John Laing Hoes Bankrupt?

NEW -> Contingent Buyer Assistance Program
[quote author="bkshopr" date=1234503501][quote author="OCCOBRA" date=1234503279][quote author="graphrix" date=1234373545][quote author="no_vaseline" date=1234357690]<a href="http://lansner.freedomblogging.com/2009/02/10/john-laing-homes-lays-off-72-oc-workers/14326/">http://lansner.freedomblogging.com/2009/02/10/john-laing-homes-lays-off-72-oc-workers/14326/</a>



<blockquote>More evidence surfaced this week that all is not well with Newport Beach-based homebuilder John Laing Homes, which apparently has been all-but mothballed by its Dubai-based owner.



Laing reported that it laid off 72 employees in Orange County on Jan. 15, according to a state Employment Development Department notice published Monday.



Positions eliminated range from 14 home counselors to 11 site managers, 11 customer care representatives, three marketing managers, an escrow manager and one welcome center hostess. Two VP?s ? a senior vice president and the vice president for urban development ? also got the ax, the notice said.



Rumors have been circulating that the company ? sold for $1 billion to Emaar Properties of the United Arab Emirates in June 2006 ? has halted work on projects from here to Colorado.



Company officials have been relatively mum ? apart from issuing a couple of vague statements. Today, in response to a Register query, they reissued a Feb. 5 statement that had Laing noting ?



Unspecified layoffs. The company first confirmed in January that it had undergone layoffs, but never specified how many or which positions were eliminated.

That it ?is currently reviewing all potential options to meet its capital requirements.?

That its ?operations have not ceased?

And that the firm ?assures new homebuyers who are currently in the purchasing process that deposits are secure.?

Laing employees aren?t the only ones losing work. Two public relations firms formerly employed by Laing ? Porter Novelli and Roddan Paolucci Roddan ? have said they no longer are working for the company.</blockquote></blockquote>


Tick tock, tick tock... they have the same rhythm as Bear Stearns and Lehman Bros. had. It's over folks.</blockquote>


The Laing Luxury division is no more...</blockquote>


reliable source?</blockquote>


Yes one of the people who got laid off i have known for a long time...
 
Bloomberg is reporting that John Laing Homes has filed for bankruptcy.



WL Homes, Homebuilder, Seeks Bankruptcy, Cites Market Collapse



By Steven Church



Feb. 19 (Bloomberg) -- WL Homes LLC, the 161-year-old homebuilder, filed for bankruptcy protection from creditors with plans to focus on developments in Southern California.



The company blamed its filing on the collapse of the real estate market, saying its 2007 sales had fallen by about half in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. The company listed assets of more than $1 billion and debt of $500 million to $1 billion. The company said it has as many as 50,000 creditors.



Irvine, California-based WL Homes, which also does business as John Laing Homes, traces its history to 1848, when its predecessor was a homebuilder in the U.K. WL Homes was formed in 1998 when John Laing merged with Watt Homes, according to court documents. In 2006 the company was purchased by Dubai-based Emaar Properties PJSC.



The case is In re WL Homes LLC, 09-10571, U.S. Bankruptcy Court, District of Delaware (Wilmington).



To contact the reporter on this story: Steven Church in Wilmington, Delaware, at schurch3@bloomberg.net.
 
[quote author="graphrix" date=1235106232]No more hoes for John Laing.:(</blockquote>


Who's next in the housing Dead Pool?



<img src="http://getkempt.com/photos/articles/dirtyharry_crop.jpg" alt="" />



I went looking for a good picture with the Guns 'n Roses cameos and some unknown dude named James Carey. Wonder what ever happened to him?
 
[quote author="kkanchan" date=1235107933]I wonder why Emaar would allow them to fail after pumping so much money into them</blockquote>


Emaar was too busy expanding it empire in Malaysia, India, Seria, and North Africa utilizing the consultants and manpower of John Laing for its global conquest. The company did not pay attention to the critical operation of John Laing Homes domestically until it became too late.



