Sunday, October 15, 2006

Attention Ex Kara Employees

Some of you have vistited this blog recently and posted various comments in the comments sections. Many of the comments pretty entertaining and appreciated.

As long as you are using this forum to "vent", perhaps you can answer some questions about the local real estate market in general, and how it might have played a part in Kara's recent filing. Specifically,

When did the market turn on Kara (ie. last summer, last spring, etc.)?

Was there a specific development that was especially draing from a cash flow perspective?

Were there a lot of speculators buying Kara homes? If so, what developments saw more than normal speculator activity?

52 Comments:

Anonymous Anonymous said...

The real estate market had very little to do with Kara Homes going under. There was no single development that was a drain on the company and most (not all) were actual home buyers. As said before it was a matter having management with little or no real estate experience, the ego of the owner, and controlling costs.

Zudi is a very good salesman but he is a horrible manager and an even worse judge of character. The company started with close friends and people with real estate experience but they were not the most trust worthy of people. He found out he was being ripped off by his own employees but didn’t really care because houses were selling faster than he could open communities. He decided to bring in the family from Detroit to cover his ass, but none of them knew a single thing about real estate and therefore couldn’t do anything to help watch costs. In fact, they were the biggest reason why things went down hill.

All of upper management (family and friends) had their hands out. All you would have to do is look at the number of homes they each own. Not sure what communities these homes are located but the owners of these homes live in Horizons at Birch Hill (Old Bridge) and Emerald Hills (Marlboro). Each one had at least 2 in their names, and I heard one executive had as many as 7 homes in his name. Zudi sold these homes to family and friends in order to inflate revenues at the end of every quarter and end of each year. Zudi only cared about Revenues because that is how he got his name and picture in magazines. The Inc. 500 magazine is based on year over year Revenue growth. It has nothing to do with PROFIT. The company was spending $1.50 for every $1.00 it was bringing in. The Finance/Accounting group tried warning Zudi of the cash flow and financing problems but he believed sales would conquer all. Many people throughout the entire company were rumored to have side deals with sub contractors, homeowners, or anyone who could make a quick dollar but nothing was ever proven. Any of the executives with real power were either too stupid to figure out how to stop people from stealing or they were in on it and getting a good amount of money on the side.

Buying land at kara homes was like being a waiter. If you had land you could name your price and any perks to go along with it and Zudi would pay it. Then he would yell at construction to build faster, and build cheaper. Sub-contractors would be told to work 6 days a week, but wouldn’t get paid. Then they would call the office looking for their checks and would be told to come in the office to pick them up. When they arrived, every executive with authority to sign checks would be out of the office and therefore the sub-contractors and vendors would have to wait another week to receive a check.

There is so much more, but I would need to write a book to cover everything.

Sunday, October 15, 2006 9:08:00 PM  
Anonymous Anonymous said...

I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

Sunday, October 15, 2006 10:29:00 PM  
Anonymous Anonymous said...

Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

Sunday, October 15, 2006 10:53:00 PM  
Anonymous Anonymous said...

Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

Monday, October 16, 2006 9:16:00 AM  
Anonymous Anonymous said...

What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

Monday, October 16, 2006 1:31:00 PM  
Blogger SCProfessor said...

Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

Monday, October 16, 2006 1:52:00 PM  
Anonymous Anonymous said...

Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

Monday, October 16, 2006 2:04:00 PM  
Anonymous Anonymous said...

Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

Monday, October 16, 2006 3:23:00 PM  
Anonymous Anonymous said...

What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

Monday, October 16, 2006 3:57:00 PM  
Anonymous Anonymous said...

Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

Monday, October 16, 2006 5:49:00 PM  
Anonymous Anonymous said...

fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

Monday, October 16, 2006 6:36:00 PM  
Anonymous disgruntled goat said...

Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

Monday, October 16, 2006 8:45:00 PM  
Anonymous Anonymous said...

I'd like to know the names of management that are still with the company working on the reoganization!

Tuesday, October 17, 2006 12:19:00 AM  
Anonymous Anonymous said...

According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

Tuesday, October 17, 2006 7:05:00 AM  
Anonymous Anonymous said...

KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

Tuesday, October 17, 2006 8:35:00 AM  
Anonymous Anonymous said...

The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

Tuesday, October 17, 2006 10:21:00 AM  
Anonymous Anonymous said...

Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

Tuesday, October 17, 2006 1:13:00 PM  
Anonymous Anonymous said...

Lets hear more about psycho,what ever happened to him?

Tuesday, October 17, 2006 5:53:00 PM  
Anonymous Anonymous said...

psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

Tuesday, October 17, 2006 6:01:00 PM  
Anonymous Anonymous said...

Moron?

Wednesday, October 18, 2006 10:53:00 AM  
Anonymous Anonymous said...

I know all about the morons, but who is the psycho??

Wednesday, October 18, 2006 11:54:00 AM  
Anonymous Anonymous said...

Zudi took it all too far,
But boy, could he play guitar!

Wednesday, October 18, 2006 1:13:00 PM  
Anonymous Anonymous said...

Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM

Wednesday, October 18, 2006 1:14:00 PM  
Anonymous Anonymous said...

Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM

Wednesday, October 18, 2006 1:15:00 PM  
Anonymous Anonymous said...

Is something going on with Kara Homes?

I ask this because a number of people on my sight today have arrived here by typing into Google "Kara Home bankruptcy."

I'm not saying that they have filed, only that the search term has been used a number of times today.
posted by Little Silvered at 8:50 PM

82 Comments:
Anonymous said...
Kara Homes is just about through at this point. They've laid off a ton of people and can't even afford to get their garbage hauled away. They owe lots of people lots of money and can't get anyone to do any work for them because it's common knowledge that they don't pay their vendors. Anyone dumb enough to buy from Kara right now will get a shoddily built crap shack in a development that'll never be finished.

10:07 PM
njcoast said...
Kara Homes sold 4 of the Tradewinds properties last month without even getting homes on them. Looks like they're throwing things overboard as they try to bale out the boat.

10:32 AM
Anonymous said...
Can you post this article from NYT Business? Pretty interesting. I am not sure how to shorten link.

http://www.nytimes.com/2006/10/04/business/04real.html?ex=1317614400&en=3892a9d60b0de698&ei=5089&partner=rssyahoo&emc=rss

1:08 PM
Disgruntled Goat said...
Kara has declared Chapter 11 as of Wed. October 4. I know this because until today, I worked there. The company is completely out of money. They did not even make payroll this week, no one received a paycheck this week. They have no intention of making good on the massive amount of money they owe to vendors & subs. They have no capability to finish the work they've started, either. Even if they did, there's no one to physically do the work as most of the staff has been let go or quit.

If Zudi screwed you too, give him a call on his cell phone, (732) 565 5632 & ask him what's up.

1:59 PM
njcoast said...
WOW! That sure is news! Remember last summer when this blog was dicussing the problems of Kara Homes and some one went on a rant of how we had no idea what we were talking about?! Amazing how the worm has turned!

2:20 PM
Disgruntled Goat said...
Oh, the worm has turned all right. Fast-tracker Zudi didn't even have the guts to face his staff this morning during the bankruptcy annoncement, he hid behind his lawyers like the coward he is. He allowed his employees to continue working for him despite knowing he could not pay them. So he waited until payday, then booted his staff out the door minus the two weeks salary they are owed. It really isn't too suprising, given how he's treated his customers and his vendors in the past. He also owes his staff a ton of bonus & commission money they earned and have been waiting on for months (and in some cases, years).

3:06 PM
grim said...
Can we get some kind of confirmation on this?

jb

4:07 PM
Anonymous said...
:::snip:::

FEB. 2, 2005 -- Inc. magazine has ranked Kara Homes 38th in its annual "Inc. 500" list of the fastest growing privately held companies in America.

Inc. cited Kara Homes' rapid growth, 615.8% last year, to $195.7 million in revenues during 2003. East Brunswick, NJ-based Kara Homes ranked Number 8 among private companies out of the "Inc. 500" in revenues and the builder anticipates 2004 sales to amount to $350M compared to $260M during 2003.

Inc. Magazine reported the company's total revenue growth since its first year in business at a staggering 2,463%.

"We are very excited by this recognition of the hard work, professionalism and dedication of our staff in helping so many people find their dream homes," said Zudi Karagjozi, founder and president of Kara Homes.

"Our company has grown rapidly since we started building in New Jersey just five years ago. Our buyers recognize the quality of construction, value and the extraordinary locations of Kara Homes communities."

5:16 PM
disgruntled goat said...
I wish there was a way I could verify this info, but soon that won't be necessary. It will all be completely verifiable very shortly. I may be disgruntled, but I am not like Zudi's (former) marketing team, I don't write fiction. I also pay people who peform work for me, which is another trait Zudi & I do not share.

12:51 AM
Anonymous said...
KARA HOMES

Kara Homes anticipates filing for bankruptcy
Posted by the Asbury Park Press on 10/5/06
STAFF REPORT

East Brunswick builder Kara Homes Inc., one of the biggest home builders in Monmouth and Ocean counties, anticipates filing for Chapter 11 bankruptcy, a company official said in a letter given to laid-off employees earlier this week.

Roberta W. Schultz, vice president of human resources and organizational development at Kara Homes, said in the note that the employees' jobs were terminated as of the end of the day Tuesday.

Editor's note: Are you a Kara Homes customer or employee who will be affected by Kara Homes' bankruptcy filing? For information or to talk to a reporter, e-mail Press staff writer David P. Willis at dwillis@app.com or call him at (732) 643-4039.

11:45 AM
Anonymous said...
I am under contract with Kara Homes in Jackson. Now I do not even know if I will get my $200K deposit back or my lot. Zudi is living in a $6M house in Rumson while I am homeless. Where is the justice? I want him put in jail for fraud.

1:34 PM
Anonymous said...
www.karamoldhomes.com

5:46 PM
Anonymous said...
Kara laid off over 100 people and the people who are staying are not getting paid. (what are they thinking)

If you want you can call management directly to complain
Zudi-732 735 5632
Hector (the uncle in charge) 732-433-4337
Roberta Schultz 908 421 4654

5:58 PM
disgruntled goat said...
The local press is only waiting on official documentation, then the story will be there for all to see. Zudi will not be able to hide behind one of his clever press releases this time around.

To the poster who has a deposit on a Kara home, my advice would be to get a lawyer, quickly. The chances of that particular job getting finished anytime soon is about zero. Even if they somehow manage to complete those homes, you can be sure they will be rushed, slipshod & full of issues that no one will help you address. Sorry, but that is the truth & not Kara's version of the truth.

The company has to post security guards at their field offices this week due to other disgruntled persons looting their offices and trailers. Which is to be expected if you decide to dick everyone out of their paychecks.

6:46 PM
Anonymous said...
From what I am hearing, John Fig? the head bean counter at Kara is at odds with Zudi the owner of Kara on how to proceed. Zudi does not want to listen to the bean counters he thinks he can save the day.
Zudi
Delusional, maybe
Effective leader- NOT
But he does have a 6 million dollar house in Rumson, nice cars a boat, servants at home and a wife who could stand to loose a few pounds

4:10 PM
Anonymous said...
If Zudi listened to the bean counters, he would have never been in this position in the first place. Problem was, he believed his press clippings instead of his advisors.

4:56 PM
Anonymous said...
Zuhdi never listened to anyone. Plenty of his people tried to point out the incredible waste all over the place but he wasn't interested. He was too busy being charismatic.

5:01 PM
Anonymous said...
Well we will see how long Zudi stays out of jail. He will definitely go down for fraud. Notice the karahomes.com website is still selling homes. FRAUD!!!!

5:06 PM
Anonymous said...
Hovnanian has ceased moving forward on a bunch of projects it has committed to also.....

5:27 PM
Anonymous said...
No one has updated that Kara website for many moons now. The people who did that stuff were all fired...er, I mean let go. That Robbie has every base covered.

5:35 PM
Anonymous said...
Maybe Zudi can drive his Aston Martin to federal prison!!!!

I wonder if his other lackies like Brandt and Kelly would go to jail with him??

5:39 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. the higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now two words sales EGO

6:23 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. The higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now three words JABLONSKI-NEPOTISM-EGO. Guess what what z man being the fastest growing builder isn't a good thing. I know it was nice to get your face on the cover of all those magazines, now the only place that face is will be on the front page of the papers with he lead "chapter 11/Bankrupt builder", or hidden under a coat doing the "perp walk" on your way into court. Anyone who blames this circus on the market is a moron. Captain Kara and his coconspirators haven't finished falling yet and it's gonna hurt when they hit bottom. You can't write this stuff.

6:29 PM
Anonymous said...
All of these names being mentioned what happened to the only qualified person that zman had in managment-Mike Alawich. OH that's right that Albanian Ara Hov wannabe zoodee let him go and blamed his failure on him because as always those with humungos egos have to have fall guy's or their fragile little heads would exlode

7:06 PM
Anonymous said...
Boy oh boy........how about that picnic. or was it a funeral?

8:21 PM
Anonymous said...
chapter 1
Young albanian man leaves queens-goes to cali becomes genius of marketing and desing/psuedo rock star
Chapter 2
goes on road trip with buds from hood discovers jersey real estate
chapter 3
decides to become slum lord cum land mogul
chapter 4
begins empire the all great and might ego has started to role
chapter 5
still has ocasional roll back into attempts at rock and roll
chapter 6
The empire grows not in proportion to the growth of the ego
chapter 7
the only thing growing faster than the empire is the debt and the problems
chapter 8
things are getting a little tight lets flip on the old charisma button
chapter 9
charisma failing lets try brains and balls uh ooh don't have those I'm screwed
chapter 10
the fun part of most roller coasters isn't the ride up the hill it's the fall to the bottom
chapter 11
I think that says it all. Actually this might have been 4 chapters too many

9:28 PM
disgruntled goat said...
Don't even get me started on Jablonski. He might as well be a cardboard cutout. He was an absolute genius back when houses sold themselves and he has the trophy to prove it. Tom always led the company in convention attendance year after year. I'm sure we'll all remember the thrill of occasionally seeing him stand around being important.

Observe how Zudi even included minor employee expenses in his utterly embarrassing filing. Kara Homes neglected to even list the expense money they owe me, or my earned PTO. In fact, when I saw the number I was suprised because they owe me considerably more than that. Guess they just estimated it, or took a wild guess. Then again, look who we're talking about here, this is the same business that managed to get themselves into a $100000+ hole with their portable crapper vendors.

Oh yeah, the picnic. The afternoon when Kara paid us to have a burger or two and take some time to get to know the families of the coworkers we'd soon be losing touch with. The upside was that at least Zudi didn't sing, show motivational videos, or share his reading list with us.

10:14 PM
Little Silvered said...
Albanian, Armenian, whatever.

11:11 PM
Anonymous said...
Hey goat-what is PTO

11:53 PM
Anonymous said...
He's albanian, definetly albania. Yeah yeah Debt for equity, debt for equity is good. gotta stretch stretch I gotta stretch. Anyone seen my doodle pad yeah debt for equity

11:55 PM
Anonymous said...
I have to belive that Jablonski has something on Zudi. Why else would he give him that much money.

The sales dept is a mess at Kara. While I was working at Kara the sales staff walked on water in Zudi's eyes.

Tom Jablonski is so clueless that he has this miserable trashy sales manager running his department. This girl has to be the most ignorant person you will ever meet . But since she is sleeping with one of Zudi's best friends (JK) she is safe and sound.

The whole place is a mess!!!! Even though I am out of a job and out of 3 weeks pay at least I am not listening to Zudi talk about how great he is and how he single handedly changed the face of real estate!!! hahahahahahaa

1:11 AM
disgruntled goat said...
PTO = paid time off

1:19 AM
disgruntled goat said...
And here comes the savagery. Comes with the territory when you are ripping people off.

