David Miller files for Bankruptcy 0
The managing member of two of the largest home builders of Shelby County, David Miller has filed for bankruptcy under chapter 7. The claim includes $58 million in liabilities and assets worth $ 1.9 million. The Memphis based homebuilder files for chapter 7 in the District of Tennessee.
This bankruptcy pulls into doubt about the homebuilder’s ability to go on as a homebuilder. This leaves millions of dollars in numerous banks as undeveloped property and empty homes. About 6 banks have lent money to these properties/land through first and second mortgages to the extent of $ 1.4 million. About $ 52 million is supposed to be given to 17 banks and 1 credit union.
Thou David Miller provided personal property as assurance the fact is that these liabilities outweigh his assets. His personal property includes about 2 million worth of real estate and deposits along with a few vehicles and a ski boat which is held as assurance with these banks.. David miller has more than 20 years of experience in homebuilding in the Memphis area, which includes many companies such as the Perennial-Building Group, Iron-gate Homes LLC, Latting-Road Partners LLC, Forest-Road Partners LLC and complete ownership of David Miller LLC.
subscribe to comments RSS
There are no comments for this post