WL Homes LLC files Chapter 11

NEW -> Contingent Buyer Assistance Program
[quote author="jumpcut" date=1235204839]



I read the 72 page filing that was linked at OCregister.com and JLH is specifically stating that they intend to honor both the 3-year door-to-door and 10-year structural warranties in their southern California communities. In addition, they intend to continue paying HOA subsidies in those Southern Cal communities that are not built out yet. However it appears that JLH communities outside of Southern California are out of luck, since it looks like they are permanently shutting down operations in those areas.</blockquote>


Guess I can buy in Tustin Field after all...



:)
 
[quote author="tenmagnet" date=1235094155]Is this WL Homes, William Lyon as well?</blockquote>


No William Lyon is Private and if you have ever seen the car collection i would not worry as they are solid as a rock.
 
[quote author="bkshopr" date=1235094426][quote author="tenmagnet" date=1235094155]Is this WL Homes, William Lyon as well?</blockquote>
WL=Watts Laing</blockquote>


Watt Homes and Laing Homes combined with GMAC and bought out England in the late 90's. England still had a small percentage going forward but they changed the name of all the Watt communities to Laing Homes because Watt homes really sucked and Laing had a better name all the way around as a good builder.
 
[quote author="bkshopr" date=1235095052]John Laing Homes created more flops and hits in housing the last ten years. Casalon in Quail Hills and Celadon in Woodbury East were the two projects that recieved BK's raspberry awards. PANDA, consider it a blessing when you did not get a chance to buy Casalon. Its floorplans are just a tiny notch above apartments and its failure was long overdue. Larry Webb knows the true meaning of a golden parachute.



Here is a link to my old post regarding its flop project:



<a href="http://http://www.irvinehousingblog.com/forums/viewthread/595/">http://www.irvinehousingblog.com/forums/viewthread/595/</a>



How ironic JLH gets a BK award!</blockquote>


Larry Web was brought in by England to grow the company and sell the company on Wall Street. Since England could not sell to Wall Street Larry got Watt and GMAC to buy them out. Larry was a nice guy but got stuck riding the dragon and could not jump off to save his life. I think he was an ok VP but nothing special.
 
The previous owners cashed out right on time, $1.05 billion in 2006.

Emaar Properties was left holding the bag.

Making matters worse, Emaar ended up pouring an additional $600 million into a black hole.

Incredible loss of capital over a short period of time.
 
[quote author="tenmagnet" date=1235442653]The previous owners cashed out right on time, $1.05 billion in 2006.

Emaar Properties was left holding the bag.

Making matters worse, Emaar ended up pouring an additional $600 million into a black hole.

Incredible loss of capital over a short period of time.</blockquote>
Talk about buying at the peak. I guess that mid-east money wasn't that smart money after all.
 
They had a reputation of never lowing prices or making negotiations. It doesn't surprise me that this was the result of that business practice.
 
I?ve found this <a href="http://www.homebuilder-bankruptcy.com/2009/03/john-laing-homes-resistance-to-insider-dip-financing/">site</a> to be a source of good information on what is happening with John Laing Homes, also known as WL Homes. I guess we can find out more about whether they are ?trustworthy? from what they?re saying in their bankruptcy filings.
 
MontyAl, I went to the site that you shared. Apparently, they have a sister <a href="http://www.thedownturnanalyst.com/knowledge-center/john-laing-homes">site discussing John Laing Homes</a>. Said that the builder is liquidating and there is a massive amount of real estate which will soon be on fire sale (they attached this list of properties). Anyone care to confirm? And share experiences of buying from John Laing Homes?
 
They are closing down and selling everything. All employees will be let go. I hear someone may buy them and restart the company but it remains to be seen who.
 
[quote author="SimonGr" date=1244671269]MontyAl, I went to the site that you shared. Apparently, they have a sister <a href="http://www.thedownturnanalyst.com/knowledge-center/john-laing-homes">site discussing John Laing Homes</a>. Said that the builder is liquidating and there is a massive amount of real estate which will soon be on fire sale (they attached this list of properties). Anyone care to confirm? And share experiences of buying from John Laing Homes?</blockquote>


How does the 10 year warranty work once the builder is no longer in existence.



Very doubtful anyone will buy them. Maybe someone can buy the name, but i would question if that were legal.
 
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