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Land Resources / News / Delaware
Tousa wants to sell 71 acres near Houston for $500000
Source: Daily Business Review, by Bloomberg News
Homebuilder Tousa is proposing to sell a 71-acre parcel near Houston for $500,000 without holding an auction. Tousa has asked U.S. Bankruptcy Court in Fort Lauderdale to approve the sale absent an objection within three weeks. The land is composed of 592 unfinished single-family lots. Tousa’s reorganization plan isn’t going forward in view of a ruling by a U.S. District judge in February reversing the bankruptcy judge. The district court held that the bankruptcy judge was wrong in ruling that lenders who were paid off received fraudulent transfers when Tousa gave liens on subsidiaries’ properties to bail out and refinance a joint venture. April 18, 2011
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