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Bankruptcy Keyed to Epstein 6th Ed.
In Re TOUSA, Inc.
Citation:
680 F.3d 1298 (2012)Facts
TOUSA was the thirteenth largest homebuilding enterprise in the United States, with operations in Florida, Texas, and other states. The company had grown rapidly by acquiring independent homebuilders that became subsidiaries. These subsidiaries owned most of the assets and generated virtually all revenue. TOUSA had substantial debt, including over $1 billion in bonds guaranteed by the subsidiaries and a revolving credit line for which both TOUSA and the subsidiaries were liable.
In 2005, TOUSA entered a joint venture with Falcone/Ritchie LLC to acquire homebuilding assets from Transeastern Properties. TOUSA incurred debt from the Transeastern Lenders to fund this venture, but the subsidiaries were not obligors or guarantors of this debt. When the housing market declined, the joint venture defaulted, and the Transeastern Lenders sued TOUSA for over $2 billion.
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