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Post by jeffolie on Sept 7, 2007 10:54:56 GMT -6
Beazer receives default notices from notes trustee CHICAGO (Reuters) - Home builder Beazer Homes USA Inc (BZH.N) said on Friday it received default notices related to senior notes from U.S. Bank, the trustee for the notes, sending its shares down as much as 13 percent. Beazer, which faces a deteriorating U.S. housing market as well as two separate probes related to its mortgage-origination business, said it believes the default notices are "invalid and without merit." U.S. Bancorp (USB.N), parent of U.S. Bank, declined to comment. Independent credit rating firm Egan-Jones Ratings Co. said there was "blood in the water." "The delay in the 10Q filing is a concern," Egan-Jones said in a research note. "Beazer needs to provide answers on its credit strength soon." Last month Beazer sued U.S. Bank in federal court in Atlanta, seeking a ruling that a delay in filing its 10Q quarterly financial report did not constitute a default on $1.3 billion of outstanding notes. news.yahoo.com/s/nm/20070907/bs_nm/beazer_dc;_ylt=AhJrcUi9zPCaec_eVwLV4Xqs0NUE
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Post by blueneck on Sept 9, 2007 19:14:48 GMT -6
The Beazers around here pulled out after some scrutiny into shoddy construction and loan irregularities
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