Advertisement
YOU ARE HERE: LAT HomeCollectionsLennar
IN THE NEWS

Lennar

FEATURED ARTICLES
BUSINESS
July 21, 2009 | Peter Y. Hong and Marc Lifsher
A U.S. bankruptcy judge in Delaware cleared the way Monday for a home builder to buy back, at a substantial discount, a chunk of the Newhall Ranch development north of Los Angeles that it sold for nearly $1 billion to the California state retirement system in 2007. Lennar Corp. said in a news release that it paid $138 million for a 15% stake in a new company, to be called Newhall Land Development Co. Five lenders will own the other 85%.
ARTICLES BY DATE
BUSINESS
November 5, 2011 | By Alejandro Lazo, Los Angeles Times
Home is where not only the heart is these days — but also the elderly parents, the boomerang kids and the aging-in-place Boomer homeowners. To accommodate the new generations-stacked-upon-generations lifestyle spawned by one of the most severe economic downturns in decades, builder Lennar Corp. on Saturday will unveil a house with something few others on the block can boast about: another house. The company has built two San Bernardino County models of its so-called NextGen designs for its master-planned Rosena Ranch community.
Advertisement
BUSINESS
December 19, 2008 | TIMES WIRE REPORTS
Home builder Lennar Corp. said its fiscal fourth-quarter loss narrowed to $811 million, or $5.12 a share, from $1.25 billion, or $7.92, a year earlier. Miami-based Lennar said revenue fell 41% to $1.3 billion.
BUSINESS
July 22, 2011 | By E. Scott Reckard, Los Angeles Times
Barry Minkow is headed back to prison to serve a five-year sentence for securities fraud, but the ex-con who reinvented himself as a San Diego minister and crime fighter was looking on the bright side of his situation. In his plea bargain to a single count of conspiracy, Minkow admitted that his falsehood-filled attacks on Lennar Corp. had caused the home builder to lose $583 million in stock market value. Because that amount was so huge, he might have been sentenced to 30 years or more had he gone to trial and been convicted instead of pleading guilty.
BUSINESS
February 27, 2008 | From Times Wire Services
The depressed shares of U.S. home builders rose sharply Tuesday on speculation that a group from the United Arab Emirates had offered to buy Lennar Corp. Also Tuesday, Lennar, the No. 2 U.S. home builder, said in a Securities and Exchange Commission filing that its top three executives were forced to forfeit $20 million in stock compensation last year because the company wasn't profitable. The rally in builder stocks came the same day that Standard & Poor's reported that the S&P/Case-Shiller index of home prices plunged 8.9% last year from 2006.
BUSINESS
January 8, 2010 | By Alejandro Lazo
Home-building titan Lennar Corp. said Thursday that it had posted its first quarterly profit since early 2007, when the housing market fell off a cliff. But the Miami builder is still losing money from operations, earning a net profit only after booking a $320-million tax gain. The company said net income for the three months ended Nov. 30 was $35.6 million, or 19 cents a share, compared with a loss of $811 million, or $5.12 a share, during the same period in 2008. The company posted revenue of $913.
BUSINESS
March 28, 2008 | From Times Wire Services
Lennar Corp., one of the nation's largest home builders, said Thursday that it swung to a loss in the first quarter as it absorbed charges to adjust land values while new-home sales and prices sank amid the stumbling real estate market. Lennar reported a loss of $88.2 million, or 56 cents a share, in the three months ended Feb. 29 compared with a profit of $68.6 million, or 43 cents, a year earlier. Sales fell 62% to $1.06 billion. After one-time items, Lennar reported a loss from continuing operations of 18 cents a share.
BUSINESS
June 25, 2011 | By E. Scott Reckard, Los Angeles Times
Scattered across 540 acres of San Diego County hills and ravines, the 235 opulent homes of the Bridges at Rancho Santa Fe flank a private golf course and country club with tile-roofed towers inspired by Tuscan villages. The placid panorama belies decades of bruising battles among the project's developers. The cast includes home-building titan Lennar Corp., a bankrupt La Jolla deal maker and, in an improbable late entry, con man-turned-preacher Barry Minkow. The dispute ultimately led to a federal criminal conviction against Minkow and a continuing investigation by the Justice Department.
BUSINESS
June 24, 2011
Key events in the legal battle swirling around the Bridges: August 1997: Home builder Lennar Corp. and developer Nicolas Marsch III form a partnership to develop a luxury golf community, the Bridges at Rancho Santa Fe. December 2006: Marsch's Briarwood Capital sues Lennar for fraud and breach of contract. Two months later, Lennar countersues. July 2008: Marsch writes to Lennar directors, threatening to expose "dirty little secrets" if they don't settle with him. Lennar sues Marsch, alleging extortion.
NEWS
March 12, 2009
Campus closing: The headline on an article in Sunday's California section said the Great Park kicked out Cal State Fullerton's Irvine campus. The land that the Irvine campus occupies belongs to Lennar Corp., and it was the home builder that declined to renew the school's lease.