I would expect a lot more ire directed towards Kara Homes this weekend, as the effects of idle time, financial difficulties and alcohol drive more ex-employees to find a forum in which to rant.

I don't know anything about innuendo or anyone's personal affairs. My venom is directed towards Zudi and the inner circle at Kara Homes. Zudi made a fool out of me and now I will return the favor by doing the same to him in any way I can, no matter how trivial or petty it may be.

2:23 AM
Anonymous said...
I haven't seen the security at the sites for rampaging employees, but the money going to waste in material is staggering. There is at least 2-3 months salaries and bonuses rotting away. Don't think for a minute that this material won't be used if Kara does move forward. Kara's biggest problem is they themselves are not builders,from corporate to site supers they are cluless. They contract with vendors who barely or can't speak English then expect Kara personal to somehow maintain an open dialouge. We build houses in America not grass huts,lack of heat/air,mold,cracked this broken that,still gets installed.As long as they settle.
Anyone who has been into a "finished" home has to ask how did that pass the infamous quality control teams inspection.

8:41 AM
Anonymous said...
So lets recap what has happend so far. Zoodee the gypsy prince and the rest of the family (uncle-COO, uncles best- freind VP HR, Aunt-over paid psudo acountant, cousin-design girl, best freind1-VP Land, Best freind2-VP Land2) are still working for the firm along with 55 other "chosen ones"-is it really working if they are not compensated, that is a topic for another day. What is the next step-they have no subs, no material and alot to get done. Where does the money come from. Maybe z's main sales man CF can front him some cash-I doubt that though because he's suing him. I'm sure the lord of charisma and spin will be able to convince someone to come up with the pesos he'll need to get back that fine group of third world sub-contractors that have been throwing together the MacMansions for kara-sell homes for years. So they come back, they finish a few homes, can the close them while there in chapter 11 and if they do where does the money go. There sure must be some intresting conversations going in East Brunswick over these issues. I feel confident that with the great minds up there they can surely pull this one off.
I bet it looks like something out the Wizard of OZ up there Robbie looking for her heart-John kelly singing if I only had a brain-zoodi hoping for some courage and Hector just wants to go home.

4:06 PM
Anonymous said...
anon. that is so great.........and soooo true!

8:01 PM
disgruntled goat said...
Supposedly, the Fraudster is still doing the dance, flitting around the office in his wrinkled clothes pretending he still has something to rebuild upon. He's still using the "I'll pay you back, somehow" line he trots out whenever anyone asks for the money he owes them, as if it's up to him anymore. Of course, when he's finished using his remaining few employees, he'll toss them under the bus like he does with everyone else he's exploited for a buck.

Rumor has it that Uncle Duh flew the coop & is in hiding someplace. maybe true, maybe not. The rest of his loyal cronies are still up there in E.Brunswick wasting oxygen, so nothing's changed on that front. I wouldn't be suprised to learn they're up there right now telling Roberta what they need shredded.

1:08 AM
Anonymous said...
The $6 million dollar man's 7,800 SF 'gift' from the industry, now in little wifey's name in Rumson, you know, the mansion on the swamp he got for free in '01 from the trades and vendors by being promised they were gonna get lots of work and then stringing along and burning everybody that did the work, did he pay any taxes on all the free labor and materials? It's gotta be huge. He should have moved to Florida when he had the chance. King, you were right.

1:38 PM
Anonymous said...
Look on ebay for Kara Home tee shirts. Opening bid ?? Time to raise some cash.

6:55 AM
Anonymous said...
Maybe someone should check into the assorted properties that Zudi,Hector,Schultz, and Kelly have added to there personal holdings since working for Kara.
I think it's time for Kelly to go back being a shoe salesman again,since he is a expert in the building business and knows so much. Time to smell feet again Kelly u loser. Hopefully you to will spend a little time in jail!!! Sell the house in Emerald and go back to where you came from.

8:15 AM
Anonymous said...
Wonder where Perrotti will sleep now that his leather couches are gone

2:56 PM
Anonymous said...
Leave Perotti alone he is sleeping with several women at Kara so he always has a place to stay.

I just wonder how Zudi's secratery is going to pay for that boob job now that she is not getting a pay check. Does she really think no one noticed!!!!

3:11 PM
Anonymous said...
Well maybe he can sleep in the barn with the horse loving C/A that couldn't be bothered doing anything other than talk on the phone, and make visits to the township.

3:16 PM
Anonymous said...
I heard that Uncle Hector's coke addicted son was let go. I guess after several weeks in rehab he couldn't handle driving around to sites and doing nothing.

Does anyone know if his wife is still living with Roberta?? I heard she left him due to his coke binges.

3:20 PM
Anonymous said...
Please stop referring to her as Roberta....it makes her sound feminine....Robbie fits her much better!!

3:27 PM
Anonymous said...
Being a very informed person on the matter of Kara Homes...There is no more to say then BYE FOR NOW...or maybe forever. Good luck to all those that were laid off and not paid. And even better luck to those that are there picking up the pieces of the mess that was created! The people that are still there are true SAINTS...they have not been paid in 3 weeks either!

3:53 PM
Anonymous said...
Is Saint the new term for idiot? Maybe they have been drinking too much of the magic Zudhi juice at the Weds night meetings....wonder if they are meeting this week. I guess they won't have to argue over which subs to pay this week and who to screw

4:17 PM
Anonymous said...
If you know so much please fill us all in on anything that has not been stated as of yet.

Don't just leave the discussion

4:17 PM
PennyLess said...
Who is going to meet? It is a CONSTRUCTION meeting..they fired (I mean) let all of construction go. And lets not forget in order to be in the construction business, you have to be CONSTRUCTING..not taking people's life savings/children's college funds to have super cool picnics and expensive over the top Xmas parties.

4:37 PM
Very Informed said...
In regards to what I stated before...Let's just say if you are owed any money, you are not going to get it. The K man did a lot of bad things and taking deposits and using them to pay people were one of the...Escro account HA! Only people that stand a chance getting their money back are those that are apart of a DCA community. By Law he cant touch that money. And for the employees that were so conveintly let go before the walls came down, good luck getting antyhing more then 20 cents on the dollar for what you are owed..if that!

4:40 PM
Anonymous said...
So I guess the employees let go at the end of January with 6 weeks severance pay, all vacation time paid and one month of medical should consider themselves the luck ones. Just knowing that Zudi / Robbie deemed the first group as expendable makes it all the sweeter. It all went down hill after the first round of lay offs....wonder why (maybe it was the new area president??)

4:52 PM
Anonymous said...
Heard the Kara Christmas party this year is at the Essex County court house.....

4:53 PM
Anonymous said...
Anyone remember Zudhi's classic speak lines? "we are building the jet plane while we are flying through the sky" "we missed our year end closing numbers, and that is affecting my kids college fund" "it was all constructions fault" "kara cares and it shows"

7:11 PM
Anonymous said...
so who do we have left in construction at the fastest builder in the universe-fastest falling builder.
Perotti and his band of rednecks and big bad mama in the south. The golden boy, smart-ass-ass kiss in old bridge. Phil the mechanic who couldn't build a n outhouse if he was given the first 4 walls and half the roof and the LARGE site supers. Wow these are the keepers, times are tough in the indusrty

8:02 PM
Anonymous said...
OK time for one of the "saints/idiots" to post some sort of rebutal. While I understand that all of you who were let go on Tuesday are angry, there is no reason to attack those you used to work with that are still there. Those of us that are still trying to fight through this are doing what we have to do for our families, what do you get out of slamming us. The cheap personal shots are nothing but cowardice. You didn't have the guts to say these things when you were still getting a check. You guys question the manhood of certain members of the management staff now, where were your balls when you worked here. OOHH that's right you had something to loose then, now on a faceless-nameless website under a made up name you can talk all the crap you want, bring up any rumor you want and be the man you wanted to be before but didn't have balls to because you wanted to keep the job you are bitching about now. Stop the whinning, spend your time e-mailing resumes instead of posting here and move on with your lives. The Kara part of your careers is done, crap happens-deal with it and focus on your next step.

8:37 PM
Anonymous said...
Why don't you all that were let go spend more time working on your resume and getting a job than spending your time bashing Kara Homes. If it was so bad, why didn't you leave sooner. I am sure you made a good salary and now because you were let go, Kara Homes is no good. Obviously, you were not doing your job or you would still be there. Leave the ones that are still there alone. Get a life!!

10:27 PM
Anonymous said...
Hey Saint/Idiot - guess you are still sipping the zudhi juice. The people that had the balls and spoke up against Zudhi, Robbie and the chosen few were the first to be let go. Maybe if you had the "balls" to stand up at a meeting and disagree with all the BS you would be gone too. It takes more balls to go against a group that month after month lied to its subs, lied to their employees and lied to the homeowners. Facts are facts and while it may have been great collecting your paychecks in the past, when subs were actually being paid something, how can you still sit there in your trailer and support KH? Do you even realize how many lives are being affected by zudhi & co selfish choices? Sure people want to vent, and they should! Most of the people in southern construction worked their asses off and got lied to and taken advantage of. The arrogant area president, screwed around and then took no responsibilities for ABSOLUTELY HORRIBLE decisions that screwed many many people. 99% written in the past 4 days on this site is the truth. Unfortunately Zudi and his team turned a blind eye to all the BS that happened in the field and in his corp offices and kept up the pretense of everything is prefect. I guess if you repeat a lie enough times you really do believe it. You said you are still with KH to do what you have to for your family, I guess that makes you part of the inner circle. You will probally never know what it is like to wonder where your next mortgage/car/credit card payment will come from. Lastly, if you want to talk about a guy with no balls, where the hell is ZK these days? No public comment from the man who loved the media spotlight? No communication to his former employees? I bet all the nameless / faceless posters would love to have just one more maniditory KH company meeting and see who has balls and who doesn't.

10:55 PM
Anonymous said...
While I truly do feel bad for those that are unemployeed now, I am far from "the inner circle". I have the same mortgage/credit card/car payments that all of those that are no longer working for kara have. I am far from a Kool aid drinker. I understand the position that this has put many, many people in. The point I'm trying to make is that why do this posts have to slam people over personal matters. If you have a gripe with Kara take it up with the labor board or your lawyer. Why make anonymous posts about former co-workers that don't know who they are defending themselves against. It seems that all of the faceless/ball-less anonymous poster that are on here slamming have no problem bringing up current employees names yet they can't say who they are. I understand that it's hard to be unemployeed, but as I said before-go on with your life.

11:34 PM
Anonymous said...
At least the employees can move on. The homeowners have had their money stolen AND have no house to live in!!! Enough about the employees. Three weeks pay is far from people's life savings.

11:42 AM
Anonymous said...
Hey Ed Dever, is that you?
Wow! you really are one angry dude.
I guess this explains why they called you "Special Ed"

6:57 PM
Anonymous said...
kara homes sucks and it was poor upper management. If everyone would focus on work instead of getting into each others pants and they might have been successful place. What can you say about a president who pays for his employees to get boob jobs when he cannot make payroll. Sounds good employees can't make their mort. payments but the family that destroyed his company can run back and fourth to Michigan on company money as well. How about a one way ticket we have enough ass x@?/ in New Jersey. Hey Hektor try a shower every now and then it really works.

8:51 AM
Anonymous said...
I’m absolutely amazed yet even more embarrassed that I even worked along side such an incredible bunch of gutless wonders in my life. You throw around comments about people on a personal level having no regard for the repercussions that may destroy peoples lives even more so than what Kara Homes has already done. Yet it is obvious that you are too scared to attach a name to a post. You attack people’s spouses and children by sending anonymous e-mails to their homes and places of work yet still don’t have the balls to acknowledge you own inadequacies for sticking around as long as you did. Good for you if it makes you feel better about yourselves! Continue hiding behind a nameless, faceless, gutless posting. Ya know… sometimes bad things happen to good people.
I don’t defend Kara for putting the screws to innocent people, buyers or homeowners; it truly could be viewed as a crime against humanity. However, your inability to move on only shows your weaknesses. I can tell you personally that it’s not easy cutting your losses and walking away with NOTHING. No family, No home, No money! But sometimes you just have to pick up the pieces and start over again from scratch and do whatever it is that you have to do to survive. If you insist on dwelling on this you might as well stick a gun in your mouth now! It’s simply no way to live if you can’t let go. It only proves your weakness and you loose even more of your dignity as you continue to dwell on this rather than move on.

1:06 PM
Anonymous said...
Tracey is that you?!

5:38 PM
Anonymous said...
Could be Tracey,who knows better about doing whatever you have to do to survive.

9:05 PM
Anonymous said...
You people just don"t get it!
Stew in your filth, it seems to be what you live for and enjoy most because you have nothing else better to live for. It's more enjoyable than your spouses and your children isn't it? Fine example your setting! May be a link to this blog should be sent to the elementary and high schools where your children go to see how their parents pioneered the example of what not to do! How would you like that? Dare me!?!?
I feel sorry for the whole lot of you. Good luck and Good Bye.

For the record: No this isn't Tracy.

9:58 PM
Anonymous said...
You know it's Tracy-after she finished banging Chris Fry in Lake Hopatcong she moved onto John Kelly in the office-SLUT! And how much you want to bet that that last kid of hers is Kelly's. Uncle Hektor-I hope you're happy now you stupid ass senile old clueless asshole. You certainly helped Ego-Man go down in flames faster-all the while banging your old dike-ster life partner Robbie. Picture that 3-some-Uncle, Aunt, and grandmother. If you only knew the insanity of this company you would easily see why it was inevitable. The subs were already in too deep and kept getting small payments while they tried to hang on and hoping he would somehow stay a float. They are screwed now. And the poor innocent homebuyers-they deserve first payments and their lives back. You know that scumbag has all his property in his wife's name because he saw this coming. Or maybe it was a clever method of TAX EVASION AND FRAUD after he forced every sub to do the work for free and certainly didn't put it on his tax return-HELLO IRS-COME AND TAKE A GOOD HARD LOOK!! And then there is the funneling of cash out to secret accounts-do you really think he only went to Albania to adopt a child? He went to check on his fortunes that were so cleverly smuggled back to the Albanian mob. And can you believe he paid for 2 boob jobs for his secretary and his closing coordinator as recently as last month? Do you think it's a coincidence that she got a check for $7500 and that's what it cost to have her babies lifted up at attention? Maybe he's doing them also after Princess Stephanie gets off her knees. More to come...

10:40 PM
Anonymous said...
Wow, you are on fire!!! Can we take it you tried to hook up with Tracy but she wasn't interested. I don't know why anyone would she is really beat looking but she is thinner than JK's wife I guess.

Has anyone seen Tom J's wife, I hear she is a real porker??? Did anyone look at what he was making yearly on the Chapter 11 filing document??? He must have caught ZK sleeping with his wife and is holding him for ransom.

I did not know the closing person got a boob job. Last I heard she was one the girls sleeping with Perotti while he was married. There is/was all kinds of sex going on in Karaland. I guess since I focused on doing my work I was let go for not sleeping with someone.
Who do you thing George B is sleeping with?? Maybe is old assistant!!! hahahahaa

11:42 PM
Anonymous said...
Go ahead, I dare you, no I double dare you to email this blog to the schools. You must be an absolute IDIOT to think that will stop these postings. I have a better idea, why don't you email the blog to the newspapers, and the TV stations, the IRS, so everyone knows exactly what type of company Kara really was. Everyone who worked at Kara corporate knew what was going on in the field, and the field knew the crap that corporate got away with. The subs and the homeowners were the ones in the middle. How many times were the invoices "lost" after being approved in the field and sent to accounting. How many times were the invoices re approved, re coded, and re sent only to have them mysteriously be LOST again. And the answer to the subs was always the same, "we only have X amount of open invoices in the system, resend then to us." Hopefully some agancy will open up an investigation and seek out all the former employees for their insight. Then we will see how smug ZK, Robbie, etc are .

