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LandSource Reorg Plan Hits Deadlines

As two key deadlines approach--one April 15 and one at the end of May--Lennar chief investment officer Emile Haddad was to meet yesterday in Santa Clarita, Calif. with a steering committee of first lien holders of LandSource Communities to try to reach agreement on a deal structure that could take the vaunted land venture out of bankruptcy, according to an executive familiar with the meeting. The steering committee, which consists of representatives of five hedge funds--Och-Ziff, TPG, Marathon Capital Management, Anchorage Capital, and Third Avenue Management--together represent more than 50% of the first lien debt in LandSource. Haddad and the steering committee must hash out a deal structure and business plan designed to generate cash so that the hedge funds can get their money out--probably in about three years.
Builder 100

The BUILDER 100 is the elite list of the country's 100 largest home builders published by our sister publication, BUILDER magazine. The annual survey takes you inside the major players to look at their financial composition, business strategies, and plans for the future.

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Rankings & Listings

Team Play: Apex of Leadership
Since their inception three years ago, Big Builder's APEX Awards have applauded the finest players ...

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Deals

Raw Values
Hearthstone, the San-Rafael, Calif.–based institutional investor group, announced in mid-June ...

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Print Articles

Tech Spec: KB Takes Green to a New Level

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Division & Management Teams

Realtors as Friends (part 2 of 5)
Unlikely Allies: Dan Wiggins, (far left) of Mercedes Homes in Orlando, Fla., at a Realtor luncheon ...

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Markets & Land Positions

At the Blogs: What Others Are Saying
To provide our readers with one-stop-shopping in the quest for breaking news, <i>Big Builder </i>scoured ...

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Operations

Realtors as Friends (part 2 of 5)
Unlikely Allies: Dan Wiggins, (far left) of Mercedes Homes in Orlando, Fla., at a Realtor luncheon ...

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Technology

DigitalDirt--Nights of the Round Firepit
Digital Dirt blog for May 5, 2008.

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Supply Chain

Playing the Blues
For more than a decade, architects have used CAD programs to draw and adjust home plans. But, for ...

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Finance

Fear of Buying
All apologies to Yogi Berra, but buyers have cold feet these days and builders have an overabundance ...

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