Sunday, May 03, 2009

Lauth Goes Into Bankruptcy

Okay, we all have been concentrating on Chrysler, and while not as big, Lauth unit seeks bankruptcy protection has osmethng to say about our Indiana economy:
"Real estate developer Lauth Investment Properties LLC filed for Chapter 11 bankruptcy court protection this morning after months of weathering brutal market conditions here and across the country.

The filing in Indianapolis bankruptcy court listed assets and liabilities of up to $10 million.

It wasn't immediately clear whether Lauth Investment Properties represents only part of the Lauth Group Inc. development empire.

IBJ reported last month that Lauth Group had cut about 90 percent of its staff and lost control of part of its portfolio to an equity partner."

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