10:46 AM
Anonymous said...
SO PETTY, YOU PEOPLE NEED A LIFE!

9:20 PM
Anonymous said...
I don't really know tracey to comment on her, but, the girl in the closing department was always very professinal in my dealings with her.

2:30 PM
disgruntled goat said...
I told ya this would get really ugly. The people still working there merely wish to be paid. They will remain long enough to serve whatever purpose they serve, then they'll get the boot too. They won't get their back pay any sooner than anyone else will, despite what they have been led to believe.

8:04 PM
Anonymous said...
Stephanie Babek-Wohlrab seems to have escaped much notice, but McGreevey's former cash cow was a big wrench thrown into the Kara machine. She showed up one day & immediately began throwing her weight around on decisions she had no qualifications to make.

8:07 PM
Anonymous said...
Another quick cheap shot: Robbie Schultz is really a man.

10:05 PM
Anonymous said...
After all is said and done Kara Homes will bounce back. Dozens of people will have gotten the screws.
Honest businessmen will have had to shut their doors, people will have lost their life savings. But Zudhi and his band of thieves will emerge victorious.

12:21 AM
Christina Torsiello said...
I think that there have been a lot of good points made here. It goes without saying that there were a lot of things wrong with the way this company was being run. I think the cheap shots are ridiculous, immature and most importantly irrelevant. This has been an unfortunate experience for a hell of a lot of people. I feel for all of us. P.S. I am not afraid to attach my name to this as it appears even the people who made comments about the ones who went anonymous were also listed as anonymous. Good luck to ALL of us!!

12:00 PM
Anonymous said...
If you happen to be a homebuyer who deposited money with a builder that was not being held in escrow, shame on your attorney. A qualified knowledgeable attorney would never let a builder utilize deposit monies for just this type of situation. Now on you have is your name as a creditor on a bankruptcy petition

11:05 AM
Anonymous said...
yes i worked with all the assholes in stafford framemikewho sold weed to all the other fools don the drunk scott pornothe asskisser chris zito dumb asshole wanabe all hiried by the manwoman robbie schultz whatever happened to fat ass potter that peice of dogcrap all you flaming assholes will have to get a job ai mac donalds if they would have you

2:20 PM
Anonymous said...
THINGS JUST HAVEN'T BEEN THE SAME SINCE SERRATELLI AND HIS GUYS HAVE LEFT MURPHY AND FARANO.THEY BUILT ME A HOUSE IN ISLAND WOODS AND IT WAS A GREAT.TRIED TO BUY ANOTHER AND CANCLED BECAUSE CONSTRUCTION WAS NOTHING BUT ASAHOLES GUESS I AM LUCKY..I CANCELED AND GOT MY MONEY BACK.

6:10 PM
Anonymous said...
COULD NOT HAPPEN TO A NICER GUY(ZUDI). IT WAS NOT ONLY THE HOUSE IN RUMSON THAT HE GOT FOR FREE BUT THE ONE HE SOLD A WEEK BEFORE ALL OF THIS IN LBI.HAVE FUN IN JAIL ZUDI YOU CAN CHEW YOUR NAILS MORE .YOU SCUMBUCKET..

6:14 PM
Coleen said...
Thank you for acknowledging the fact that I was doing my job. Yes that did include being on the phone most of the day fielding disgruntled homeowners wanting warranty work done & trying to get contractors to come & do work. This did usually end up in lengthly bashing of Kara and listening patiently when no one else was doing anything. I guess trying to be pro-active is a dirty word. And if Perotti or anyone else needs a place to stay there are several stalls available in the barn. I prefer supporting my 11 yr. olds sport with horses & not being a drunk, drug addict or sex maniac. So as one door closes another will open. We all need to move on as much as it sucks, I was at least hoping for a better outcome. But it is what it is, and we all with have to answer to a bigger power one day and knowing I have done all that I could I can sleep at night, finally. Hey Christine, thanks for having the guts to also use your name. What a bunch of weenies.

10:43 PM

Wednesday, October 18, 2006 1:24:00 PM  
Anonymous Anonymous said...

Zudi is a very good salesman but he is a horrible manager and an even worse judge of character. The company started with close friends and people with real estate experience but they were not the most trust worthy of people. He found out he was being ripped off by his own employees but didn’t really care because houses were selling faster than he could open communities. He decided to bring in the family from Detroit to cover his ass, but none of them knew a single thing about real estate and therefore couldn’t do anything to help watch costs. In fact, they were the biggest reason why things went down hill.

All of upper management (family and friends) had their hands out. All you would have to do is look at the number of homes they each own. Not sure what communities these homes are located but the owners of these homes live in Horizons at Birch Hill (Old Bridge) and Emerald Hills (Marlboro). Each one had at least 2 in their names, and I heard one executive had as many as 7 homes in his name. Zudi sold these homes to family and friends in order to inflate revenues at the end of every quarter and end of each year. Zudi only cared about Revenues because that is how he got his name and picture in magazines. The Inc. 500 magazine is based on year over year Revenue growth. It has nothing to do with PROFIT. The company was spending $1.50 for every $1.00 it was bringing in. The Finance/Accounting group tried warning Zudi of the cash flow and financing problems but he believed sales would conquer all. Many people throughout the entire company were rumored to have side deals with sub contractors, homeowners, or anyone who could make a quick dollar but nothing was ever proven. Any of the executives with real power were either too stupid to figure out how to stop people from stealing or they were in on it and getting a good amount of money on the side.

Buying land at kara homes was like being a waiter. If you had land you could name your price and any perks to go along with it and Zudi would pay it. Then he would yell at construction to build faster, and build cheaper. Sub-contractors would be told to work 6 days a week, but wouldn’t get paid. Then they would call the office looking for their checks and would be told to come in the office to pick them up. When they arrived, every executive with authority to sign checks would be out of the office and therefore the sub-contractors and vendors would have to wait another week to receive a check.

There is so much more, but I would need to write a book to cover everything.

9:08 PM


Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM

1:14 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM

1:15 PM


Anonymous said...
Is something going on with Kara Homes?

I ask this because a number of people on my sight today have arrived here by typing into Google "Kara Home bankruptcy."

I'm not saying that they have filed, only that the search term has been used a number of times today.
posted by Little Silvered at 8:50 PM

82 Comments:
Anonymous said...
Kara Homes is just about through at this point. They've laid off a ton of people and can't even afford to get their garbage hauled away. They owe lots of people lots of money and can't get anyone to do any work for them because it's common knowledge that they don't pay their vendors. Anyone dumb enough to buy from Kara right now will get a shoddily built crap shack in a development that'll never be finished.

10:07 PM
njcoast said...
Kara Homes sold 4 of the Tradewinds properties last month without even getting homes on them. Looks like they're throwing things overboard as they try to bale out the boat.

10:32 AM
Anonymous said...
Can you post this article from NYT Business? Pretty interesting. I am not sure how to shorten link.

http://www.nytimes.com/2006/10/04/business/04real.html?ex=1317614400&en=3892a9d60b0de698&ei=5089&partner=rssyahoo&emc=rss

1:08 PM
Disgruntled Goat said...
Kara has declared Chapter 11 as of Wed. October 4. I know this because until today, I worked there. The company is completely out of money. They did not even make payroll this week, no one received a paycheck this week. They have no intention of making good on the massive amount of money they owe to vendors & subs. They have no capability to finish the work they've started, either. Even if they did, there's no one to physically do the work as most of the staff has been let go or quit.

If Zudi screwed you too, give him a call on his cell phone, (732) 565 5632 & ask him what's up.

1:59 PM
njcoast said...
WOW! That sure is news! Remember last summer when this blog was dicussing the problems of Kara Homes and some one went on a rant of how we had no idea what we were talking about?! Amazing how the worm has turned!

2:20 PM
Disgruntled Goat said...
Oh, the worm has turned all right. Fast-tracker Zudi didn't even have the guts to face his staff this morning during the bankruptcy annoncement, he hid behind his lawyers like the coward he is. He allowed his employees to continue working for him despite knowing he could not pay them. So he waited until payday, then booted his staff out the door minus the two weeks salary they are owed. It really isn't too suprising, given how he's treated his customers and his vendors in the past. He also owes his staff a ton of bonus & commission money they earned and have been waiting on for months (and in some cases, years).

3:06 PM
grim said...
Can we get some kind of confirmation on this?

jb

4:07 PM
Anonymous said...
:::snip:::

FEB. 2, 2005 -- Inc. magazine has ranked Kara Homes 38th in its annual "Inc. 500" list of the fastest growing privately held companies in America.

Inc. cited Kara Homes' rapid growth, 615.8% last year, to $195.7 million in revenues during 2003. East Brunswick, NJ-based Kara Homes ranked Number 8 among private companies out of the "Inc. 500" in revenues and the builder anticipates 2004 sales to amount to $350M compared to $260M during 2003.

Inc. Magazine reported the company's total revenue growth since its first year in business at a staggering 2,463%.

"We are very excited by this recognition of the hard work, professionalism and dedication of our staff in helping so many people find their dream homes," said Zudi Karagjozi, founder and president of Kara Homes.

"Our company has grown rapidly since we started building in New Jersey just five years ago. Our buyers recognize the quality of construction, value and the extraordinary locations of Kara Homes communities."

5:16 PM
disgruntled goat said...
I wish there was a way I could verify this info, but soon that won't be necessary. It will all be completely verifiable very shortly. I may be disgruntled, but I am not like Zudi's (former) marketing team, I don't write fiction. I also pay people who peform work for me, which is another trait Zudi & I do not share.

12:51 AM
Anonymous said...
KARA HOMES

Kara Homes anticipates filing for bankruptcy
Posted by the Asbury Park Press on 10/5/06
STAFF REPORT

East Brunswick builder Kara Homes Inc., one of the biggest home builders in Monmouth and Ocean counties, anticipates filing for Chapter 11 bankruptcy, a company official said in a letter given to laid-off employees earlier this week.

Roberta W. Schultz, vice president of human resources and organizational development at Kara Homes, said in the note that the employees' jobs were terminated as of the end of the day Tuesday.

Editor's note: Are you a Kara Homes customer or employee who will be affected by Kara Homes' bankruptcy filing? For information or to talk to a reporter, e-mail Press staff writer David P. Willis at dwillis@app.com or call him at (732) 643-4039.

11:45 AM
Anonymous said...
I am under contract with Kara Homes in Jackson. Now I do not even know if I will get my $200K deposit back or my lot. Zudi is living in a $6M house in Rumson while I am homeless. Where is the justice? I want him put in jail for fraud.

1:34 PM
Anonymous said...
www.karamoldhomes.com

5:46 PM
Anonymous said...
Kara laid off over 100 people and the people who are staying are not getting paid. (what are they thinking)

If you want you can call management directly to complain
Zudi-732 735 5632
Hector (the uncle in charge) 732-433-4337
Roberta Schultz 908 421 4654

5:58 PM
disgruntled goat said...
The local press is only waiting on official documentation, then the story will be there for all to see. Zudi will not be able to hide behind one of his clever press releases this time around.

To the poster who has a deposit on a Kara home, my advice would be to get a lawyer, quickly. The chances of that particular job getting finished anytime soon is about zero. Even if they somehow manage to complete those homes, you can be sure they will be rushed, slipshod & full of issues that no one will help you address. Sorry, but that is the truth & not Kara's version of the truth.

The company has to post security guards at their field offices this week due to other disgruntled persons looting their offices and trailers. Which is to be expected if you decide to dick everyone out of their paychecks.

6:46 PM
Anonymous said...
From what I am hearing, John Fig? the head bean counter at Kara is at odds with Zudi the owner of Kara on how to proceed. Zudi does not want to listen to the bean counters he thinks he can save the day.
Zudi
Delusional, maybe
Effective leader- NOT
But he does have a 6 million dollar house in Rumson, nice cars a boat, servants at home and a wife who could stand to loose a few pounds

4:10 PM
Anonymous said...
If Zudi listened to the bean counters, he would have never been in this position in the first place. Problem was, he believed his press clippings instead of his advisors.

4:56 PM
Anonymous said...
Zuhdi never listened to anyone. Plenty of his people tried to point out the incredible waste all over the place but he wasn't interested. He was too busy being charismatic.

5:01 PM
Anonymous said...
Well we will see how long Zudi stays out of jail. He will definitely go down for fraud. Notice the karahomes.com website is still selling homes. FRAUD!!!!

5:06 PM
Anonymous said...
Hovnanian has ceased moving forward on a bunch of projects it has committed to also.....

5:27 PM
Anonymous said...
No one has updated that Kara website for many moons now. The people who did that stuff were all fired...er, I mean let go. That Robbie has every base covered.

5:35 PM
Anonymous said...
Maybe Zudi can drive his Aston Martin to federal prison!!!!

I wonder if his other lackies like Brandt and Kelly would go to jail with him??

5:39 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. the higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now two words sales EGO

6:23 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. The higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now three words JABLONSKI-NEPOTISM-EGO. Guess what what z man being the fastest growing builder isn't a good thing. I know it was nice to get your face on the cover of all those magazines, now the only place that face is will be on the front page of the papers with he lead "chapter 11/Bankrupt builder", or hidden under a coat doing the "perp walk" on your way into court. Anyone who blames this circus on the market is a moron. Captain Kara and his coconspirators haven't finished falling yet and it's gonna hurt when they hit bottom. You can't write this stuff.

6:29 PM
Anonymous said...
All of these names being mentioned what happened to the only qualified person that zman had in managment-Mike Alawich. OH that's right that Albanian Ara Hov wannabe zoodee let him go and blamed his failure on him because as always those with humungos egos have to have fall guy's or their fragile little heads would exlode

7:06 PM
Anonymous said...
Boy oh boy........how about that picnic. or was it a funeral?

8:21 PM
Anonymous said...
chapter 1
Young albanian man leaves queens-goes to cali becomes genius of marketing and desing/psuedo rock star
Chapter 2
goes on road trip with buds from hood discovers jersey real estate
chapter 3
decides to become slum lord cum land mogul
chapter 4
begins empire the all great and might ego has started to role
chapter 5
still has ocasional roll back into attempts at rock and roll
chapter 6
The empire grows not in proportion to the growth of the ego
chapter 7
the only thing growing faster than the empire is the debt and the problems
chapter 8
things are getting a little tight lets flip on the old charisma button
chapter 9
charisma failing lets try brains and balls uh ooh don't have those I'm screwed
chapter 10
the fun part of most roller coasters isn't the ride up the hill it's the fall to the bottom
chapter 11
I think that says it all. Actually this might have been 4 chapters too many

9:28 PM
disgruntled goat said...
Don't even get me started on Jablonski. He might as well be a cardboard cutout. He was an absolute genius back when houses sold themselves and he has the trophy to prove it. Tom always led the company in convention attendance year after year. I'm sure we'll all remember the thrill of occasionally seeing him stand around being important.

Observe how Zudi even included minor employee expenses in his utterly embarrassing filing. Kara Homes neglected to even list the expense money they owe me, or my earned PTO. In fact, when I saw the number I was suprised because they owe me considerably more than that. Guess they just estimated it, or took a wild guess. Then again, look who we're talking about here, this is the same business that managed to get themselves into a $100000+ hole with their portable crapper vendors.

Oh yeah, the picnic. The afternoon when Kara paid us to have a burger or two and take some time to get to know the families of the coworkers we'd soon be losing touch with. The upside was that at least Zudi didn't sing, show motivational videos, or share his reading list with us.

10:14 PM
Little Silvered said...
Albanian, Armenian, whatever.

11:11 PM
Anonymous said...
Hey goat-what is PTO

11:53 PM
Anonymous said...
He's albanian, definetly albania. Yeah yeah Debt for equity, debt for equity is good. gotta stretch stretch I gotta stretch. Anyone seen my doodle pad yeah debt for equity

11:55 PM
Anonymous said...
I have to belive that Jablonski has something on Zudi. Why else would he give him that much money.

