Friday, August 29, 2008

Buena Vista Denies Bankruptcy Rumors (Again)

From the Oregonian:

A Beaverton man fired from his job with Buena Vista Custom Homes Inc. has been arrested and accused of trying to extort money from the company.
Samuel Joseph Portesi, 34, was arrested Wednesday by Lake Oswego police. He was booked into the Clackamas County Jail on accusations of theft by extortion, a Class B felony, and menacing, a Class A misdemeanor.

Portesi was released later Wednesday, after posting $3,250 bond against bail of $32,500.
He is scheduled to be arraigned in Clackamas County Circuit Court on Sept. 25.
Mike Higgins, spokesman for the Lake Oswego-based Buena Vista, said Portesi worked for the company as a construction site superintendent from 2002 until recently, when he was fired.
Higgins said Portesi then began making false statements about the company to subcontractors, customers and the public, in an apparent attempt to tarnish the company's name. He said Portesi then told company officials he would stop only if they paid him.
Buena Vista officials then contacted Lake Oswego police, said Lt. Dale Jorgensen, police spokesman.
Police arrested Portesi without incident at a Beaverton Starbucks .
The exact nature of the statements, or how much money he sought, was not available.
A statement by Buena Vista president Roger Pollock described Portesi's statements as "slanderous and erroneous," saying they triggered "hysteria."
Buena Vista has suffered in the recent housing-market downturns and credit crunch. A bank has started foreclosure on 15 of the company's homes, but Pollock says the company is not going into bankruptcy.


Who is Pollock kidding?

Doesn't he know Legend Homes used the same strategy?

June 4th:
"We're not in danger of bankruptcy," said David Oringdulph, Legend Homes' chief executive officer. "What we are doing is reorganizing for a smaller market for the next year."

June 10th:
Legend Homes, one of Oregon's largest home builders, filed Chapter 11 bankruptcy today after its parent company made three ill-timed land investments in once hot housing markets.


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