A caller who read Orleans Homebuilders Inc.'s debt default warning last week called here and asked if it was still safe to put a deposit on Orleans-built homes, recalling how buyers at an unrelated company, TH Properties, were left stranded by its bankruptcy earlier this year.
I asked Orleans general counsel Lawrence Dugan. He told me, “The buyers’ deposits are in escrow. They’re not with the builders’ accounts. They’re in separate escrow accounts in Pennsylvania, New York and New Jersey," where Orleans has developments. Which is how it's supposed to be. But, caveat emptor.
Orleans said Nov. 5 that it didn't make recent payments totalling $674,000 on $105 milllion in debt, that it doesn't know "when, and if," it will make those payments, and that it's negotiating for an extension of its $375 million credit facility from lenders led by Wachovia Bank. Also, the American Stock Exchange has said it may de-list the stock unless the company files its annual 10-K financial report for the year ending June 30.
The day before, Orleans said it repaid president Jeffrey P. Orleans $1.1 million last year that he had overpaid for "the personal use of the company's plane." The company says it got rid of its aircraft in May.
Comment removed.
Wow! Orleans just filed with the SEC that they are unable to file their quarterly financial report for September. So no annual report for June, no quarterly report for September, unable to make minimal payments on their debt, possible delisting from the Am. Stock Exchange. Sounds like they are in bad shape. I would not give them a dime. Buyer beware.— Inquiring Minds
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