J.P. Morgan Aims Bankruptcy Petition At Las Vegas Project
December 10 2010 - 1:52PM
Dow Jones News
J.P. Morgan Chase (JPM) filed an involuntary bankruptcy petition
against South Edge LLC, likely related to Inspirada, a massive Las
Vegas housing development.
Inspirada, a 2,000-acre project announced during the housing
heyday, was supposed to give rise to as many as 13,500 homes. But
given the housing downturn, sales didn't meet expectations.
The project involves several builders including KB Home (KBH)
Beazer (BZH), Toll Bros. (TOL), Meritage (MTH) and other private
builders that had expected to work together on the project,
according to Dan Oppenheim, a home builder analyst with Credit
Suisse.
"We think the filing is likely an attempt by the lenders to
start renewed negotiations and reach a solution. We doubt the
lenders ultimately want to take the land back and find new
developers," he wrote in a client note.
-By Dawn Wotapka, Dow Jones Newswires; 212-416-2193;
dawn.wotapka@dowjones.com
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