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J.P. Morgan Aims Bankruptcy Petition At Las Vegas Project

By Dawn Wotapka Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- 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

Stock News for Meritage Homes (MTH)
DateTimeHeadline
11/15/201307:07:30Two Sigma Investments 3Q 13F: Largest Eliminations
11/15/201307:07:27Two Sigma Investments 3Q 13F: Largest Eliminations -2-
11/15/201307:07:27Two Sigma Investments 3Q 13F: Largest Purchases
11/15/201307:07:27Two Sigma Investments 3Q 13F: Largest Sales
06/10/201314:27:06Correction to Omega Advisors Story
06/10/201312:35:14Omega Advisor's Peter Boockvar Joins Morgan Stanley's Brokerage...
07/26/201219:12:14MARKET SNAPSHOT: Pulte, Meritage Results Rally Home Builder Stocks
07/18/201113:59:20EARNINGS PREVIEW: Weak Selling Season Weighed On Builders' 2Q
04/18/201114:05:33EARNINGS PREVIEW: US Home Builders' Pain Dragged On In 1Q
02/14/201100:30:29Builder KB Home Copies Cars' 'MPG' With 'EPG' Energy Guide
02/04/201114:47:38Judge Sides With Lenders, Forces Chapter 11 On Vegas Project
12/10/201013:52:38J.P. Morgan Aims Bankruptcy Petition At Las Vegas Project
04/22/201015:54:26EARNINGS PREVIEW: US Home Builders Have Hopes For Spring
11/06/200914:28:04Big US Home Builders Could See Big Refund Checks

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