Neumann Homes - Bankrupt!!!!!!!!!!!

Neumann Homes - Bankrupt!!!!!!!!!!!

Posted in the Antioch Forum

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Since: Sep 07

Antioch, IL

#1 Oct 22, 2007
Neumann Homes has lost all of their model homes and informed their workes they are filing chpater 11 tomorrow. Let's see what happens on this one!!!!!!
Antioch Resident

Chicago, IL

#2 Oct 22, 2007
Didn't they get bailed out once before, last year?

Keep in mind that chapter 11 is re-organization, not liquidation. This may not be the "end" and shouldn't be immediate cause for panic.
May be Chicken Little

Ingleside, IL

#3 Oct 22, 2007
Be careful what you say in blogs. Antioch Res 72 could be open to a law suit if she is not correct and they can find her. Pretty strong headline and statements to make based on hearsay. She may be right, but it's better to make such statements as something other than fact. People are so used to slandering and libeling politicians on Antioch blogs that they may forget the exposure they can create for themselves elsewhere.

Since: Sep 07

Antioch, IL

#4 Oct 22, 2007
May be Chicken Little wrote:
Be careful what you say in blogs. Antioch Res 72 could be open to a law suit if she is not correct and they can find her. Pretty strong headline and statements to make based on hearsay. She may be right, but it's better to make such statements as something other than fact. People are so used to slandering and libeling politicians on Antioch blogs that they may forget the exposure they can create for themselves elsewhere.
This being reported through both government and non-government related sources that they are in fact filing tomorrow or very shortly. The banks had locksmiths in changing locks on the model homes and even closed their models on a Sunday yesterday. I think they have other fish to fry other then a blogger who is stating what they believe to be factual information. I am just passing along to see what others have heard, if you know different then let it be known.
May be Chicken Little

Ingleside, IL

#5 Oct 22, 2007
They undoubtedly do have bigger fish to fry, and I hope you do not worry too much. As I said, you may be right. It would be a shame however, for anyone to find themself in the unhappy position of being sued for being part of the reason for a bankruptcy filing.

Since: Sep 07

Antioch, IL

#6 Oct 22, 2007
May be Chicken Little wrote:
They undoubtedly do have bigger fish to fry, and I hope you do not worry too much. As I said, you may be right. It would be a shame however, for anyone to find themself in the unhappy position of being sued for being part of the reason for a bankruptcy filing.
Just for your info, there are reports on the news and has been confirmed that they are in fact filing bankruptcy, I guess I can quit worrying now.

Since: Sep 07

Antioch, IL

#7 Oct 22, 2007
This is from the Chicago Tribune On-Line Edition:

Neumann Homes, one of Chicago's largest homebuilders, announced on Monday that it intends to file for bankruptcy.

The company said in a press release at 5 p.m. that it had been "unable to procure adequate funding" to operate its business. Marketing director Jean Neumann said that despite other published reports, the bankruptcy had not been filed, though "it will be done shortly."

The company, ranked among the top 10 in Chicago, also builds in Wisconsin and Colorado. Company CEO Kenneth P. Neumann said in the statement that "significant downturn in the Detroit, Chicago and Denver housing markets resulted in this situation.... Even after the significant help we have received from our lenders this year, the company can no longer weather this storm."

Neumann said it had laid off most of its employees and closed all its sales, production and customer service offices. For customers who have purchased homes that have not begun construction, it will escrow their earnest money and will request the bankruptcy court to grant an immediate refund, the company said.
May be Chicken Little

Ingleside, IL

#8 Oct 22, 2007
Well aren't you the bearer of glad tidings! Devastating for many people with homes under construction and planning to move to Antioch, bad news for the people who live in Neuhaven and Clublands. and I suppose a hardship for the Village. But Antioch Res 72 avoids being sued. Yippppeeeee!
High Standard

AOL

#9 Oct 22, 2007
HA ,like nobody saw this coming......No club house,no pools , water well filled with Radon, houses sold with S.S.A s
AWST Parent

Fox Lake, IL

#10 Oct 22, 2007
Didn't the same thing happen with Tiffany Farms and another builder completed those homes? I'm not so sure about Heron Harbor, but I know that KLM completed building in that area calling it Woodland Ridge.

This is a real shame for Clublands and Neuhaven. It's on Channel 5 News right now. Allison Rosati just stated Neumann homes will be filing for bankrupcty and that Neumann employees have been laid off. Due to dropping sales in Chicago, Detroit and other markets.
Happy

Lisle, IL

#11 Oct 23, 2007
Pleased to hear this, couldn't have happened to a better company....they (Ken) deserves it.
High Standard

AOL

#12 Oct 23, 2007
Happy wrote:
Pleased to hear this, couldn't have happened to a better company....they (Ken) deserves it.
You bet ya.
Chiron

AOL

#13 Oct 23, 2007
I think Nuemann expanded too quickly. Too many huge subs at once means that they are carrying a boatload of debt on the site development work for all of those empty lots. They don't recoop until they close on completed homes. Since homes aren't selling this year, they aren't recooping at all!
home for sale

Chicago, IL

#14 Oct 23, 2007
Although I feel very sorry for the clublands people, I don't think Neuhaven residents that have completed their warranty have to worry. Besides a lack of a softball field and basketball court, everything else is built. Hopefully our monthly assessment will go down because there is less to maintain. By the way, my home is for sale at www.1246bradford.com . We have just completed our warranty work with Neumann in August of 2007 so it is a brand new home with many upgrades without flaws.
Positive for Clublands

Fox Lake, IL

#15 Oct 23, 2007
Not unlike other large developments, the original developer will not finish the project.
As a Clubland resident we think this is good news. Other developers with reputations much better than Nuemann have been eyeing the property for some time. One of the developers is on site today reviewing the situation. With a commitment to upgrade services and complete the clubhouse we are excited. Wish it would have happened a year ago.
The Master Planner

Elk Grove Village, IL

#16 Oct 23, 2007
Ken Newmann sucks he deserves to sink into the ground. If feel sorry for the employees and subs who are owed money
High Standard

AOL

#17 Oct 23, 2007
Neuman started selling off property last year when he sold lots off when he restructerd then. He also sold off the corner of Savage & 173 to a person in the village we all know who has it listed as farm property for tax purposes ( never have seen crops there )& will roll it over into a strip mall as soon as they can. Also heard in the wind that Centex will be at the meeting of the whole tonite to jump on the Neumann property.
psd off

United States

#18 Oct 23, 2007
"he" does not own it, "he" is simply trying to sell it and develop it. if you owned the property, what would you have it listed as for tax purposes???

my apologies if we are not referring to the same person.
lincolnshire

Chicago, IL

#19 Oct 23, 2007
I think that is very hopeful and I hope it does happen, but if Centex wanted to buy the property, wouldn't they have done so already?
AWST Parent

Fox Lake, IL

#20 Oct 23, 2007
Positive for Clublands wrote:
Not unlike other large developments, the original developer will not finish the project.
As a Clubland resident we think this is good news. Other developers with reputations much better than Nuemann have been eyeing the property for some time. One of the developers is on site today reviewing the situation. With a commitment to upgrade services and complete the clubhouse we are excited. Wish it would have happened a year ago.
I am glad to hear this.

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