The sales dept is a mess at Kara. While I was working at Kara the sales staff walked on water in Zudi's eyes.

Tom Jablonski is so clueless that he has this miserable trashy sales manager running his department. This girl has to be the most ignorant person you will ever meet . But since she is sleeping with one of Zudi's best friends (JK) she is safe and sound.

The whole place is a mess!!!! Even though I am out of a job and out of 3 weeks pay at least I am not listening to Zudi talk about how great he is and how he single handedly changed the face of real estate!!! hahahahahahaa

1:11 AM
disgruntled goat said...
PTO = paid time off

1:19 AM
disgruntled goat said...
And here comes the savagery. Comes with the territory when you are ripping people off.

I would expect a lot more ire directed towards Kara Homes this weekend, as the effects of idle time, financial difficulties and alcohol drive more ex-employees to find a forum in which to rant.

I don't know anything about innuendo or anyone's personal affairs. My venom is directed towards Zudi and the inner circle at Kara Homes. Zudi made a fool out of me and now I will return the favor by doing the same to him in any way I can, no matter how trivial or petty it may be.

2:23 AM
Anonymous said...
I haven't seen the security at the sites for rampaging employees, but the money going to waste in material is staggering. There is at least 2-3 months salaries and bonuses rotting away. Don't think for a minute that this material won't be used if Kara does move forward. Kara's biggest problem is they themselves are not builders,from corporate to site supers they are cluless. They contract with vendors who barely or can't speak English then expect Kara personal to somehow maintain an open dialouge. We build houses in America not grass huts,lack of heat/air,mold,cracked this broken that,still gets installed.As long as they settle.
Anyone who has been into a "finished" home has to ask how did that pass the infamous quality control teams inspection.

8:41 AM
Anonymous said...
So lets recap what has happend so far. Zoodee the gypsy prince and the rest of the family (uncle-COO, uncles best- freind VP HR, Aunt-over paid psudo acountant, cousin-design girl, best freind1-VP Land, Best freind2-VP Land2) are still working for the firm along with 55 other "chosen ones"-is it really working if they are not compensated, that is a topic for another day. What is the next step-they have no subs, no material and alot to get done. Where does the money come from. Maybe z's main sales man CF can front him some cash-I doubt that though because he's suing him. I'm sure the lord of charisma and spin will be able to convince someone to come up with the pesos he'll need to get back that fine group of third world sub-contractors that have been throwing together the MacMansions for kara-sell homes for years. So they come back, they finish a few homes, can the close them while there in chapter 11 and if they do where does the money go. There sure must be some intresting conversations going in East Brunswick over these issues. I feel confident that with the great minds up there they can surely pull this one off.
I bet it looks like something out the Wizard of OZ up there Robbie looking for her heart-John kelly singing if I only had a brain-zoodi hoping for some courage and Hector just wants to go home.

4:06 PM
Anonymous said...
anon. that is so great.........and soooo true!

8:01 PM
disgruntled goat said...
Supposedly, the Fraudster is still doing the dance, flitting around the office in his wrinkled clothes pretending he still has something to rebuild upon. He's still using the "I'll pay you back, somehow" line he trots out whenever anyone asks for the money he owes them, as if it's up to him anymore. Of course, when he's finished using his remaining few employees, he'll toss them under the bus like he does with everyone else he's exploited for a buck.

Rumor has it that Uncle Duh flew the coop & is in hiding someplace. maybe true, maybe not. The rest of his loyal cronies are still up there in E.Brunswick wasting oxygen, so nothing's changed on that front. I wouldn't be suprised to learn they're up there right now telling Roberta what they need shredded.

1:08 AM
Anonymous said...
The $6 million dollar man's 7,800 SF 'gift' from the industry, now in little wifey's name in Rumson, you know, the mansion on the swamp he got for free in '01 from the trades and vendors by being promised they were gonna get lots of work and then stringing along and burning everybody that did the work, did he pay any taxes on all the free labor and materials? It's gotta be huge. He should have moved to Florida when he had the chance. King, you were right.

1:38 PM
Anonymous said...
Look on ebay for Kara Home tee shirts. Opening bid ?? Time to raise some cash.

6:55 AM
Anonymous said...
Maybe someone should check into the assorted properties that Zudi,Hector,Schultz, and Kelly have added to there personal holdings since working for Kara.
I think it's time for Kelly to go back being a shoe salesman again,since he is a expert in the building business and knows so much. Time to smell feet again Kelly u loser. Hopefully you to will spend a little time in jail!!! Sell the house in Emerald and go back to where you came from.

8:15 AM
Anonymous said...
Wonder where Perrotti will sleep now that his leather couches are gone

2:56 PM
Anonymous said...
Leave Perotti alone he is sleeping with several women at Kara so he always has a place to stay.

I just wonder how Zudi's secratery is going to pay for that boob job now that she is not getting a pay check. Does she really think no one noticed!!!!

3:11 PM
Anonymous said...
Well maybe he can sleep in the barn with the horse loving C/A that couldn't be bothered doing anything other than talk on the phone, and make visits to the township.

3:16 PM
Anonymous said...
I heard that Uncle Hector's coke addicted son was let go. I guess after several weeks in rehab he couldn't handle driving around to sites and doing nothing.

Does anyone know if his wife is still living with Roberta?? I heard she left him due to his coke binges.

3:20 PM
Anonymous said...
Please stop referring to her as Roberta....it makes her sound feminine....Robbie fits her much better!!

3:27 PM
Anonymous said...
Being a very informed person on the matter of Kara Homes...There is no more to say then BYE FOR NOW...or maybe forever. Good luck to all those that were laid off and not paid. And even better luck to those that are there picking up the pieces of the mess that was created! The people that are still there are true SAINTS...they have not been paid in 3 weeks either!

3:53 PM
Anonymous said...
Is Saint the new term for idiot? Maybe they have been drinking too much of the magic Zudhi juice at the Weds night meetings....wonder if they are meeting this week. I guess they won't have to argue over which subs to pay this week and who to screw

4:17 PM
Anonymous said...
If you know so much please fill us all in on anything that has not been stated as of yet.

Don't just leave the discussion

4:17 PM
PennyLess said...
Who is going to meet? It is a CONSTRUCTION meeting..they fired (I mean) let all of construction go. And lets not forget in order to be in the construction business, you have to be CONSTRUCTING..not taking people's life savings/children's college funds to have super cool picnics and expensive over the top Xmas parties.

4:37 PM
Very Informed said...
In regards to what I stated before...Let's just say if you are owed any money, you are not going to get it. The K man did a lot of bad things and taking deposits and using them to pay people were one of the...Escro account HA! Only people that stand a chance getting their money back are those that are apart of a DCA community. By Law he cant touch that money. And for the employees that were so conveintly let go before the walls came down, good luck getting antyhing more then 20 cents on the dollar for what you are owed..if that!

4:40 PM
Anonymous said...
So I guess the employees let go at the end of January with 6 weeks severance pay, all vacation time paid and one month of medical should consider themselves the luck ones. Just knowing that Zudi / Robbie deemed the first group as expendable makes it all the sweeter. It all went down hill after the first round of lay offs....wonder why (maybe it was the new area president??)

4:52 PM
Anonymous said...
Heard the Kara Christmas party this year is at the Essex County court house.....

4:53 PM
Anonymous said...
Anyone remember Zudhi's classic speak lines? "we are building the jet plane while we are flying through the sky" "we missed our year end closing numbers, and that is affecting my kids college fund" "it was all constructions fault" "kara cares and it shows"

7:11 PM
Anonymous said...
so who do we have left in construction at the fastest builder in the universe-fastest falling builder.
Perotti and his band of rednecks and big bad mama in the south. The golden boy, smart-ass-ass kiss in old bridge. Phil the mechanic who couldn't build a n outhouse if he was given the first 4 walls and half the roof and the LARGE site supers. Wow these are the keepers, times are tough in the indusrty

8:02 PM
Anonymous said...
OK time for one of the "saints/idiots" to post some sort of rebutal. While I understand that all of you who were let go on Tuesday are angry, there is no reason to attack those you used to work with that are still there. Those of us that are still trying to fight through this are doing what we have to do for our families, what do you get out of slamming us. The cheap personal shots are nothing but cowardice. You didn't have the guts to say these things when you were still getting a check. You guys question the manhood of certain members of the management staff now, where were your balls when you worked here. OOHH that's right you had something to loose then, now on a faceless-nameless website under a made up name you can talk all the crap you want, bring up any rumor you want and be the man you wanted to be before but didn't have balls to because you wanted to keep the job you are bitching about now. Stop the whinning, spend your time e-mailing resumes instead of posting here and move on with your lives. The Kara part of your careers is done, crap happens-deal with it and focus on your next step.

8:37 PM
Anonymous said...
Why don't you all that were let go spend more time working on your resume and getting a job than spending your time bashing Kara Homes. If it was so bad, why didn't you leave sooner. I am sure you made a good salary and now because you were let go, Kara Homes is no good. Obviously, you were not doing your job or you would still be there. Leave the ones that are still there alone. Get a life!!

10:27 PM
Anonymous said...
Hey Saint/Idiot - guess you are still sipping the zudhi juice. The people that had the balls and spoke up against Zudhi, Robbie and the chosen few were the first to be let go. Maybe if you had the "balls" to stand up at a meeting and disagree with all the BS you would be gone too. It takes more balls to go against a group that month after month lied to its subs, lied to their employees and lied to the homeowners. Facts are facts and while it may have been great collecting your paychecks in the past, when subs were actually being paid something, how can you still sit there in your trailer and support KH? Do you even realize how many lives are being affected by zudhi & co selfish choices? Sure people want to vent, and they should! Most of the people in southern construction worked their asses off and got lied to and taken advantage of. The arrogant area president, screwed around and then took no responsibilities for ABSOLUTELY HORRIBLE decisions that screwed many many people. 99% written in the past 4 days on this site is the truth. Unfortunately Zudi and his team turned a blind eye to all the BS that happened in the field and in his corp offices and kept up the pretense of everything is prefect. I guess if you repeat a lie enough times you really do believe it. You said you are still with KH to do what you have to for your family, I guess that makes you part of the inner circle. You will probally never know what it is like to wonder where your next mortgage/car/credit card payment will come from. Lastly, if you want to talk about a guy with no balls, where the hell is ZK these days? No public comment from the man who loved the media spotlight? No communication to his former employees? I bet all the nameless / faceless posters would love to have just one more maniditory KH company meeting and see who has balls and who doesn't.

10:55 PM
Anonymous said...
While I truly do feel bad for those that are unemployeed now, I am far from "the inner circle". I have the same mortgage/credit card/car payments that all of those that are no longer working for kara have. I am far from a Kool aid drinker. I understand the position that this has put many, many people in. The point I'm trying to make is that why do this posts have to slam people over personal matters. If you have a gripe with Kara take it up with the labor board or your lawyer. Why make anonymous posts about former co-workers that don't know who they are defending themselves against. It seems that all of the faceless/ball-less anonymous poster that are on here slamming have no problem bringing up current employees names yet they can't say who they are. I understand that it's hard to be unemployeed, but as I said before-go on with your life.

11:34 PM
Anonymous said...
At least the employees can move on. The homeowners have had their money stolen AND have no house to live in!!! Enough about the employees. Three weeks pay is far from people's life savings.

11:42 AM
Anonymous said...
Hey Ed Dever, is that you?
Wow! you really are one angry dude.
I guess this explains why they called you "Special Ed"

6:57 PM
Anonymous said...
kara homes sucks and it was poor upper management. If everyone would focus on work instead of getting into each others pants and they might have been successful place. What can you say about a president who pays for his employees to get boob jobs when he cannot make payroll. Sounds good employees can't make their mort. payments but the family that destroyed his company can run back and fourth to Michigan on company money as well. How about a one way ticket we have enough ass x@?/ in New Jersey. Hey Hektor try a shower every now and then it really works.

8:51 AM
Anonymous said...
I’m absolutely amazed yet even more embarrassed that I even worked along side such an incredible bunch of gutless wonders in my life. You throw around comments about people on a personal level having no regard for the repercussions that may destroy peoples lives even more so than what Kara Homes has already done. Yet it is obvious that you are too scared to attach a name to a post. You attack people’s spouses and children by sending anonymous e-mails to their homes and places of work yet still don’t have the balls to acknowledge you own inadequacies for sticking around as long as you did. Good for you if it makes you feel better about yourselves! Continue hiding behind a nameless, faceless, gutless posting. Ya know… sometimes bad things happen to good people.
I don’t defend Kara for putting the screws to innocent people, buyers or homeowners; it truly could be viewed as a crime against humanity. However, your inability to move on only shows your weaknesses. I can tell you personally that it’s not easy cutting your losses and walking away with NOTHING. No family, No home, No money! But sometimes you just have to pick up the pieces and start over again from scratch and do whatever it is that you have to do to survive. If you insist on dwelling on this you might as well stick a gun in your mouth now! It’s simply no way to live if you can’t let go. It only proves your weakness and you loose even more of your dignity as you continue to dwell on this rather than move on.

1:06 PM
Anonymous said...
Tracey is that you?!

5:38 PM
Anonymous said...
Could be Tracey,who knows better about doing whatever you have to do to survive.

9:05 PM
Anonymous said...
You people just don"t get it!
Stew in your filth, it seems to be what you live for and enjoy most because you have nothing else better to live for. It's more enjoyable than your spouses and your children isn't it? Fine example your setting! May be a link to this blog should be sent to the elementary and high schools where your children go to see how their parents pioneered the example of what not to do! How would you like that? Dare me!?!?
I feel sorry for the whole lot of you. Good luck and Good Bye.

For the record: No this isn't Tracy.

9:58 PM
Anonymous said...
You know it's Tracy-after she finished banging Chris Fry in Lake Hopatcong she moved onto John Kelly in the office-SLUT! And how much you want to bet that that last kid of hers is Kelly's. Uncle Hektor-I hope you're happy now you stupid ass senile old clueless asshole. You certainly helped Ego-Man go down in flames faster-all the while banging your old dike-ster life partner Robbie. Picture that 3-some-Uncle, Aunt, and grandmother. If you only knew the insanity of this company you would easily see why it was inevitable. The subs were already in too deep and kept getting small payments while they tried to hang on and hoping he would somehow stay a float. They are screwed now. And the poor innocent homebuyers-they deserve first payments and their lives back. You know that scumbag has all his property in his wife's name because he saw this coming. Or maybe it was a clever method of TAX EVASION AND FRAUD after he forced every sub to do the work for free and certainly didn't put it on his tax return-HELLO IRS-COME AND TAKE A GOOD HARD LOOK!! And then there is the funneling of cash out to secret accounts-do you really think he only went to Albania to adopt a child? He went to check on his fortunes that were so cleverly smuggled back to the Albanian mob. And can you believe he paid for 2 boob jobs for his secretary and his closing coordinator as recently as last month? Do you think it's a coincidence that she got a check for $7500 and that's what it cost to have her babies lifted up at attention? Maybe he's doing them also after Princess Stephanie gets off her knees. More to come...

10:40 PM
Anonymous said...
Wow, you are on fire!!! Can we take it you tried to hook up with Tracy but she wasn't interested. I don't know why anyone would she is really beat looking but she is thinner than JK's wife I guess.

Has anyone seen Tom J's wife, I hear she is a real porker??? Did anyone look at what he was making yearly on the Chapter 11 filing document??? He must have caught ZK sleeping with his wife and is holding him for ransom.

