Monday, August 9, 2010

Back From the Living Bubble Dead: Kevin Wann and Pacific Lifestyle Homes

After a grueling 22 months, the Portland region can now breathe easy knowing that Pacific Lifestyle Homes is once again (as a viable business entity) adding plenty of new housing supply to our existing stock of homes. Suppliers, subcontractors, and lenders will receive between 10 and 40 cents on the dollar for debt owed to them by Mr. Wann and Pacific Lifestyle via the bankruptcy.

""We thought it was important to take care of some of our smaller subcontractors," Wann said. "I think they're happy. In the good times, we all made some money. In the tough times, we lost some."

The company ultimately gave back to its banks dozens of lots around the area. Not surprisingly, given that dynamic, Pacific Lifestyle found it difficult to get sufficient financing during the bankruptcy. Wann stepped in and agreed to loan the company $1.7 million.

Wann also agreed to pay $750,000 into the estate to settle possible claims against him arising out of the bankruptcy. Wann oversees a complex corporate family made up of a number of different corporate entities. Some of the company's lenders were suspicious of the dealings between those various companies. "I had a lot of different entities," Wann said. "There was money loaned back and forth between those entities. To settle that out, I agreed to pay $750,000 into the estate.""

How very generous of him! And last but certainly not least, we have this gem (thank you taxpayers!-):

"He credits the federal government for intervening with the home buyer's tax credit and helping stabilize the industry. "It's difficult to measure how bad it could have gotten if they hadn't stepped in," he aid.

While far from healthy, the housing market is on the mend, he said. "We're at or near the bottom," Wann said. "It's a great opportunity, for builders and for home buyers. Lots are cheaper. You can get more house for less money." "

Jump in everybody! Kevin called the bottom! The water's fine...

Source: The Oregonian



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