U S Home Corp

Miami-based home builder Lennar Corp. late Wednesday said it agreed to buy Houston-based U.S. Home Corp. in a deal that would create the largest U.S. home builder, displacing Los Angeles-based Kaufman & Broad Home Corp. by some measures. Lennar would pay $36 a share for U.S. Home, 50% in stock and 50% in cash. The companies said the value of the deal is $476 million. The price is a 45% premium to U.S. Home's closing share price of $24.88 on Wednesday. Lennar and U.S.

The Federal Deposit Insurance Corp., the agency that insures deposits at banks, said Friday that it brought a $516-million lawsuit against Drexel Burnham Lambert, E. F. Hutton and others over the failure of a Texas thrift. The suit, filed in federal court, stems from an alleged fraud scheme that the FDIC claims led to the demise of the Guaranty Federal Savings & Loan Assn. in Dallas, the sixth-largest thrift in Texas.

The nation's housing slump claimed another victim from the troubled real estate industry Friday when Los Angeles-based retirement home builder Leisure Technology and seven of its subsidiaries filed for protection under Chapter 11 of U.S. bankruptcy laws. Leisure, one of the nation's largest developers of retirement communities with estimated annual revenue of $183 million, was the second major home builder to seek protection in federal bankruptcy court this month.

Miami-based home builder Lennar Corp. late Wednesday said it agreed to buy Houston-based U.S. Home Corp. in a deal that would create the largest U.S. home builder, displacing Los Angeles-based Kaufman & Broad Home Corp. by some measures. Lennar would pay $36 a share for U.S. Home, 50% in stock and 50% in cash. The companies said the value of the deal is $476 million. The price is a 45% premium to U.S. Home's closing share price of $24.88 on Wednesday. Lennar and U.S.

The federal grand jury indictment against Michael Milken, Lowell Milken and Bruce L. Newberg accuses the defendants of three groups of racketeering law violations. A summary of the allegations follows (Except where indicated, Michael Milken allegedly acted without his two co-defendants.): Actions Involving Ivan F. Boesky Fischbach Corp.

Twenty-four California-based housing producers made the list of the nation's top 100 builders published in the March issue of Professional Builder magazine. The highest-ranked California builder--based on housing starts in 1987--was Kaufman & Broad Homes Corp., Los Angeles, in 12th place, with 5,200 starts. Following closely, in 13th place with 5,055 starts, was William Lyon Co., Newport Beach. Nationally, the largest producer was Trammell Crow Residential Cos.

The nation's housing slump claimed another victim from the troubled real estate industry Friday when Los Angeles-based retirement home builder Leisure Technology and seven of its subsidiaries filed for protection under Chapter 11 of U.S. bankruptcy laws. Leisure, one of the nation's largest developers of retirement communities with estimated annual revenue of $183 million, was the second major home builder to seek protection in federal bankruptcy court this month.

The Houston-based firm, one of the nation's largest home builders, reported that Pacific Realty Corp., a privately held housing concern which already owns 9.24% of the firm's 36.4 million shares, offered to buy the remaining U.S. Home stock for about $304 million. Under the offer, each of the remaining shares of U.S. Home would be exchanged for $6.50 cash, preferred stock with a face value of $2.50 and a fractional share of "new" U.S. Home common stock, Pacific Realty said.

The Federal Deposit Insurance Corp., the agency that insures deposits at banks, said Friday that it brought a $516-million lawsuit against Drexel Burnham Lambert, E. F. Hutton and others over the failure of a Texas thrift. The suit, filed in federal court, stems from an alleged fraud scheme that the FDIC claims led to the demise of the Guaranty Federal Savings & Loan Assn. in Dallas, the sixth-largest thrift in Texas.

The federal grand jury indictment against Michael Milken, Lowell Milken and Bruce L. Newberg accuses the defendants of three groups of racketeering law violations. A summary of the allegations follows (Except where indicated, Michael Milken allegedly acted without his two co-defendants.): Actions Involving Ivan F. Boesky Fischbach Corp.

Twenty-four California-based housing producers made the list of the nation's top 100 builders published in the March issue of Professional Builder magazine. The highest-ranked California builder--based on housing starts in 1987--was Kaufman & Broad Homes Corp., Los Angeles, in 12th place, with 5,200 starts. Following closely, in 13th place with 5,055 starts, was William Lyon Co., Newport Beach. Nationally, the largest producer was Trammell Crow Residential Cos.

The Houston-based firm, one of the nation's largest home builders, reported that Pacific Realty Corp., a privately held housing concern which already owns 9.24% of the firm's 36.4 million shares, offered to buy the remaining U.S. Home stock for about $304 million. Under the offer, each of the remaining shares of U.S. Home would be exchanged for $6.50 cash, preferred stock with a face value of $2.50 and a fractional share of "new" U.S. Home common stock, Pacific Realty said.

U.S. Home Corp., a residential building firm, promoted Mark Pagels as construction manager.