I did not know the closing person got a boob job. Last I heard she was one the girls sleeping with Perotti while he was married. There is/was all kinds of sex going on in Karaland. I guess since I focused on doing my work I was let go for not sleeping with someone.
Who do you thing George B is sleeping with?? Maybe is old assistant!!! hahahahaa

11:42 PM
Anonymous said...
Go ahead, I dare you, no I double dare you to email this blog to the schools. You must be an absolute IDIOT to think that will stop these postings. I have a better idea, why don't you email the blog to the newspapers, and the TV stations, the IRS, so everyone knows exactly what type of company Kara really was. Everyone who worked at Kara corporate knew what was going on in the field, and the field knew the crap that corporate got away with. The subs and the homeowners were the ones in the middle. How many times were the invoices "lost" after being approved in the field and sent to accounting. How many times were the invoices re approved, re coded, and re sent only to have them mysteriously be LOST again. And the answer to the subs was always the same, "we only have X amount of open invoices in the system, resend then to us." Hopefully some agancy will open up an investigation and seek out all the former employees for their insight. Then we will see how smug ZK, Robbie, etc are .

10:46 AM
Anonymous said...
SO PETTY, YOU PEOPLE NEED A LIFE!

9:20 PM
Anonymous said...
I don't really know tracey to comment on her, but, the girl in the closing department was always very professinal in my dealings with her.

2:30 PM
disgruntled goat said...
I told ya this would get really ugly. The people still working there merely wish to be paid. They will remain long enough to serve whatever purpose they serve, then they'll get the boot too. They won't get their back pay any sooner than anyone else will, despite what they have been led to believe.

8:04 PM
Anonymous said...
Stephanie Babek-Wohlrab seems to have escaped much notice, but McGreevey's former cash cow was a big wrench thrown into the Kara machine. She showed up one day & immediately began throwing her weight around on decisions she had no qualifications to make.

8:07 PM
Anonymous said...
Another quick cheap shot: Robbie Schultz is really a man.

10:05 PM
Anonymous said...
After all is said and done Kara Homes will bounce back. Dozens of people will have gotten the screws.
Honest businessmen will have had to shut their doors, people will have lost their life savings. But Zudhi and his band of thieves will emerge victorious.

12:21 AM
Christina Torsiello said...
I think that there have been a lot of good points made here. It goes without saying that there were a lot of things wrong with the way this company was being run. I think the cheap shots are ridiculous, immature and most importantly irrelevant. This has been an unfortunate experience for a hell of a lot of people. I feel for all of us. P.S. I am not afraid to attach my name to this as it appears even the people who made comments about the ones who went anonymous were also listed as anonymous. Good luck to ALL of us!!

12:00 PM
Anonymous said...
If you happen to be a homebuyer who deposited money with a builder that was not being held in escrow, shame on your attorney. A qualified knowledgeable attorney would never let a builder utilize deposit monies for just this type of situation. Now on you have is your name as a creditor on a bankruptcy petition

11:05 AM
Anonymous said...
yes i worked with all the assholes in stafford framemikewho sold weed to all the other fools don the drunk scott pornothe asskisser chris zito dumb asshole wanabe all hiried by the manwoman robbie schultz whatever happened to fat ass potter that peice of dogcrap all you flaming assholes will have to get a job ai mac donalds if they would have you

2:20 PM
Anonymous said...
THINGS JUST HAVEN'T BEEN THE SAME SINCE SERRATELLI AND HIS GUYS HAVE LEFT MURPHY AND FARANO.THEY BUILT ME A HOUSE IN ISLAND WOODS AND IT WAS A GREAT.TRIED TO BUY ANOTHER AND CANCLED BECAUSE CONSTRUCTION WAS NOTHING BUT ASAHOLES GUESS I AM LUCKY..I CANCELED AND GOT MY MONEY BACK.

6:10 PM
Anonymous said...
COULD NOT HAPPEN TO A NICER GUY(ZUDI). IT WAS NOT ONLY THE HOUSE IN RUMSON THAT HE GOT FOR FREE BUT THE ONE HE SOLD A WEEK BEFORE ALL OF THIS IN LBI.HAVE FUN IN JAIL ZUDI YOU CAN CHEW YOUR NAILS MORE .YOU SCUMBUCKET..

6:14 PM
Coleen said...
Thank you for acknowledging the fact that I was doing my job. Yes that did include being on the phone most of the day fielding disgruntled homeowners wanting warranty work done & trying to get contractors to come & do work. This did usually end up in lengthly bashing of Kara and listening patiently when no one else was doing anything. I guess trying to be pro-active is a dirty word. And if Perotti or anyone else needs a place to stay there are several stalls available in the barn. I prefer supporting my 11 yr. olds sport with horses & not being a drunk, drug addict or sex maniac. So as one door closes another will open. We all need to move on as much as it sucks, I was at least hoping for a better outcome. But it is what it is, and we all with have to answer to a bigger power one day and knowing I have done all that I could I can sleep at night, finally. Hey Christine, thanks for having the guts to also use your name. What a bunch of weenies.

Wednesday, October 18, 2006 1:26:00 PM  
Anonymous Anonymous said...

Zudi is a very good salesman but he is a horrible manager and an even worse judge of character. The company started with close friends and people with real estate experience but they were not the most trust worthy of people. He found out he was being ripped off by his own employees but didn’t really care because houses were selling faster than he could open communities. He decided to bring in the family from Detroit to cover his ass, but none of them knew a single thing about real estate and therefore couldn’t do anything to help watch costs. In fact, they were the biggest reason why things went down hill.

All of upper management (family and friends) had their hands out. All you would have to do is look at the number of homes they each own. Not sure what communities these homes are located but the owners of these homes live in Horizons at Birch Hill (Old Bridge) and Emerald Hills (Marlboro). Each one had at least 2 in their names, and I heard one executive had as many as 7 homes in his name. Zudi sold these homes to family and friends in order to inflate revenues at the end of every quarter and end of each year. Zudi only cared about Revenues because that is how he got his name and picture in magazines. The Inc. 500 magazine is based on year over year Revenue growth. It has nothing to do with PROFIT. The company was spending $1.50 for every $1.00 it was bringing in. The Finance/Accounting group tried warning Zudi of the cash flow and financing problems but he believed sales would conquer all. Many people throughout the entire company were rumored to have side deals with sub contractors, homeowners, or anyone who could make a quick dollar but nothing was ever proven. Any of the executives with real power were either too stupid to figure out how to stop people from stealing or they were in on it and getting a good amount of money on the side.

Buying land at kara homes was like being a waiter. If you had land you could name your price and any perks to go along with it and Zudi would pay it. Then he would yell at construction to build faster, and build cheaper. Sub-contractors would be told to work 6 days a week, but wouldn’t get paid. Then they would call the office looking for their checks and would be told to come in the office to pick them up. When they arrived, every executive with authority to sign checks would be out of the office and therefore the sub-contractors and vendors would have to wait another week to receive a check.

There is so much more, but I would need to write a book to cover everything.

9:08 PM


Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM

1:14 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM

1:15 PM


Anonymous said...
Is something going on with Kara Homes?

I ask this because a number of people on my sight today have arrived here by typing into Google "Kara Home bankruptcy."

I'm not saying that they have filed, only that the search term has been used a number of times today.
posted by Little Silvered at 8:50 PM

82 Comments:
Anonymous said...
Kara Homes is just about through at this point. They've laid off a ton of people and can't even afford to get their garbage hauled away. They owe lots of people lots of money and can't get anyone to do any work for them because it's common knowledge that they don't pay their vendors. Anyone dumb enough to buy from Kara right now will get a shoddily built crap shack in a development that'll never be finished.

10:07 PM
njcoast said...
Kara Homes sold 4 of the Tradewinds properties last month without even getting homes on them. Looks like they're throwing things overboard as they try to bale out the boat.

10:32 AM
Anonymous said...
Can you post this article from NYT Business? Pretty interesting. I am not sure how to shorten link.

http://www.nytimes.com/2006/10/04/business/04real.html?ex=1317614400&en=3892a9d60b0de698&ei=5089&partner=rssyahoo&emc=rss

1:08 PM
Disgruntled Goat said...
Kara has declared Chapter 11 as of Wed. October 4. I know this because until today, I worked there. The company is completely out of money. They did not even make payroll this week, no one received a paycheck this week. They have no intention of making good on the massive amount of money they owe to vendors & subs. They have no capability to finish the work they've started, either. Even if they did, there's no one to physically do the work as most of the staff has been let go or quit.

If Zudi screwed you too, give him a call on his cell phone, (732) 565 5632 & ask him what's up.

1:59 PM
njcoast said...
WOW! That sure is news! Remember last summer when this blog was dicussing the problems of Kara Homes and some one went on a rant of how we had no idea what we were talking about?! Amazing how the worm has turned!

2:20 PM
Disgruntled Goat said...
Oh, the worm has turned all right. Fast-tracker Zudi didn't even have the guts to face his staff this morning during the bankruptcy annoncement, he hid behind his lawyers like the coward he is. He allowed his employees to continue working for him despite knowing he could not pay them. So he waited until payday, then booted his staff out the door minus the two weeks salary they are owed. It really isn't too suprising, given how he's treated his customers and his vendors in the past. He also owes his staff a ton of bonus & commission money they earned and have been waiting on for months (and in some cases, years).

3:06 PM
grim said...
Can we get some kind of confirmation on this?

jb

4:07 PM
Anonymous said...
:::snip:::

FEB. 2, 2005 -- Inc. magazine has ranked Kara Homes 38th in its annual "Inc. 500" list of the fastest growing privately held companies in America.

Inc. cited Kara Homes' rapid growth, 615.8% last year, to $195.7 million in revenues during 2003. East Brunswick, NJ-based Kara Homes ranked Number 8 among private companies out of the "Inc. 500" in revenues and the builder anticipates 2004 sales to amount to $350M compared to $260M during 2003.

Inc. Magazine reported the company's total revenue growth since its first year in business at a staggering 2,463%.

"We are very excited by this recognition of the hard work, professionalism and dedication of our staff in helping so many people find their dream homes," said Zudi Karagjozi, founder and president of Kara Homes.

"Our company has grown rapidly since we started building in New Jersey just five years ago. Our buyers recognize the quality of construction, value and the extraordinary locations of Kara Homes communities."

5:16 PM
disgruntled goat said...
I wish there was a way I could verify this info, but soon that won't be necessary. It will all be completely verifiable very shortly. I may be disgruntled, but I am not like Zudi's (former) marketing team, I don't write fiction. I also pay people who peform work for me, which is another trait Zudi & I do not share.

12:51 AM
Anonymous said...
KARA HOMES

Kara Homes anticipates filing for bankruptcy
Posted by the Asbury Park Press on 10/5/06
STAFF REPORT

East Brunswick builder Kara Homes Inc., one of the biggest home builders in Monmouth and Ocean counties, anticipates filing for Chapter 11 bankruptcy, a company official said in a letter given to laid-off employees earlier this week.

Roberta W. Schultz, vice president of human resources and organizational development at Kara Homes, said in the note that the employees' jobs were terminated as of the end of the day Tuesday.

Editor's note: Are you a Kara Homes customer or employee who will be affected by Kara Homes' bankruptcy filing? For information or to talk to a reporter, e-mail Press staff writer David P. Willis at dwillis@app.com or call him at (732) 643-4039.

11:45 AM
Anonymous said...
I am under contract with Kara Homes in Jackson. Now I do not even know if I will get my $200K deposit back or my lot. Zudi is living in a $6M house in Rumson while I am homeless. Where is the justice? I want him put in jail for fraud.

1:34 PM
Anonymous said...
www.karamoldhomes.com

5:46 PM
Anonymous said...
Kara laid off over 100 people and the people who are staying are not getting paid. (what are they thinking)

If you want you can call management directly to complain
Zudi-732 735 5632
Hector (the uncle in charge) 732-433-4337
Roberta Schultz 908 421 4654

5:58 PM
disgruntled goat said...
The local press is only waiting on official documentation, then the story will be there for all to see. Zudi will not be able to hide behind one of his clever press releases this time around.

To the poster who has a deposit on a Kara home, my advice would be to get a lawyer, quickly. The chances of that particular job getting finished anytime soon is about zero. Even if they somehow manage to complete those homes, you can be sure they will be rushed, slipshod & full of issues that no one will help you address. Sorry, but that is the truth & not Kara's version of the truth.

The company has to post security guards at their field offices this week due to other disgruntled persons looting their offices and trailers. Which is to be expected if you decide to dick everyone out of their paychecks.

6:46 PM
Anonymous said...
From what I am hearing, John Fig? the head bean counter at Kara is at odds with Zudi the owner of Kara on how to proceed. Zudi does not want to listen to the bean counters he thinks he can save the day.
Zudi
Delusional, maybe
Effective leader- NOT
But he does have a 6 million dollar house in Rumson, nice cars a boat, servants at home and a wife who could stand to loose a few pounds

4:10 PM
Anonymous said...
If Zudi listened to the bean counters, he would have never been in this position in the first place. Problem was, he believed his press clippings instead of his advisors.

4:56 PM
Anonymous said...
Zuhdi never listened to anyone. Plenty of his people tried to point out the incredible waste all over the place but he wasn't interested. He was too busy being charismatic.

5:01 PM
Anonymous said...
Well we will see how long Zudi stays out of jail. He will definitely go down for fraud. Notice the karahomes.com website is still selling homes. FRAUD!!!!

5:06 PM
Anonymous said...
Hovnanian has ceased moving forward on a bunch of projects it has committed to also.....

5:27 PM
Anonymous said...
No one has updated that Kara website for many moons now. The people who did that stuff were all fired...er, I mean let go. That Robbie has every base covered.

5:35 PM
Anonymous said...
Maybe Zudi can drive his Aston Martin to federal prison!!!!

I wonder if his other lackies like Brandt and Kelly would go to jail with him??

5:39 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. the higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now two words sales EGO

6:23 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. The higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now three words JABLONSKI-NEPOTISM-EGO. Guess what what z man being the fastest growing builder isn't a good thing. I know it was nice to get your face on the cover of all those magazines, now the only place that face is will be on the front page of the papers with he lead "chapter 11/Bankrupt builder", or hidden under a coat doing the "perp walk" on your way into court. Anyone who blames this circus on the market is a moron. Captain Kara and his coconspirators haven't finished falling yet and it's gonna hurt when they hit bottom. You can't write this stuff.

6:29 PM
Anonymous said...
All of these names being mentioned what happened to the only qualified person that zman had in managment-Mike Alawich. OH that's right that Albanian Ara Hov wannabe zoodee let him go and blamed his failure on him because as always those with humungos egos have to have fall guy's or their fragile little heads would exlode

7:06 PM
Anonymous said...
Boy oh boy........how about that picnic. or was it a funeral?

8:21 PM
Anonymous said...
chapter 1
Young albanian man leaves queens-goes to cali becomes genius of marketing and desing/psuedo rock star
Chapter 2
goes on road trip with buds from hood discovers jersey real estate
chapter 3
decides to become slum lord cum land mogul
chapter 4
begins empire the all great and might ego has started to role
chapter 5
still has ocasional roll back into attempts at rock and roll
chapter 6
The empire grows not in proportion to the growth of the ego
chapter 7
the only thing growing faster than the empire is the debt and the problems
chapter 8
things are getting a little tight lets flip on the old charisma button
chapter 9
charisma failing lets try brains and balls uh ooh don't have those I'm screwed
chapter 10
the fun part of most roller coasters isn't the ride up the hill it's the fall to the bottom
chapter 11
I think that says it all. Actually this might have been 4 chapters too many

9:28 PM
disgruntled goat said...
Don't even get me started on Jablonski. He might as well be a cardboard cutout. He was an absolute genius back when houses sold themselves and he has the trophy to prove it. Tom always led the company in convention attendance year after year. I'm sure we'll all remember the thrill of occasionally seeing him stand around being important.

