DOWN goes another public HomeBuilder
Unable to maintain sufficient interest reserves on $94 million in debt, beleaguered Virginia-based Comstock Homebuilding Cos. has stopped making scheduled interest or principal payments on the debt and has hired Brad Foster of FTI Consulting as an interim chief restructuring officer.
As you know, I predicted half of all pubic homebuilders will be out of business or practically out of business by the end of the year. 3 out of 20 so far.....just seven to go......and just think.....a little while ago some of these guys were telling shareholders how wonderful the future looked as they were dumping their shares.
Lucky 7 or 11.....either one works.