CALIFORNIA | LOCAL
October 6, 2001 |
A group of 91 homeowners won a $4-million settlement Friday in a lawsuit alleging shoddy workmanship during construction of their homes. They alleged that J.M. Peters Co. and its parent firm, Capital Pacific Holdings of Newport Beach, used faulty building methods on $500,000 homes near Bushard Street and Atlanta Avenue. "The homes had leaky windows, leaky wooden decks, cracked stucco and also structural problems," said attorney Thomas E. Miller, who represented the homeowners.
March 2, 1990 |
Breaking months of silence on the issue, J.M. Peters Co. said Thursday that its founder, chairman and namesake, James M. Peters, is interested in acquiring San Jacinto Savings Assn.'s 86% stake in the home-building company. While company officials would not elaborate, an analyst said Peters has hired an investment banker to help secure financing for the possible buyout. Peters made $40 million selling the company to Houston-based San Jacinto in 1985.
November 2, 1986
Nick Lehnert of Builder Sales Corp. has been elected 1987 president of the Sales & Marketing Council of the building Industry Assn. of California. Other new officers include Marilyn Reinfried, B. J. Stewart Advertising & Public Relations, first vice president; Judy Foster, Homes For Sale magazine, second vice president; Barbara Krueger of Motivational Systems Inc., secretary; Bonnie Benton, J. M. Peters Co.
June 16, 1992 |
Controlling interest in the J.M. Peters Co., valued at more than $110 million just three years ago, would change hands for $47.25 million under a tentative deal signed Monday. The deal is between the federal Resolution Trust Corp. and Capital Pacific Homes Inc. in Newport Beach. Dale Dowers, president of Capital Pacific, said his firm would become a holding company with Newport Beach-based J.M. Peters Co. as its development arm if the cash sale is completed as anticipated on July 1.
June 23, 1992 |
The sale of an Orange County home builder being negotiated by the federal government could cost taxpayers nearly $100 million because it would give the buyer 2,000 prime Southern California residential lots at discounts of 40% or more. Capital Pacific Homes Inc., the prospective buyer of Newport Beach-based J. M. Peters Co., is already trying to sell some of the property at nearly twice the average price of $53,200 a lot that it would pay for them if the deal goes through, The Times has learned.
October 1, 1992 |
J.M. Peters Co. said it lost nearly $80 million for its latest quarter after slashing the value of its assets by $75 million. The home-building company said it adjusted the value of its land holdings to reflect the steep declines of the past two years. For its second fiscal quarter, which ended Aug. 31, J.M. Peters reported a loss of $79.3 million, or $5.67 a share, compared to a loss of $12.1 million, or 87 cents a share, for the same period a year earlier. Revenue was $37.
CALIFORNIA | LOCAL
March 31, 1998
Owners of a dozen homes on a Laguna Niguel hill where several homes recently were destroyed by landslides sued the builder Monday in Orange County Superior Court. None of the 12 plaintiffs involved have suffered major landside damage to their homes, but the structures are showing "some types of stress," such as cracks in the walls and major soil erosion, said Ken Kasdan, an Irvine attorney representing the homeowners. Some of the homes are on the street where the landslides occurred, he said.
June 24, 1994
J.M. Peters Co., the regional home builder, on Thursday reported a profit of $3.9 million, or 26 cents a share, for its latest fiscal quarter. Those earnings contrasted with a loss of $1.9 million, or 14 cents a share, for the same period last year, the company said. The Newport Beach builder sold $100 million of junk bonds during the latest quarter, which increased liquidity and allowed it to retire high-interest debt.
February 10, 1994 |
Orange County sales of moderately priced new homes more than tripled last month from the sales posted in January, 1993, according to figures from Kenneth Leventhal & Co., an accounting firm in Newport Beach. During January, 1994, 636 homes were sold in the county as compared to 177 homes sold in January, 1993, according to the study, which surveyed sales of detached homes priced from between $185,000 to $240,000. "It's great news," said Dave Chapman, a senior manager at Kenneth Leventhal.