Wednesday, April 23, 2008

Developer goes bust

Bakersfield Californian:

Developer with local projects files for bankruptcy

A Sacramento homebuilder with several troubled Kern projects filed for bankruptcy protection Wednesday.

John D. Reynen of Reynen & Bardis Communities Inc., along with his wife Judy M. Reynen, filed for Chapter 11 protection as individuals saddled primarily with business debts, court documents filed in a federal bankruptcy court in Sacramento show.

Some other creditors:
• Wells Fargo Bank, $29 million
• IndyMac Bank, $26.8 million
• Comerica, $21.5 million
• Chase Bank, $17.5 million

1 comment:

Curious said...

Is that personally guaranteed debt?
Not sheltered by the partnership or corporation?

If not, I cannot fathom how anyone takes on nearly $100M in debt. Or how any financial institution lends that to a single person or couple.

No wonder the Feds aren't after Casey Serin, there truly were bigger fish to fry in this fraudtastic economy.