Observe how Zudi even included minor employee expenses in his utterly embarrassing filing. Kara Homes neglected to even list the expense money they owe me, or my earned PTO. In fact, when I saw the number I was suprised because they owe me considerably more than that. Guess they just estimated it, or took a wild guess. Then again, look who we're talking about here, this is the same business that managed to get themselves into a $100000+ hole with their portable crapper vendors.

Oh yeah, the picnic. The afternoon when Kara paid us to have a burger or two and take some time to get to know the families of the coworkers we'd soon be losing touch with. The upside was that at least Zudi didn't sing, show motivational videos, or share his reading list with us.

10:14 PM
Little Silvered said...
Albanian, Armenian, whatever.

11:11 PM
Anonymous said...
Hey goat-what is PTO

11:53 PM
Anonymous said...
He's albanian, definetly albania. Yeah yeah Debt for equity, debt for equity is good. gotta stretch stretch I gotta stretch. Anyone seen my doodle pad yeah debt for equity

11:55 PM
Anonymous said...
I have to belive that Jablonski has something on Zudi. Why else would he give him that much money.

The sales dept is a mess at Kara. While I was working at Kara the sales staff walked on water in Zudi's eyes.

Tom Jablonski is so clueless that he has this miserable trashy sales manager running his department. This girl has to be the most ignorant person you will ever meet . But since she is sleeping with one of Zudi's best friends (JK) she is safe and sound.

The whole place is a mess!!!! Even though I am out of a job and out of 3 weeks pay at least I am not listening to Zudi talk about how great he is and how he single handedly changed the face of real estate!!! hahahahahahaa

1:11 AM
disgruntled goat said...
PTO = paid time off

1:19 AM
disgruntled goat said...
And here comes the savagery. Comes with the territory when you are ripping people off.

I would expect a lot more ire directed towards Kara Homes this weekend, as the effects of idle time, financial difficulties and alcohol drive more ex-employees to find a forum in which to rant.

I don't know anything about innuendo or anyone's personal affairs. My venom is directed towards Zudi and the inner circle at Kara Homes. Zudi made a fool out of me and now I will return the favor by doing the same to him in any way I can, no matter how trivial or petty it may be.

2:23 AM
Anonymous said...
I haven't seen the security at the sites for rampaging employees, but the money going to waste in material is staggering. There is at least 2-3 months salaries and bonuses rotting away. Don't think for a minute that this material won't be used if Kara does move forward. Kara's biggest problem is they themselves are not builders,from corporate to site supers they are cluless. They contract with vendors who barely or can't speak English then expect Kara personal to somehow maintain an open dialouge. We build houses in America not grass huts,lack of heat/air,mold,cracked this broken that,still gets installed.As long as they settle.
Anyone who has been into a "finished" home has to ask how did that pass the infamous quality control teams inspection.

8:41 AM
Anonymous said...
So lets recap what has happend so far. Zoodee the gypsy prince and the rest of the family (uncle-COO, uncles best- freind VP HR, Aunt-over paid psudo acountant, cousin-design girl, best freind1-VP Land, Best freind2-VP Land2) are still working for the firm along with 55 other "chosen ones"-is it really working if they are not compensated, that is a topic for another day. What is the next step-they have no subs, no material and alot to get done. Where does the money come from. Maybe z's main sales man CF can front him some cash-I doubt that though because he's suing him. I'm sure the lord of charisma and spin will be able to convince someone to come up with the pesos he'll need to get back that fine group of third world sub-contractors that have been throwing together the MacMansions for kara-sell homes for years. So they come back, they finish a few homes, can the close them while there in chapter 11 and if they do where does the money go. There sure must be some intresting conversations going in East Brunswick over these issues. I feel confident that with the great minds up there they can surely pull this one off.
I bet it looks like something out the Wizard of OZ up there Robbie looking for her heart-John kelly singing if I only had a brain-zoodi hoping for some courage and Hector just wants to go home.

4:06 PM
Anonymous said...
anon. that is so great.........and soooo true!

8:01 PM
disgruntled goat said...
Supposedly, the Fraudster is still doing the dance, flitting around the office in his wrinkled clothes pretending he still has something to rebuild upon. He's still using the "I'll pay you back, somehow" line he trots out whenever anyone asks for the money he owes them, as if it's up to him anymore. Of course, when he's finished using his remaining few employees, he'll toss them under the bus like he does with everyone else he's exploited for a buck.

Rumor has it that Uncle Duh flew the coop & is in hiding someplace. maybe true, maybe not. The rest of his loyal cronies are still up there in E.Brunswick wasting oxygen, so nothing's changed on that front. I wouldn't be suprised to learn they're up there right now telling Roberta what they need shredded.

1:08 AM
Anonymous said...
The $6 million dollar man's 7,800 SF 'gift' from the industry, now in little wifey's name in Rumson, you know, the mansion on the swamp he got for free in '01 from the trades and vendors by being promised they were gonna get lots of work and then stringing along and burning everybody that did the work, did he pay any taxes on all the free labor and materials? It's gotta be huge. He should have moved to Florida when he had the chance. King, you were right.

1:38 PM
Anonymous said...
Look on ebay for Kara Home tee shirts. Opening bid ?? Time to raise some cash.

6:55 AM
Anonymous said...
Maybe someone should check into the assorted properties that Zudi,Hector,Schultz, and Kelly have added to there personal holdings since working for Kara.
I think it's time for Kelly to go back being a shoe salesman again,since he is a expert in the building business and knows so much. Time to smell feet again Kelly u loser. Hopefully you to will spend a little time in jail!!! Sell the house in Emerald and go back to where you came from.

8:15 AM
Anonymous said...
Wonder where Perrotti will sleep now that his leather couches are gone

2:56 PM
Anonymous said...
Leave Perotti alone he is sleeping with several women at Kara so he always has a place to stay.

I just wonder how Zudi's secratery is going to pay for that boob job now that she is not getting a pay check. Does she really think no one noticed!!!!

3:11 PM
Anonymous said...
Well maybe he can sleep in the barn with the horse loving C/A that couldn't be bothered doing anything other than talk on the phone, and make visits to the township.

3:16 PM
Anonymous said...
I heard that Uncle Hector's coke addicted son was let go. I guess after several weeks in rehab he couldn't handle driving around to sites and doing nothing.

Does anyone know if his wife is still living with Roberta?? I heard she left him due to his coke binges.

3:20 PM
Anonymous said...
Please stop referring to her as Roberta....it makes her sound feminine....Robbie fits her much better!!

3:27 PM
Anonymous said...
Being a very informed person on the matter of Kara Homes...There is no more to say then BYE FOR NOW...or maybe forever. Good luck to all those that were laid off and not paid. And even better luck to those that are there picking up the pieces of the mess that was created! The people that are still there are true SAINTS...they have not been paid in 3 weeks either!

3:53 PM
Anonymous said...
Is Saint the new term for idiot? Maybe they have been drinking too much of the magic Zudhi juice at the Weds night meetings....wonder if they are meeting this week. I guess they won't have to argue over which subs to pay this week and who to screw

4:17 PM
Anonymous said...
If you know so much please fill us all in on anything that has not been stated as of yet.

Don't just leave the discussion

4:17 PM
PennyLess said...
Who is going to meet? It is a CONSTRUCTION meeting..they fired (I mean) let all of construction go. And lets not forget in order to be in the construction business, you have to be CONSTRUCTING..not taking people's life savings/children's college funds to have super cool picnics and expensive over the top Xmas parties.

4:37 PM
Very Informed said...
In regards to what I stated before...Let's just say if you are owed any money, you are not going to get it. The K man did a lot of bad things and taking deposits and using them to pay people were one of the...Escro account HA! Only people that stand a chance getting their money back are those that are apart of a DCA community. By Law he cant touch that money. And for the employees that were so conveintly let go before the walls came down, good luck getting antyhing more then 20 cents on the dollar for what you are owed..if that!

4:40 PM
Anonymous said...
So I guess the employees let go at the end of January with 6 weeks severance pay, all vacation time paid and one month of medical should consider themselves the luck ones. Just knowing that Zudi / Robbie deemed the first group as expendable makes it all the sweeter. It all went down hill after the first round of lay offs....wonder why (maybe it was the new area president??)

4:52 PM
Anonymous said...
Heard the Kara Christmas party this year is at the Essex County court house.....

4:53 PM
Anonymous said...
Anyone remember Zudhi's classic speak lines? "we are building the jet plane while we are flying through the sky" "we missed our year end closing numbers, and that is affecting my kids college fund" "it was all constructions fault" "kara cares and it shows"

7:11 PM
Anonymous said...
so who do we have left in construction at the fastest builder in the universe-fastest falling builder.
Perotti and his band of rednecks and big bad mama in the south. The golden boy, smart-ass-ass kiss in old bridge. Phil the mechanic who couldn't build a n outhouse if he was given the first 4 walls and half the roof and the LARGE site supers. Wow these are the keepers, times are tough in the indusrty

8:02 PM
Anonymous said...
OK time for one of the "saints/idiots" to post some sort of rebutal. While I understand that all of you who were let go on Tuesday are angry, there is no reason to attack those you used to work with that are still there. Those of us that are still trying to fight through this are doing what we have to do for our families, what do you get out of slamming us. The cheap personal shots are nothing but cowardice. You didn't have the guts to say these things when you were still getting a check. You guys question the manhood of certain members of the management staff now, where were your balls when you worked here. OOHH that's right you had something to loose then, now on a faceless-nameless website under a made up name you can talk all the crap you want, bring up any rumor you want and be the man you wanted to be before but didn't have balls to because you wanted to keep the job you are bitching about now. Stop the whinning, spend your time e-mailing resumes instead of posting here and move on with your lives. The Kara part of your careers is done, crap happens-deal with it and focus on your next step.

8:37 PM
Anonymous said...
Why don't you all that were let go spend more time working on your resume and getting a job than spending your time bashing Kara Homes. If it was so bad, why didn't you leave sooner. I am sure you made a good salary and now because you were let go, Kara Homes is no good. Obviously, you were not doing your job or you would still be there. Leave the ones that are still there alone. Get a life!!

10:27 PM
Anonymous said...
Hey Saint/Idiot - guess you are still sipping the zudhi juice. The people that had the balls and spoke up against Zudhi, Robbie and the chosen few were the first to be let go. Maybe if you had the "balls" to stand up at a meeting and disagree with all the BS you would be gone too. It takes more balls to go against a group that month after month lied to its subs, lied to their employees and lied to the homeowners. Facts are facts and while it may have been great collecting your paychecks in the past, when subs were actually being paid something, how can you still sit there in your trailer and support KH? Do you even realize how many lives are being affected by zudhi & co selfish choices? Sure people want to vent, and they should! Most of the people in southern construction worked their asses off and got lied to and taken advantage of. The arrogant area president, screwed around and then took no responsibilities for ABSOLUTELY HORRIBLE decisions that screwed many many people. 99% written in the past 4 days on this site is the truth. Unfortunately Zudi and his team turned a blind eye to all the BS that happened in the field and in his corp offices and kept up the pretense of everything is prefect. I guess if you repeat a lie enough times you really do believe it. You said you are still with KH to do what you have to for your family, I guess that makes you part of the inner circle. You will probally never know what it is like to wonder where your next mortgage/car/credit card payment will come from. Lastly, if you want to talk about a guy with no balls, where the hell is ZK these days? No public comment from the man who loved the media spotlight? No communication to his former employees? I bet all the nameless / faceless posters would love to have just one more maniditory KH company meeting and see who has balls and who doesn't.

10:55 PM
Anonymous said...
While I truly do feel bad for those that are unemployeed now, I am far from "the inner circle". I have the same mortgage/credit card/car payments that all of those that are no longer working for kara have. I am far from a Kool aid drinker. I understand the position that this has put many, many people in. The point I'm trying to make is that why do this posts have to slam people over personal matters. If you have a gripe with Kara take it up with the labor board or your lawyer. Why make anonymous posts about former co-workers that don't know who they are defending themselves against. It seems that all of the faceless/ball-less anonymous poster that are on here slamming have no problem bringing up current employees names yet they can't say who they are. I understand that it's hard to be unemployeed, but as I said before-go on with your life.

11:34 PM
Anonymous said...
At least the employees can move on. The homeowners have had their money stolen AND have no house to live in!!! Enough about the employees. Three weeks pay is far from people's life savings.

11:42 AM
Anonymous said...
Hey Ed Dever, is that you?
Wow! you really are one angry dude.
I guess this explains why they called you "Special Ed"

6:57 PM
Anonymous said...
kara homes sucks and it was poor upper management. If everyone would focus on work instead of getting into each others pants and they might have been successful place. What can you say about a president who pays for his employees to get boob jobs when he cannot make payroll. Sounds good employees can't make their mort. payments but the family that destroyed his company can run back and fourth to Michigan on company money as well. How about a one way ticket we have enough ass x@?/ in New Jersey. Hey Hektor try a shower every now and then it really works.

8:51 AM
Anonymous said...
I’m absolutely amazed yet even more embarrassed that I even worked along side such an incredible bunch of gutless wonders in my life. You throw around comments about people on a personal level having no regard for the repercussions that may destroy peoples lives even more so than what Kara Homes has already done. Yet it is obvious that you are too scared to attach a name to a post. You attack people’s spouses and children by sending anonymous e-mails to their homes and places of work yet still don’t have the balls to acknowledge you own inadequacies for sticking around as long as you did. Good for you if it makes you feel better about yourselves! Continue hiding behind a nameless, faceless, gutless posting. Ya know… sometimes bad things happen to good people.
I don’t defend Kara for putting the screws to innocent people, buyers or homeowners; it truly could be viewed as a crime against humanity. However, your inability to move on only shows your weaknesses. I can tell you personally that it’s not easy cutting your losses and walking away with NOTHING. No family, No home, No money! But sometimes you just have to pick up the pieces and start over again from scratch and do whatever it is that you have to do to survive. If you insist on dwelling on this you might as well stick a gun in your mouth now! It’s simply no way to live if you can’t let go. It only proves your weakness and you loose even more of your dignity as you continue to dwell on this rather than move on.

1:06 PM
Anonymous said...
Tracey is that you?!

5:38 PM
Anonymous said...
Could be Tracey,who knows better about doing whatever you have to do to survive.

9:05 PM
Anonymous said...
You people just don"t get it!
Stew in your filth, it seems to be what you live for and enjoy most because you have nothing else better to live for. It's more enjoyable than your spouses and your children isn't it? Fine example your setting! May be a link to this blog should be sent to the elementary and high schools where your children go to see how their parents pioneered the example of what not to do! How would you like that? Dare me!?!?
I feel sorry for the whole lot of you. Good luck and Good Bye.

For the record: No this isn't Tracy.

9:58 PM
Anonymous said...
You know it's Tracy-after she finished banging Chris Fry in Lake Hopatcong she moved onto John Kelly in the office-SLUT! And how much you want to bet that that last kid of hers is Kelly's. Uncle Hektor-I hope you're happy now you stupid ass senile old clueless asshole. You certainly helped Ego-Man go down in flames faster-all the while banging your old dike-ster life partner Robbie. Picture that 3-some-Uncle, Aunt, and grandmother. If you only knew the insanity of this company you would easily see why it was inevitable. The subs were already in too deep and kept getting small payments while they tried to hang on and hoping he would somehow stay a float. They are screwed now. And the poor innocent homebuyers-they deserve first payments and their lives back. You know that scumbag has all his property in his wife's name because he saw this coming. Or maybe it was a clever method of TAX EVASION AND FRAUD after he forced every sub to do the work for free and certainly didn't put it on his tax return-HELLO IRS-COME AND TAKE A GOOD HARD LOOK!! And then there is the funneling of cash out to secret accounts-do you really think he only went to Albania to adopt a child? He went to check on his fortunes that were so cleverly smuggled back to the Albanian mob. And can you believe he paid for 2 boob jobs for his secretary and his closing coordinator as recently as last month? Do you think it's a coincidence that she got a check for $7500 and that's what it cost to have her babies lifted up at attention? Maybe he's doing them also after Princess Stephanie gets off her knees. More to come...

