Bill Mace Home Builders - Tennessee home builder

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2008-07-25

A back-add (Today is August 15), Clarksville, Tenn-based Bill Mace Home Builders (website - billmacehomes.com) has apparently filed for bankruptcy according to wsmv.com. Furthermore, there have been apparent allegations of fraud:

Mace is accused of taking part in a scheme in which checks homeowners wrote intending to pay off Mace's construction loans were instead used to fund his other developments.

An employee of a title company is accused of working with Mace in the scheme.

Mace has also filed for bankruptcy, which means there could be a lien on the residents' houses in addition to their mortgages.

The article goes on to note that Mace's attorney has indicated that the company has enough assets to pay off all debts.

We are classifying Bill Mace Home Builders as a "tiny" implosion, though apparently they were one of the larger builders in Clarksville. If you can provide further information regarding Billl Mace Home Builders, please let us know!

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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.