A trusted source also expressed the following thoughts to us on the case: All 185 Woodside Homes related debtors against whom involuntary bankruptcy petitions were filed, including the parent company Woodside Group, LLC and the financing arm Pleasant Hill Investments, admitted by way of stipulation today that they are insolvent.They will begin operating as if they are Chapter 11 debtors in possession immediately.The 2007 Builder100 has profile information on Woodside, such as the fact that in 2006 (this appears to have been their peak) they had over 3,300 closings, the CEO is Chip Nelson, and they are considered Northeast-centric (despite the fact their HQ is given as Utah).
The other interesting question which is up in the air is whether any payments made by Woodside entities to trade creditors, in the ordinary course of business during this 2 week period, will be preferences.
Though the parties may think that the payments will not be preferences, based upon their stipulation, the OTHER unsecured creditors of Woodside may think otherwise. Woodside comments from the article: "The company is working with both the note holder and bank groups and will be presenting its position to the judge requesting an orderly resolution on Wednesday," Mercer said.
I have also been told they are holding $20 million worth of property in Collin County which would be a 10 year build out for them.
I have not seen any articles about them because they are a family owned and closely held company.
Finally, another tipster has speculated that Buescher was forced into bankruptcy.
"I think there is no real argument that the historical lesson for the United States in the 20th Century has been the need for continued strong American involvement.One tipster pointed us in the direction of the Collin Central Appraisal District where a search of Buescher properties turned up 281 results.We have received word from various tipsters that Dallas/Fort Worth-based Buescher Homes (— site down - archive) has put "ALL BUSINESS OPERATIONS ARE CURRENTLY ON HOLD." From one email, apparently sent from a Buescher Homes email address: Unfortunately, as of Friday, February 15, 2008, Buescher Homes is undergoing a reorganization.But for a home builder to take 150 days to get houses to the sheet rock stage and have them sit for 45-60 days at a time with no work being done there is something wrong.Regarding Buescher's size, another informant has indicated they close as many as 250 homes a year.The "effective date" of their legal Chapter 11 debtor status will be 9/16/08.