TOUSA SEC FILINGS:
· In November, 2007, TOUSA’s Chairman sold the last of his shares in the company for 10.5 cents a share according to SEC Filings.
· In another SEC filing: Effective December 21, 2007, George Yeonas was appointed Executive Vice President -Chief Operating Officer, Homebuilding Operations of TOUSA, Inc.(the "Company"). Mr. Yeonas and the Company have agreed to a new compensation package consisting of a base annual salary of $750,000.
· In the most recent SEC filing: TOUSA, Inc. (the "Company") failed to make its semi-annual interest payments due January 1, 2008 under $300 million in aggregate principal amount of its 9% Senior Notes due 2010 and $185 million in aggregate principal amount of its 10 ⅜% Senior Subordinated Notes due 2012 (collectively, the "Notes").
Standard and Poor’s reported that TOUSA’s debt rating would be “slashed” to default status if it failed to make it’s Jan. 1 interest payments on senior notes.
With rumors of bankruptcy, I guess we will soon see if Yeonas can earn his $750,000/year base salary!
TOUSA, was the 13th largest builder in the US in 2006 according to Builderonline, and is the parent company for Engle Homes, active in Live Oak Preserve and the Hammocks in New Tampa.
CAVEAT EMPTOR!
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