BUSINESS
July 21, 2011
Barry Minkow, a former Wall Street con artist who went on to build a reputation as an anti-fraud fighter, was sentenced to five years in prison Thursday for a securities swindle targeting U.S. homebuilder Lennar Corp . As part of his sentence, Minkow, 45, was also ordered by a Florida judge to pay $583.6 million in restitution to Lennar for his confessed role in spreading lies about the Miami-based company that caused its stock price to plummet...
BUSINESS
June 25, 2011 | By E. Scott Reckard, Los Angeles Times
Scattered across 540 acres of San Diego County hills and ravines, the 235 opulent homes of the Bridges at Rancho Santa Fe flank a private golf course and country club with tile-roofed towers inspired by Tuscan villages. The placid panorama belies decades of bruising battles among the project's developers. The cast includes home-building titan Lennar Corp., a bankrupt La Jolla deal maker and, in an improbable late entry, con man-turned-preacher Barry Minkow. The dispute ultimately led to a federal criminal conviction against Minkow and a continuing investigation by the Justice Department.
BUSINESS
June 24, 2011
Key events in the legal battle swirling around the Bridges: August 1997: Home builder Lennar Corp. and developer Nicolas Marsch III form a partnership to develop a luxury golf community, the Bridges at Rancho Santa Fe. December 2006: Marsch's Briarwood Capital sues Lennar for fraud and breach of contract. Two months later, Lennar countersues. July 2008: Marsch writes to Lennar directors, threatening to expose "dirty little secrets" if they don't settle with him. Lennar sues Marsch, alleging extortion.
BUSINESS
March 30, 2011 | By E. Scott Reckard, Los Angeles Times
In a plea bargain, former carpet-cleaning tycoon Barry Minkow has agreed to help federal prosecutors investigate a developer who allegedly hired him to spread lies about giant home builder Lennar Corp. with negative stories on the Internet and a YouTube video. In the plea agreement, obtained by The Times, Minkow acknowledges participating in a fraud with losses so huge that he could have been sentenced to more than 30 years in prison had he been convicted of the crime. Instead, he is to plead guilty in a Miami federal courthouse Wednesday to a single count of conspiracy to commit securities fraud, a crime with a maximum penalty of five years in prison.
BUSINESS
March 25, 2011 | By E. Scott Reckard, Los Angeles Times
Federal prosecutors have drafted a new chapter in the life story of Barry Minkow, making it a tale of a teenage con man who straightened out, only to go bad again. Sent to prison more than two decades ago after the carpet-cleaning firm he started in his parents' garage in Reseda was exposed as a $100-million scam, Minkow in recent years had pursued twin careers as a Christian minister and a for-profit fraud investigator. He issued reports alleging wrongdoing at a number of companies and was credited by the FBI with helping bring several Ponzi schemes to light.
BUSINESS
March 17, 2011 | By E. Scott Reckard and Shan Li, Los Angeles Times
Barry Minkow, a 1980s teen tycoon from Reseda whose ZZZZ Best carpet-cleaning firm turned out to be a Ponzi scheme, resigned as minister at a San Diego County church and intends to plead guilty to a charge of insider trading, according his attorney. The charge stems from a federal investigation in Florida involving a business, the Fraud Discovery Institute, that Minkow set up while guiding Community Bible Church in Mira Mesa. His idea was to reveal corporate fraud while holding short positions in the companies he exposed, allowing him to profit on declines in stock prices.
BUSINESS
January 10, 2011 | By Alejandro Lazo, Los Angeles Times
The private developer partnering with the city of Irvine to build its Great Park project said that he has the financing to move forward ? more than two years after the housing bust and economic crisis put the project on hold. FOR THE RECORD: Irvine project: An article in the Jan. 10 Business section about private developer FivePoint Communities Inc.'s securing additional financing to move forward with a housing project said construction of homes at the Great Park would begin next year; in fact, construction at the Orange County Great Park is expected to begin in 2013.
BUSINESS
September 25, 2010 | By Alejandro Lazo, Los Angeles Times
KB Home narrowed its loss considerably in its fiscal third quarter, the Los Angeles builder said Friday, as it delivered more homes at a higher price than during the year-earlier period and cut its costs. But orders for new dwellings plummeted, indicating that demand for new homes will remain on shaky ground as long as the job market is weak. A separate government report Friday underscored the difficulties for the new-home market, with sales of newly built U.S. homes unchanged in August after hitting a record low in July.
BUSINESS
January 10, 2011 | By Alejandro Lazo, Los Angeles Times
The private developer partnering with the city of Irvine to build its Great Park project said that he has the financing to move forward ? more than two years after the housing bust and economic crisis put the project on hold. FOR THE RECORD: Irvine project: An article in the Jan. 10 Business section about private developer FivePoint Communities Inc.'s securing additional financing to move forward with a housing project said construction of homes at the Great Park would begin next year; in fact, construction at the Orange County Great Park is expected to begin in 2013.
Los Angeles Times Articles
|