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




Its not my first time to visit this site, i am browsing this
web site dailly and get good facts from here every day.

Feel free to surf to my web page - hip to waist ratio



Can I simply just say what a relief to uncover someone that truly knows what they are talking about on the web.
You certainly realize how to bring a problem to light and make it
important. More people should look at this and understand this side of the
story. It's surprising you are not more popular given that you surely possess the gift.

Here is my weblog - waist hip ratio calculator



Good day! I know this is kinda off topic however I'd figured I'd ask.
Would you be interested in trading links or maybe guest authoring
a blog article or vice-versa? My blog discusses a lot of the same subjects as yours and I feel
we could greatly benefit from each other. If you're interested feel free to shoot me an e-mail. I look forward to hearing from you! Superb blog by the way!

Feel free to visit my weblog: ketone diet