10:40 PM
Anonymous said...
Wow, you are on fire!!! Can we take it you tried to hook up with Tracy but she wasn't interested. I don't know why anyone would she is really beat looking but she is thinner than JK's wife I guess.

Has anyone seen Tom J's wife, I hear she is a real porker??? Did anyone look at what he was making yearly on the Chapter 11 filing document??? He must have caught ZK sleeping with his wife and is holding him for ransom.

I did not know the closing person got a boob job. Last I heard she was one the girls sleeping with Perotti while he was married. There is/was all kinds of sex going on in Karaland. I guess since I focused on doing my work I was let go for not sleeping with someone.
Who do you thing George B is sleeping with?? Maybe is old assistant!!! hahahahaa

11:42 PM
Anonymous said...
Go ahead, I dare you, no I double dare you to email this blog to the schools. You must be an absolute IDIOT to think that will stop these postings. I have a better idea, why don't you email the blog to the newspapers, and the TV stations, the IRS, so everyone knows exactly what type of company Kara really was. Everyone who worked at Kara corporate knew what was going on in the field, and the field knew the crap that corporate got away with. The subs and the homeowners were the ones in the middle. How many times were the invoices "lost" after being approved in the field and sent to accounting. How many times were the invoices re approved, re coded, and re sent only to have them mysteriously be LOST again. And the answer to the subs was always the same, "we only have X amount of open invoices in the system, resend then to us." Hopefully some agancy will open up an investigation and seek out all the former employees for their insight. Then we will see how smug ZK, Robbie, etc are .

10:46 AM
Anonymous said...
SO PETTY, YOU PEOPLE NEED A LIFE!

9:20 PM
Anonymous said...
I don't really know tracey to comment on her, but, the girl in the closing department was always very professinal in my dealings with her.

2:30 PM
disgruntled goat said...
I told ya this would get really ugly. The people still working there merely wish to be paid. They will remain long enough to serve whatever purpose they serve, then they'll get the boot too. They won't get their back pay any sooner than anyone else will, despite what they have been led to believe.

8:04 PM
Anonymous said...
Stephanie Babek-Wohlrab seems to have escaped much notice, but McGreevey's former cash cow was a big wrench thrown into the Kara machine. She showed up one day & immediately began throwing her weight around on decisions she had no qualifications to make.

8:07 PM
Anonymous said...
Another quick cheap shot: Robbie Schultz is really a man.

10:05 PM
Anonymous said...
After all is said and done Kara Homes will bounce back. Dozens of people will have gotten the screws.
Honest businessmen will have had to shut their doors, people will have lost their life savings. But Zudhi and his band of thieves will emerge victorious.

12:21 AM
Christina Torsiello said...
I think that there have been a lot of good points made here. It goes without saying that there were a lot of things wrong with the way this company was being run. I think the cheap shots are ridiculous, immature and most importantly irrelevant. This has been an unfortunate experience for a hell of a lot of people. I feel for all of us. P.S. I am not afraid to attach my name to this as it appears even the people who made comments about the ones who went anonymous were also listed as anonymous. Good luck to ALL of us!!

12:00 PM
Anonymous said...
If you happen to be a homebuyer who deposited money with a builder that was not being held in escrow, shame on your attorney. A qualified knowledgeable attorney would never let a builder utilize deposit monies for just this type of situation. Now on you have is your name as a creditor on a bankruptcy petition

11:05 AM
Anonymous said...
yes i worked with all the assholes in stafford framemikewho sold weed to all the other fools don the drunk scott pornothe asskisser chris zito dumb asshole wanabe all hiried by the manwoman robbie schultz whatever happened to fat ass potter that peice of dogcrap all you flaming assholes will have to get a job ai mac donalds if they would have you

2:20 PM
Anonymous said...
THINGS JUST HAVEN'T BEEN THE SAME SINCE SERRATELLI AND HIS GUYS HAVE LEFT MURPHY AND FARANO.THEY BUILT ME A HOUSE IN ISLAND WOODS AND IT WAS A GREAT.TRIED TO BUY ANOTHER AND CANCLED BECAUSE CONSTRUCTION WAS NOTHING BUT ASAHOLES GUESS I AM LUCKY..I CANCELED AND GOT MY MONEY BACK.

6:10 PM
Anonymous said...
COULD NOT HAPPEN TO A NICER GUY(ZUDI). IT WAS NOT ONLY THE HOUSE IN RUMSON THAT HE GOT FOR FREE BUT THE ONE HE SOLD A WEEK BEFORE ALL OF THIS IN LBI.HAVE FUN IN JAIL ZUDI YOU CAN CHEW YOUR NAILS MORE .YOU SCUMBUCKET..

6:14 PM
Coleen said...
Thank you for acknowledging the fact that I was doing my job. Yes that did include being on the phone most of the day fielding disgruntled homeowners wanting warranty work done & trying to get contractors to come & do work. This did usually end up in lengthly bashing of Kara and listening patiently when no one else was doing anything. I guess trying to be pro-active is a dirty word. And if Perotti or anyone else needs a place to stay there are several stalls available in the barn. I prefer supporting my 11 yr. olds sport with horses & not being a drunk, drug addict or sex maniac. So as one door closes another will open. We all need to move on as much as it sucks, I was at least hoping for a better outcome. But it is what it is, and we all with have to answer to a bigger power one day and knowing I have done all that I could I can sleep at night, finally. Hey Christine, thanks for having the guts to also use your name. What a bunch of weenies.

Wednesday, October 18, 2006 1:26:00 PM  
Anonymous Anonymous said...

Zudi is a very good salesman but he is a horrible manager and an even worse judge of character. The company started with close friends and people with real estate experience but they were not the most trust worthy of people. He found out he was being ripped off by his own employees but didn’t really care because houses were selling faster than he could open communities. He decided to bring in the family from Detroit to cover his ass, but none of them knew a single thing about real estate and therefore couldn’t do anything to help watch costs. In fact, they were the biggest reason why things went down hill.

All of upper management (family and friends) had their hands out. All you would have to do is look at the number of homes they each own. Not sure what communities these homes are located but the owners of these homes live in Horizons at Birch Hill (Old Bridge) and Emerald Hills (Marlboro). Each one had at least 2 in their names, and I heard one executive had as many as 7 homes in his name. Zudi sold these homes to family and friends in order to inflate revenues at the end of every quarter and end of each year. Zudi only cared about Revenues because that is how he got his name and picture in magazines. The Inc. 500 magazine is based on year over year Revenue growth. It has nothing to do with PROFIT. The company was spending $1.50 for every $1.00 it was bringing in. The Finance/Accounting group tried warning Zudi of the cash flow and financing problems but he believed sales would conquer all. Many people throughout the entire company were rumored to have side deals with sub contractors, homeowners, or anyone who could make a quick dollar but nothing was ever proven. Any of the executives with real power were either too stupid to figure out how to stop people from stealing or they were in on it and getting a good amount of money on the side.

Buying land at kara homes was like being a waiter. If you had land you could name your price and any perks to go along with it and Zudi would pay it. Then he would yell at construction to build faster, and build cheaper. Sub-contractors would be told to work 6 days a week, but wouldn’t get paid. Then they would call the office looking for their checks and would be told to come in the office to pick them up. When they arrived, every executive with authority to sign checks would be out of the office and therefore the sub-contractors and vendors would have to wait another week to receive a check.

There is so much more, but I would need to write a book to cover everything.

9:08 PM


Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM

1:14 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM

1:15 PM


Anonymous said...
Is something going on with Kara Homes?

I ask this because a number of people on my sight today have arrived here by typing into Google "Kara Home bankruptcy."

I'm not saying that they have filed, only that the search term has been used a number of times today.
posted by Little Silvered at 8:50 PM

82 Comments:
Anonymous said...
Kara Homes is just about through at this point. They've laid off a ton of people and can't even afford to get their garbage hauled away. They owe lots of people lots of money and can't get anyone to do any work for them because it's common knowledge that they don't pay their vendors. Anyone dumb enough to buy from Kara right now will get a shoddily built crap shack in a development that'll never be finished.

10:07 PM
njcoast said...
Kara Homes sold 4 of the Tradewinds properties last month without even getting homes on them. Looks like they're throwing things overboard as they try to bale out the boat.

10:32 AM
Anonymous said...
Can you post this article from NYT Business? Pretty interesting. I am not sure how to shorten link.

http://www.nytimes.com/2006/10/04/business/04real.html?ex=1317614400&en=3892a9d60b0de698&ei=5089&partner=rssyahoo&emc=rss

1:08 PM
Disgruntled Goat said...
Kara has declared Chapter 11 as of Wed. October 4. I know this because until today, I worked there. The company is completely out of money. They did not even make payroll this week, no one received a paycheck this week. They have no intention of making good on the massive amount of money they owe to vendors & subs. They have no capability to finish the work they've started, either. Even if they did, there's no one to physically do the work as most of the staff has been let go or quit.

If Zudi screwed you too, give him a call on his cell phone, (732) 565 5632 & ask him what's up.

1:59 PM
njcoast said...
WOW! That sure is news! Remember last summer when this blog was dicussing the problems of Kara Homes and some one went on a rant of how we had no idea what we were talking about?! Amazing how the worm has turned!

2:20 PM
Disgruntled Goat said...
Oh, the worm has turned all right. Fast-tracker Zudi didn't even have the guts to face his staff this morning during the bankruptcy annoncement, he hid behind his lawyers like the coward he is. He allowed his employees to continue working for him despite knowing he could not pay them. So he waited until payday, then booted his staff out the door minus the two weeks salary they are owed. It really isn't too suprising, given how he's treated his customers and his vendors in the past. He also owes his staff a ton of bonus & commission money they earned and have been waiting on for months (and in some cases, years).

3:06 PM
grim said...
Can we get some kind of confirmation on this?

jb

4:07 PM
Anonymous said...
:::snip:::

FEB. 2, 2005 -- Inc. magazine has ranked Kara Homes 38th in its annual "Inc. 500" list of the fastest growing privately held companies in America.

Inc. cited Kara Homes' rapid growth, 615.8% last year, to $195.7 million in revenues during 2003. East Brunswick, NJ-based Kara Homes ranked Number 8 among private companies out of the "Inc. 500" in revenues and the builder anticipates 2004 sales to amount to $350M compared to $260M during 2003.

Inc. Magazine reported the company's total revenue growth since its first year in business at a staggering 2,463%.

"We are very excited by this recognition of the hard work, professionalism and dedication of our staff in helping so many people find their dream homes," said Zudi Karagjozi, founder and president of Kara Homes.

"Our company has grown rapidly since we started building in New Jersey just five years ago. Our buyers recognize the quality of construction, value and the extraordinary locations of Kara Homes communities."

5:16 PM
disgruntled goat said...
I wish there was a way I could verify this info, but soon that won't be necessary. It will all be completely verifiable very shortly. I may be disgruntled, but I am not like Zudi's (former) marketing team, I don't write fiction. I also pay people who peform work for me, which is another trait Zudi & I do not share.

12:51 AM
Anonymous said...
KARA HOMES

Kara Homes anticipates filing for bankruptcy
Posted by the Asbury Park Press on 10/5/06
STAFF REPORT

East Brunswick builder Kara Homes Inc., one of the biggest home builders in Monmouth and Ocean counties, anticipates filing for Chapter 11 bankruptcy, a company official said in a letter given to laid-off employees earlier this week.

Roberta W. Schultz, vice president of human resources and organizational development at Kara Homes, said in the note that the employees' jobs were terminated as of the end of the day Tuesday.

Editor's note: Are you a Kara Homes customer or employee who will be affected by Kara Homes' bankruptcy filing? For information or to talk to a reporter, e-mail Press staff writer David P. Willis at dwillis@app.com or call him at (732) 643-4039.

11:45 AM
Anonymous said...
I am under contract with Kara Homes in Jackson. Now I do not even know if I will get my $200K deposit back or my lot. Zudi is living in a $6M house in Rumson while I am homeless. Where is the justice? I want him put in jail for fraud.

1:34 PM
Anonymous said...
www.karamoldhomes.com

5:46 PM
Anonymous said...
Kara laid off over 100 people and the people who are staying are not getting paid. (what are they thinking)

If you want you can call management directly to complain
Zudi-732 735 5632
Hector (the uncle in charge) 732-433-4337
Roberta Schultz 908 421 4654

5:58 PM
disgruntled goat said...
The local press is only waiting on official documentation, then the story will be there for all to see. Zudi will not be able to hide behind one of his clever press releases this time around.

To the poster who has a deposit on a Kara home, my advice would be to get a lawyer, quickly. The chances of that particular job getting finished anytime soon is about zero. Even if they somehow manage to complete those homes, you can be sure they will be rushed, slipshod & full of issues that no one will help you address. Sorry, but that is the truth & not Kara's version of the truth.

The company has to post security guards at their field offices this week due to other disgruntled persons looting their offices and trailers. Which is to be expected if you decide to dick everyone out of their paychecks.

6:46 PM
Anonymous said...
From what I am hearing, John Fig? the head bean counter at Kara is at odds with Zudi the owner of Kara on how to proceed. Zudi does not want to listen to the bean counters he thinks he can save the day.
Zudi
Delusional, maybe
Effective leader- NOT
But he does have a 6 million dollar house in Rumson, nice cars a boat, servants at home and a wife who could stand to loose a few pounds

4:10 PM
Anonymous said...
If Zudi listened to the bean counters, he would have never been in this position in the first place. Problem was, he believed his press clippings instead of his advisors.

4:56 PM
Anonymous said...
Zuhdi never listened to anyone. Plenty of his people tried to point out the incredible waste all over the place but he wasn't interested. He was too busy being charismatic.

5:01 PM
Anonymous said...
Well we will see how long Zudi stays out of jail. He will definitely go down for fraud. Notice the karahomes.com website is still selling homes. FRAUD!!!!

5:06 PM
Anonymous said...
Hovnanian has ceased moving forward on a bunch of projects it has committed to also.....

5:27 PM
Anonymous said...
No one has updated that Kara website for many moons now. The people who did that stuff were all fired...er, I mean let go. That Robbie has every base covered.

5:35 PM
Anonymous said...
Maybe Zudi can drive his Aston Martin to federal prison!!!!

I wonder if his other lackies like Brandt and Kelly would go to jail with him??

5:39 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. the higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now two words sales EGO

6:23 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. The higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now three words JABLONSKI-NEPOTISM-EGO. Guess what what z man being the fastest growing builder isn't a good thing. I know it was nice to get your face on the cover of all those magazines, now the only place that face is will be on the front page of the papers with he lead "chapter 11/Bankrupt builder", or hidden under a coat doing the "perp walk" on your way into court. Anyone who blames this circus on the market is a moron. Captain Kara and his coconspirators haven't finished falling yet and it's gonna hurt when they hit bottom. You can't write this stuff.

6:29 PM
Anonymous said...
All of these names being mentioned what happened to the only qualified person that zman had in managment-Mike Alawich. OH that's right that Albanian Ara Hov wannabe zoodee let him go and blamed his failure on him because as always those with humungos egos have to have fall guy's or their fragile little heads would exlode

7:06 PM
Anonymous said...
Boy oh boy........how about that picnic. or was it a funeral?

