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Lennar Corp

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BUSINESS
July 1, 1998 | Dow Jones
Lennar Corp. said Tuesday it completed the acquisition of Irvine-based home builder Polygon Communities for about $85 million. Lennar said it paid about 50% of the $85-million purchase price with common stock. The acquisition includes an existing backlog of $70 million and about 2,000 home sites. Lennar Corp., based in Miami, is a land and construction company.
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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.
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BUSINESS
May 23, 1996 | Debora Vrana
A partnership that includes Lennar Corp., one of the nation's largest home builders, said it had purchased about 800 acres in Huntington Beach, La Mirada and Richmond, Calif. The partnership, which includes Tiger Real Estate Fund of New York, bought the land from Chevron Land and Development Company for an undisclosed amount, and plans to continue developing the land, generating approximately $300 million in revenue.
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
February 27, 1996
The name most whispered these days in local real estate circles has to be "Lennar." One of the nation's largest home builders, Miami-based Lennar Corp. has been linked to ventures with the Baldwin brothers' troubled real estate empire and the Coto de Caza development, among others. Now, the word from John Jaffe, Lennar's local bigwig, is that the company is not interested in buying the bankrupt Baldwin Cos. anymore. "At the present time, our focus is on other things," Jaffe said Monday.
BUSINESS
November 21, 2003 | Roger Vincent, Times Staff Writer
Homebuilder Lennar Corp. will merge offices into a new regional headquarters in Aliso Viejo as part of a $27-million lease agreement, the largest of the year in Orange County. Lennar will move about 500 employees from Mission Viejo and other offices in Orange County to a new 137,352-square-foot building in mid-2004. The property at 25 Enterprise in the Summit Office Campus is owned by developer Parker Properties and its partner, Cigna Investments Inc.
CALIFORNIA | LOCAL
July 29, 2002 | From Times Staff and Wire Reports
Leonard Miller, 69, the chairman and co-founder of home builder Lennar Corp., died Sunday of liver cancer at his home in Miami Beach. Miller founded F&R Builders with a $10,000 investment in 1954. By 1961, the company was selling more than 350 homes a year. In 1972, Miller and a friend, Arnold Rosen, took the Miami-based company public as Lennar. It now is one of the largest home builders in the nation, with 7,000 employees in 13 states.
BUSINESS
March 14, 1996 | DEBORA VRANA, TIMES STAFF WRITER
In its first major move into Southern California, Miami builder Lennar Corp. has bought 2,200 acres here and will become manager of this large gated community in South County. One of the nation's largest home builders, Lennar teamed up with the Tiger Real Estate Fund, L.P. of New York to buy the property from a Chevron Land and Development Co. partnership. The price was not disclosed, but sources estimated the deal's value at $50 million.
CALIFORNIA | LOCAL
February 10, 2005 | Daniel Yi, Times Staff Writer
Lennar Corp., one of the nation's largest home builders, emerged Wednesday as a victor in the auction of the closed El Toro Marine base in Orange County, winning about 1,100 acres of the 3,700-acre former military airfield with bids totaling $185 million. Until Wednesday, Lennar had been the only bidder for the entire base, but the auction for the remainder of the land was continued to at least 3 p.m. today because of eleventh-hour bids by other parties. The deadline for bids had been 3 p.m.
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 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
September 22, 2009 | Times Wire Reports
Home builder Lennar Corp. posted a bigger-than-expected third-quarter loss as revenue fell and interest costs rose. The net loss widened to $171.6 million, or 97 cents a share, from $89 million, or 56 cents, a year earlier, Lennar said. Revenue fell 42% to $643.6 million.
CALIFORNIA | LOCAL
August 13, 2009 | Tony Barboza
In the latest effort to move forward on a massive park planned for the former El Toro Marine base in Orange County, the city of Irvine has struck a new deal with the developer that is supposed to build thousands of homes around the parkland. In a 3-2 vote late Tuesday, the City Council approved substantial changes to its 2005 agreement with Lennar Corp., which bought the base from the Navy with the intention of building dozens of neighborhoods around 1,347 acres of city-owned land christened the Orange County Great Park.
BUSINESS
October 26, 2005 | Annette Haddad, Times Staff Writer
Two of the nation's biggest home builders will announce plans today to develop one of the tallest condominium projects in downtown Los Angeles, underscoring the area's renaissance in urban living and entertainment. The proposed project -- comprising 700 units in two buildings of 40 and 27 stories across South Figueroa Street from Staples Center -- will add to downtown's high-end housing boom.
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.
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