Bankruptcy Court Approves Maplewood Homebuilders' Reorganization Plan for Kara Homes.Maplewood Homebuilders Acquires 12 Properties from Kara Kara (kär`ə), river, c.140 mi (230 km) long, NE European and NW Siberian Russia. It flows N from the N Urals into the Kara Sea, forming part of the traditional border between European and Asian Russia. It is navigable in its lower course. Homes TRENTON, N.J. -- Looking to safeguard hundreds of New Jersey homeowners and their properties, Maplewood Homebuilders LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control today announced that the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of New Jersey has approved its reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. for Kara Homes, transferring control of 12 Kara-related properties to Maplewood Homebuilders, effective immediately. Kara Homes originally filed for bankruptcy in October 2006, halting halt·ing adj. 1. Hesitant or wavering: a halting voice. 2. Imperfect; defective: halting verse. 3. Limping; lame. construction and further development for projects throughout its portfolio. Through this reorganization plan Maplewood Homebuilders will own and manage the following 12 properties, which represent approximately 600 homes throughout Central and Southern New Jersey: 1. Bergen Mills CF (Monroe) 2. Buckley Estates (Marlboro) 3. Cottage Gate (Middletown) 4. Cottage Gate II (Middletown) 5. Hawkins Ridge (Jackson) 6. Landings at Manahawkin (Stafford) 7. Orchard Meadows (Manalapan) 8. Ridgeview (Mt. Arlington) 9. Toby Gardens (Old Bridge) 10. Waters Edge (Little Egg Harbor) 11. Winding Run (Little Egg Harbor) 12. Woodlake Greens (Lakewood) In order to jump-start these previously stalled developments, Maplewood Homebuilders expects to invest more than $200 million into these properties to complete the homes in each community, build the shared amenities and improve the quality of these neighborhoods. Reassuring re·as·sure tr.v. re·as·sured, re·as·sur·ing, re·as·sures 1. To restore confidence to. 2. To assure again. 3. To reinsure. Local Home Buyers Despite the varying development and construction stages for each of these communities under construction, Maplewood Homebuilders has completed the first step necessary to begin delivering these homes to their owners. "Our first priority now is to those homeowners and contract holders who have been waiting for a resolution to the Kara Homes bankruptcy," said Kevin Fiore, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Maplewood Homebuilders. Maplewood Homebuilders intends to work closely with those individuals and families who have existing contracts with Kara Homes and looks forward to successfully completing homes located throughout these 12 communities. "After a period of turmoil and uncertainty for many home buyers, we are excited about this transaction and believe it represents a wonderful opportunity for current and prospective buyers in these communities to forge ahead with the construction of their quality homes," added Fiore. "We are proud of our investment in these communities and welcome the opportunity to help these homeowners move forward." Establishing a Premier Residential Homebuilder in New Jersey Maplewood Homebuilders brings together a unique blend of real estate development and investment expertise, led by Glen Fishman, Kevin Fiore and Plainfield Asset Management, which is committed to revitalizing re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. these communities. Led by this veteran real estate development and investment team, Maplewood Homebuilders will have a portfolio of approximately 600 homes in its new 12-community portfolio, with individual home prices ranging from the low $300,000s to in excess of $1.5 million. As development of these properties comes to fruition fru·i·tion n. 1. Realization of something desired or worked for; accomplishment: labor finally coming to fruition. 2. Enjoyment derived from use or possession. 3. , Maplewood Homebuilders will actively explore future growth opportunities to leverage its presence in the high-end residential marketplace. About Maplewood Homebuilders LLC Maplewood Homebuilders LLC is a joint venture between Glen Fishman, a successful real estate developer in New Jersey, and an entity affiliated with Plainfield Asset Management LLC, a hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" based in Greenwich, Conn. Fishman is the managing director of Dornoch Management and a founding partner and president of Fishman Real Estate Enterprises, which is based in Lakewood, N.J. Fishman has more than 20 years of experience as a real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. and manager, and is a licensed real estate broker. Fishman served as president of First New Jersey Real Property Management Co., Inc. from 1989 to 2004. About Plainfield Asset Management Plainfield Asset Management LLC is an investment adviser registered with the Securities and Exchange Commission. Plainfield manages in excess of $2.8 billion in equity capital. Plainfield's founder and Chief Investment Officer Max Holmes has led the purchase of several companies in the last several years, including FAO FAO, n See Food and Agriculture Organization. Schwarz Inc., eToys Inc., Sure Fit Inc., Covanta Energy Corporation (now Danielson Holdings Corp.), Asprey International Limited and SMART Papers. |
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