Laird Point, Panama City, FL
by terrymolnar ~ November 19th, 2008
I received a phone call from a gentleman today who owns a very nice deep water access lot at Laird Point located in Panama City, FL. Unfortunately Laird Point is a Land Resource Development which filed for Chapter 11 bankruptcy protection and reorganization in October of this year. We got to talking about the risks of purchasing property in a brand new development even from a large established company like Orlando-based resort-development company Land Resource. It was obvious that he had done extensive research before making his purchase and there was once a real sense of pride of ownership and exuberance in planning for his retirement years. This was not an investment purchase but rather his dream retirement property. These are the people I really feel for.
The problem now is that very little information is being made public about the status of the bankruptcy or the numerous federal lawsuits including one from the Bond Insurance Company, Bond Safeguard Insurance Company out of Lombard, IL.
I don’t buy that the “credit squeeze and slumping real-estate market” should be held accountable for Land Resource’s demise, but I also won’t hold my breath for accountability to be justly served. Chapter 11 bankruptcies like this are intended to allow management time to craft reorganization plans and come up with some workable solution. In reality most of these developers eventually file for Chapter 7 bankruptcy, liquidate their assets and close up shop. This does not mean that the principle leaders of the organization get out of the development business, actually most are back in business before all the dust settles from the mess they just left behind. Maybe this is the real problem…
Here are a few photo’s I found on the internet from Laird Point.
