As an update to my November 13th post about Transeastern Homebuilder's Owners' woes, parent company Technical Olympic USA is now fighting law suits regarding the acquisition of Transeastern homes. One suit alleges TOUSA violated the Securities and Exchange Act of 1935. The press release on TOUSA's website denies this. With a loss of over $143 million in the first nine months of 2006, the joint venture has been strongly criticized by stockholders.
Transeastern is known in New Tampa for its homes in Live Oak, and the Hammocks; and also for homes in the Tampa Golf & Country Club in San Antonio off of S.R. 52.
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