Builder’s Bankruptcy Worries Customers
The bankruptcy filing of Kara Homes, one of the biggest home builders in Monmouth and Ocean counties, has left scores of customers and creditors worried. They are not too sure about whether the troubled builder will complete the developments it has under construction and make good on its debts. App.com reports:
The company said it had $350.2 million in assets and $296.8 million in liabilities. Under Chapter 11, Kara will be allowed to remain in business, and creditors’ claims will be frozen while it comes up with a reorganization plan and tries to regain its footing. David Bruck, the company’s bankruptcy lawyer, said the company laid off 100 workers this week, leaving it with 70, but it would take steps to continue operating.
Read more: Bankruptcy is met with uncertainty
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February 7th, 2007 at 7:47 am
Zuhdi Karagjozi President of Kara Homes is a CROOK ,, Zuhdi STOLE MILLIONS OF DOLLARS from Home Buyers And Banks AND BELONGS IN JAIL.. WHERE IS ALL OF THESE MILLONS OF DOLLARS ? I WONDER IF ZUHDI PAID TAXES ON THESE MILLIONS ? MAYBE THE IRS WILL BE KNOCKING ON YOUR DOOR REAL SOON .. KARA HOMES FILED FOR BANKRUPTCY CHAPTER 11 ON OCTOBER 5,2006 .. IT HAS BEEN OVER 4 MONTHS .. HOW LONG IS THIS GOING TO TAKE? I WOULD LIKE MY THOUSANDS OF DOLLARS DEPOSIT BACK THAT ZUHDI STOLE FROM MY ESCROW ACCOUNT.. KUHDI IS STILL LIVING LIKE A KING IN HIS 6,500 SQUARE FOOT MILLION DOLLAR HOME IN RUMSON ,NEW JERSEY … REMEMBER … A CROOK WILL ALWAYS BE A CROOK ..