KKanchan, you first post about the inquired subject matter is odd. It does not fall into the typical 1st poster.
 
[quote author="bkshopr" date=1235109429][quote author="kkanchan" date=1235107933]I wonder why Emaar would allow them to fail after pumping so much money into them</blockquote>


Emaar was too busy expanding it empire in Malaysia, India, Seria, and North Africa utilizing the consultants and manpower of John Laing for its global conquest. The company did not pay attention to the critical operation of John Laing Homes domestically until it became too late.



KKanchan, you first post about the inquired subject matter is odd. It does not fall into the typical 1st poster.</blockquote>


Suspicious minds have been turned on all around you...........look out everyone!
 
[quote author="tmare" date=1235109573][quote author="bkshopr" date=1235109429][quote author="kkanchan" date=1235107933]I wonder why Emaar would allow them to fail after pumping so much money into them</blockquote>


Emaar was too busy expanding it empire in Malaysia, India, Seria, and North Africa utilizing the consultants and manpower of John Laing for its global conquest. The company did not pay attention to the critical operation of John Laing Homes domestically until it became too late.



KKanchan, you first post about the inquired subject matter is odd. It does not fall into the typical 1st poster.</blockquote>


Suspicious minds have been turned on all around you...........look out everyone!</blockquote>


KKanchan,

You joined 6 months ago and waited until now to post. I know you are not a troll but just curious about why this subject matter influenced you to post? Are you a Laing employee?
 
I have posted a few times anonymously I think before the site was updated.



I guess what prompted me to post again is that I've been interested in StoneTree Manor. I inquired if JLH would still be able to service the warranty if they went under. Of course the sales agent said wasn't even a concern since they were backed by a huge foreign real estate conglomerate (Emaar).
 
[quote author="kkanchan" date=1235114947]I have posted a few times anonymously I think before the site was updated.



I guess what prompted me to post again is that I've been interested in StoneTree Manor. I inquired if JLH would still be able to service the warranty if they went under. Of course the sales agent said wasn't even a concern since they were backed by a huge foreign real estate conglomerate (Emaar).</blockquote>


I remember Kayochan but I am not sure that was you. Would Arab based Emaar still be around in the US 9.99999 years from now when most defective plumbing symptoms appear? The answer is probably no.
 
<a href="http://lansner.freedomblogging.com/files/2009/02/liang.pdf">According to a 72-page declaration filed in U.S. Bankruptcy Court in Delaware </a>?

<em>

* The company has reduced its workforce ? 1,100 as mid-2006 ? by roughly 90% to 90.

* In the days leading up to the bankruptcy, two banks froze Laing checking accounts and its headquarters? landlord threatened to toss Laing out for unpaid rent.

* Financing help was offered before the filing, but lender expected interest rates from 18% to 20%.



Among Laing?s biggest creditors:



* Bank of America, owed $140.8 million

* Wachovia, $84.8 million

* RFC Construction Funding, $57.7 million</em>



It's no wonder BK never got paid... he couldn't. Even if they cut him a check, it would bounce because the account was frozen.
 
[quote author="no_vaseline" date=1235107959]... and some unknown dude named James Carey. Wonder what ever happened to him?</blockquote>


He went on to bigger roles:

<img src="http://www.jimcarreyonline.com/img/movies/earthgirls/earthgirls.gif" alt="" />
 
[quote author="bkshopr" date=1235115592][quote author="kkanchan" date=1235114947]I have posted a few times anonymously I think before the site was updated.



I guess what prompted me to post again is that I've been interested in StoneTree Manor. I inquired if JLH would still be able to service the warranty if they went under. Of course the sales agent said wasn't even a concern since they were backed by a huge foreign real estate conglomerate (Emaar).</blockquote>


I remember Kayochan but I am not sure that was you. Would Arab based Emaar still be around in the US 9.99999 years from now when most defective plumbing symptoms appear? The answer is probably no.</blockquote>






Hi BK:



No, I am not affiliated with KKanchan.



Kayochan
 
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