STH 6,8,10,11,13 Inc. - Arizona Land Bank

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2008-08-15

Azcentral.com reports that another land bank has filed for Chapter 11 bankruptcy protection. The bankrupt land bank have been named by lawyers — "STH 6,8,10,11,13 Inc."

"STH", for short, was created in 2005 by Elite Homes Inc. and has "unpaid debts totaling about $10.8 million."

Though only a blip of an implosion, we wonder what is going on behind the scenes in Arizona, and in particular, with Elite Homes Inc. If you hear anything, 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.