Chapter 11 petition. The JP Mortgan Chase says the participants in that extension of credit to Woodside are: Bank of America, Wachovia, Guaranty Bank, Washington Mutual, Regions Bank, Bank of the West, Union Bank of California, Wells Farge, Comerica Bank, Suntrust, Compass Bank, First Commercial Bank, Key Bank and JP Morgan Chase.

That group of creditors are represented by Snell and Willmer of Phoenix, one of Arizona's oldest and most prominent law firms, which has an office in Costa Mesa, CA who will be involved in this case.

Given all of the heavy weight players in this involuntary case, it is not going to be easy for Woodside Homes management to get these cases dismissed. Even though Woodside Homes is headquartered in Salt Lake City, whose Bankruptcy Court might be more gentle to a local debtor, given the extent of Woodside's doing business in California, it will be equally tough for Woodside to get the case moved to Salt Lake.

An Involuntary Chapter 11 is as ugly as a hard fought mixed martial arts match. With the army of big lenders arrayed against Woodside Homes, this case is likely to be particularly unpleasant. Other than the lenders trying to insure that the case is not heard in user-friendly Salt Lake City, it is difficult to imagine what Woodside Homes management did to bring this Armageddon upon itself. That will be the real story here.

As a result, the comments of Woodside Homes' public relations flak to thestreet.com's reporter, as quoted below, are particularly delusional:

"First and foremost, Woodside continues to operate in the normal course of business -- paying employees, vendors and subcontractors, and building and selling homes," Jennifer Mercer, a spokesperson for Woodside Homes, told TheStreet.com.

"The company is working with both the note holder and bank groups and will be presenting its position to the judge requesting an orderly resolution on Wednesday," Mercer said. She refuted the Tuesday report from Standard & Poor's LCD News that said Woodside had already filed for Chapter 11.

Yes, Jennifer, when they file an involuntary Chapter 11 petition against you, you ARE IN BANKRUPTCY.

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

It's Worse Than I Said
PostPosted: Wed Aug 27, 2008 8:24 pm Reply with quoteBack to top

Correction to my post above: $18.5 Million in Additional Debt. My post should say:

"The creditors who actually filed the case, and who say they have non-contingent unsecured claims and the dollar amounts they claim are:

Metropolitan Life $35,500,000
AXA Equitable Life $40,000,000
John Hancock LIfe $51,900,000
New York Life $18,500,000
Security Life of Denver $10,000,000

Those 5 creditors are represented by a very large, mainstream law firm: Bingham McCutchen LLP, 333 S. Grand Ave, Los Angeles 90071."

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Aristotle

As Yogi Berra said "It's like deja vu all over again."
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Aristotle
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Joined: 05 Dec 2007
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Location: On a sand dune, sipping a cold soda

More Details Coming In
PostPosted: Wed Aug 27, 2008 9:07 pm Reply with quoteBack to top

The proof of service on JP Morgan Chase's filing shows that the U.S. Trustee's Office with jurisdiction over this case is the one in Riverside, California.

That proof of service also shows that JP Morgan Chase's lawyers think that Woodside Home's attorney in this case will be Pachulski Stang Ziehl and Jones of Los Angeles, CA, who are commonly thought of as the best Chapter 11 debtors' lawyers on the West Coast. JP Morgan Chase's lawyers mention that they think Linda Cantor of that firm is the lead attorney on this case.

Seeing Pachulski Stang's name in the filing creditors' papers makes me suspect the filing was a case of "one upsmanship" by the lenders, who were not too happy that Woodside Homes had the best Chapter 11 debtor's lawyer ...or perhaps Woodside Homes and its lawyers acquiesced in this filing because a voluntary filing by one of the Woodside entities would trigger untoward consequences in some other arrangement, such as control issues in a multi-builder joint venture.

Time will tell.

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Aristotle

As Yogi Berra said "It's like deja vu all over again."
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