8:21 PM
Anonymous said...
chapter 1
Young albanian man leaves queens-goes to cali becomes genius of marketing and desing/psuedo rock star
Chapter 2
goes on road trip with buds from hood discovers jersey real estate
chapter 3
decides to become slum lord cum land mogul
chapter 4
begins empire the all great and might ego has started to role
chapter 5
still has ocasional roll back into attempts at rock and roll
chapter 6
The empire grows not in proportion to the growth of the ego
chapter 7
the only thing growing faster than the empire is the debt and the problems
chapter 8
things are getting a little tight lets flip on the old charisma button
chapter 9
charisma failing lets try brains and balls uh ooh don't have those I'm screwed
chapter 10
the fun part of most roller coasters isn't the ride up the hill it's the fall to the bottom
chapter 11
I think that says it all. Actually this might have been 4 chapters too many

9:28 PM
disgruntled goat said...
Don't even get me started on Jablonski. He might as well be a cardboard cutout. He was an absolute genius back when houses sold themselves and he has the trophy to prove it. Tom always led the company in convention attendance year after year. I'm sure we'll all remember the thrill of occasionally seeing him stand around being important.

Observe how Zudi even included minor employee expenses in his utterly embarrassing filing. Kara Homes neglected to even list the expense money they owe me, or my earned PTO. In fact, when I saw the number I was suprised because they owe me considerably more than that. Guess they just estimated it, or took a wild guess. Then again, look who we're talking about here, this is the same business that managed to get themselves into a $100000+ hole with their portable crapper vendors.

Oh yeah, the picnic. The afternoon when Kara paid us to have a burger or two and take some time to get to know the families of the coworkers we'd soon be losing touch with. The upside was that at least Zudi didn't sing, show motivational videos, or share his reading list with us.

10:14 PM
Little Silvered said...
Albanian, Armenian, whatever.

11:11 PM
Anonymous said...
Hey goat-what is PTO

11:53 PM
Anonymous said...
He's albanian, definetly albania. Yeah yeah Debt for equity, debt for equity is good. gotta stretch stretch I gotta stretch. Anyone seen my doodle pad yeah debt for equity

11:55 PM
Anonymous said...
I have to belive that Jablonski has something on Zudi. Why else would he give him that much money.

The sales dept is a mess at Kara. While I was working at Kara the sales staff walked on water in Zudi's eyes.

Tom Jablonski is so clueless that he has this miserable trashy sales manager running his department. This girl has to be the most ignorant person you will ever meet . But since she is sleeping with one of Zudi's best friends (JK) she is safe and sound.

The whole place is a mess!!!! Even though I am out of a job and out of 3 weeks pay at least I am not listening to Zudi talk about how great he is and how he single handedly changed the face of real estate!!! hahahahahahaa

1:11 AM
disgruntled goat said...
PTO = paid time off

1:19 AM
disgruntled goat said...
And here comes the savagery. Comes with the territory when you are ripping people off.

I would expect a lot more ire directed towards Kara Homes this weekend, as the effects of idle time, financial difficulties and alcohol drive more ex-employees to find a forum in which to rant.

I don't know anything about innuendo or anyone's personal affairs. My venom is directed towards Zudi and the inner circle at Kara Homes. Zudi made a fool out of me and now I will return the favor by doing the same to him in any way I can, no matter how trivial or petty it may be.

2:23 AM
Anonymous said...
I haven't seen the security at the sites for rampaging employees, but the money going to waste in material is staggering. There is at least 2-3 months salaries and bonuses rotting away. Don't think for a minute that this material won't be used if Kara does move forward. Kara's biggest problem is they themselves are not builders,from corporate to site supers they are cluless. They contract with vendors who barely or can't speak English then expect Kara personal to somehow maintain an open dialouge. We build houses in America not grass huts,lack of heat/air,mold,cracked this broken that,still gets installed.As long as they settle.
Anyone who has been into a "finished" home has to ask how did that pass the infamous quality control teams inspection.

8:41 AM
Anonymous said...
So lets recap what has happend so far. Zoodee the gypsy prince and the rest of the family (uncle-COO, uncles best- freind VP HR, Aunt-over paid psudo acountant, cousin-design girl, best freind1-VP Land, Best freind2-VP Land2) are still working for the firm along with 55 other "chosen ones"-is it really working if they are not compensated, that is a topic for another day. What is the next step-they have no subs, no material and alot to get done. Where does the money come from. Maybe z's main sales man CF can front him some cash-I doubt that though because he's suing him. I'm sure the lord of charisma and spin will be able to convince someone to come up with the pesos he'll need to get back that fine group of third world sub-contractors that have been throwing together the MacMansions for kara-sell homes for years. So they come back, they finish a few homes, can the close them while there in chapter 11 and if they do where does the money go. There sure must be some intresting conversations going in East Brunswick over these issues. I feel confident that with the great minds up there they can surely pull this one off.
I bet it looks like something out the Wizard of OZ up there Robbie looking for her heart-John kelly singing if I only had a brain-zoodi hoping for some courage and Hector just wants to go home.

4:06 PM
Anonymous said...
anon. that is so great.........and soooo true!

8:01 PM
disgruntled goat said...
Supposedly, the Fraudster is still doing the dance, flitting around the office in his wrinkled clothes pretending he still has something to rebuild upon. He's still using the "I'll pay you back, somehow" line he trots out whenever anyone asks for the money he owes them, as if it's up to him anymore. Of course, when he's finished using his remaining few employees, he'll toss them under the bus like he does with everyone else he's exploited for a buck.

Rumor has it that Uncle Duh flew the coop & is in hiding someplace. maybe true, maybe not. The rest of his loyal cronies are still up there in E.Brunswick wasting oxygen, so nothing's changed on that front. I wouldn't be suprised to learn they're up there right now telling Roberta what they need shredded.

1:08 AM
Anonymous said...
The $6 million dollar man's 7,800 SF 'gift' from the industry, now in little wifey's name in Rumson, you know, the mansion on the swamp he got for free in '01 from the trades and vendors by being promised they were gonna get lots of work and then stringing along and burning everybody that did the work, did he pay any taxes on all the free labor and materials? It's gotta be huge. He should have moved to Florida when he had the chance. King, you were right.

1:38 PM
Anonymous said...
Look on ebay for Kara Home tee shirts. Opening bid ?? Time to raise some cash.

6:55 AM
Anonymous said...
Maybe someone should check into the assorted properties that Zudi,Hector,Schultz, and Kelly have added to there personal holdings since working for Kara.
I think it's time for Kelly to go back being a shoe salesman again,since he is a expert in the building business and knows so much. Time to smell feet again Kelly u loser. Hopefully you to will spend a little time in jail!!! Sell the house in Emerald and go back to where you came from.

8:15 AM
Anonymous said...
Wonder where Perrotti will sleep now that his leather couches are gone

2:56 PM
Anonymous said...
Leave Perotti alone he is sleeping with several women at Kara so he always has a place to stay.

I just wonder how Zudi's secratery is going to pay for that boob job now that she is not getting a pay check. Does she really think no one noticed!!!!

3:11 PM
Anonymous said...
Well maybe he can sleep in the barn with the horse loving C/A that couldn't be bothered doing anything other than talk on the phone, and make visits to the township.

3:16 PM
Anonymous said...
I heard that Uncle Hector's coke addicted son was let go. I guess after several weeks in rehab he couldn't handle driving around to sites and doing nothing.

Does anyone know if his wife is still living with Roberta?? I heard she left him due to his coke binges.

3:20 PM
Anonymous said...
Please stop referring to her as Roberta....it makes her sound feminine....Robbie fits her much better!!

3:27 PM
Anonymous said...
Being a very informed person on the matter of Kara Homes...There is no more to say then BYE FOR NOW...or maybe forever. Good luck to all those that were laid off and not paid. And even better luck to those that are there picking up the pieces of the mess that was created! The people that are still there are true SAINTS...they have not been paid in 3 weeks either!

3:53 PM
Anonymous said...
Is Saint the new term for idiot? Maybe they have been drinking too much of the magic Zudhi juice at the Weds night meetings....wonder if they are meeting this week. I guess they won't have to argue over which subs to pay this week and who to screw

4:17 PM
Anonymous said...
If you know so much please fill us all in on anything that has not been stated as of yet.

Don't just leave the discussion

4:17 PM
PennyLess said...
Who is going to meet? It is a CONSTRUCTION meeting..they fired (I mean) let all of construction go. And lets not forget in order to be in the construction business, you have to be CONSTRUCTING..not taking people's life savings/children's college funds to have super cool picnics and expensive over the top Xmas parties.

4:37 PM
Very Informed said...
In regards to what I stated before...Let's just say if you are owed any money, you are not going to get it. The K man did a lot of bad things and taking deposits and using them to pay people were one of the...Escro account HA! Only people that stand a chance getting their money back are those that are apart of a DCA community. By Law he cant touch that money. And for the employees that were so conveintly let go before the walls came down, good luck getting antyhing more then 20 cents on the dollar for what you are owed..if that!

4:40 PM
Anonymous said...
So I guess the employees let go at the end of January with 6 weeks severance pay, all vacation time paid and one month of medical should consider themselves the luck ones. Just knowing that Zudi / Robbie deemed the first group as expendable makes it all the sweeter. It all went down hill after the first round of lay offs....wonder why (maybe it was the new area president??)

4:52 PM
Anonymous said...
Heard the Kara Christmas party this year is at the Essex County court house.....

4:53 PM
Anonymous said...
Anyone remember Zudhi's classic speak lines? "we are building the jet plane while we are flying through the sky" "we missed our year end closing numbers, and that is affecting my kids college fund" "it was all constructions fault" "kara cares and it shows"

7:11 PM
Anonymous said...
so who do we have left in construction at the fastest builder in the universe-fastest falling builder.
Perotti and his band of rednecks and big bad mama in the south. The golden boy, smart-ass-ass kiss in old bridge. Phil the mechanic who couldn't build a n outhouse if he was given the first 4 walls and half the roof and the LARGE site supers. Wow these are the keepers, times are tough in the indusrty

8:02 PM
Anonymous said...
OK time for one of the "saints/idiots" to post some sort of rebutal. While I understand that all of you who were let go on Tuesday are angry, there is no reason to attack those you used to work with that are still there. Those of us that are still trying to fight through this are doing what we have to do for our families, what do you get out of slamming us. The cheap personal shots are nothing but cowardice. You didn't have the guts to say these things when you were still getting a check. You guys question the manhood of certain members of the management staff now, where were your balls when you worked here. OOHH that's right you had something to loose then, now on a faceless-nameless website under a made up name you can talk all the crap you want, bring up any rumor you want and be the man you wanted to be before but didn't have balls to because you wanted to keep the job you are bitching about now. Stop the whinning, spend your time e-mailing resumes instead of posting here and move on with your lives. The Kara part of your careers is done, crap happens-deal with it and focus on your next step.

8:37 PM
Anonymous said...
Why don't you all that were let go spend more time working on your resume and getting a job than spending your time bashing Kara Homes. If it was so bad, why didn't you leave sooner. I am sure you made a good salary and now because you were let go, Kara Homes is no good. Obviously, you were not doing your job or you would still be there. Leave the ones that are still there alone. Get a life!!

10:27 PM
Anonymous said...
Hey Saint/Idiot - guess you are still sipping the zudhi juice. The people that had the balls and spoke up against Zudhi, Robbie and the chosen few were the first to be let go. Maybe if you had the "balls" to stand up at a meeting and disagree with all the BS you would be gone too. It takes more balls to go against a group that month after month lied to its subs, lied to their employees and lied to the homeowners. Facts are facts and while it may have been great collecting your paychecks in the past, when subs were actually being paid something, how can you still sit there in your trailer and support KH? Do you even realize how many lives are being affected by zudhi & co selfish choices? Sure people want to vent, and they should! Most of the people in southern construction worked their asses off and got lied to and taken advantage of. The arrogant area president, screwed around and then took no responsibilities for ABSOLUTELY HORRIBLE decisions that screwed many many people. 99% written in the past 4 days on this site is the truth. Unfortunately Zudi and his team turned a blind eye to all the BS that happened in the field and in his corp offices and kept up the pretense of everything is prefect. I guess if you repeat a lie enough times you really do believe it. You said you are still with KH to do what you have to for your family, I guess that makes you part of the inner circle. You will probally never know what it is like to wonder where your next mortgage/car/credit card payment will come from. Lastly, if you want to talk about a guy with no balls, where the hell is ZK these days? No public comment from the man who loved the media spotlight? No communication to his former employees? I bet all the nameless / faceless posters would love to have just one more maniditory KH company meeting and see who has balls and who doesn't.

10:55 PM
Anonymous said...
While I truly do feel bad for those that are unemployeed now, I am far from "the inner circle". I have the same mortgage/credit card/car payments that all of those that are no longer working for kara have. I am far from a Kool aid drinker. I understand the position that this has put many, many people in. The point I'm trying to make is that why do this posts have to slam people over personal matters. If you have a gripe with Kara take it up with the labor board or your lawyer. Why make anonymous posts about former co-workers that don't know who they are defending themselves against. It seems that all of the faceless/ball-less anonymous poster that are on here slamming have no problem bringing up current employees names yet they can't say who they are. I understand that it's hard to be unemployeed, but as I said before-go on with your life.

11:34 PM
Anonymous said...
At least the employees can move on. The homeowners have had their money stolen AND have no house to live in!!! Enough about the employees. Three weeks pay is far from people's life savings.

11:42 AM
Anonymous said...
Hey Ed Dever, is that you?
Wow! you really are one angry dude.
I guess this explains why they called you "Special Ed"

6:57 PM
Anonymous said...
kara homes sucks and it was poor upper management. If everyone would focus on work instead of getting into each others pants and they might have been successful place. What can you say about a president who pays for his employees to get boob jobs when he cannot make payroll. Sounds good employees can't make their mort. payments but the family that destroyed his company can run back and fourth to Michigan on company money as well. How about a one way ticket we have enough ass x@?/ in New Jersey. Hey Hektor try a shower every now and then it really works.

8:51 AM
Anonymous said...
I’m absolutely amazed yet even more embarrassed that I even worked along side such an incredible bunch of gutless wonders in my life. You throw around comments about people on a personal level having no regard for the repercussions that may destroy peoples lives even more so than what Kara Homes has already done. Yet it is obvious that you are too scared to attach a name to a post. You attack people’s spouses and children by sending anonymous e-mails to their homes and places of work yet still don’t have the balls to acknowledge you own inadequacies for sticking around as long as you did. Good for you if it makes you feel better about yourselves! Continue hiding behind a nameless, faceless, gutless posting. Ya know… sometimes bad things happen to good people.
I don’t defend Kara for putting the screws to innocent people, buyers or homeowners; it truly could be viewed as a crime against humanity. However, your inability to move on only shows your weaknesses. I can tell you personally that it’s not easy cutting your losses and walking away with NOTHING. No family, No home, No money! But sometimes you just have to pick up the pieces and start over again from scratch and do whatever it is that you have to do to survive. If you insist on dwelling on this you might as well stick a gun in your mouth now! It’s simply no way to live if you can’t let go. It only proves your weakness and you loose even more of your dignity as you continue to dwell on this rather than move on.

1:06 PM
Anonymous said...
Tracey is that you?!

5:38 PM
Anonymous said...
Could be Tracey,who knows better about doing whatever you have to do to survive.

9:05 PM
Anonymous said...
You people just don"t get it!
Stew in your filth, it seems to be what you live for and enjoy most because you have nothing else better to live for. It's more enjoyable than your spouses and your children isn't it? Fine example your setting! May be a link to this blog should be sent to the elementary and high schools where your children go to see how their parents pioneered the example of what not to do! How would you like that? Dare me!?!?
I feel sorry for the whole lot of you. Good luck and Good Bye.

For the record: No this isn't Tracy.

9:58 PM
Anonymous said...
You know it's Tracy-after she finished banging Chris Fry in Lake Hopatcong she moved onto John Kelly in the office-SLUT! And how much you want to bet that that last kid of hers is Kelly's. Uncle Hektor-I hope you're happy now you stupid ass senile old clueless asshole. You certainly helped Ego-Man go down in flames faster-all the while banging your old dike-ster life partner Robbie. Picture that 3-some-Uncle, Aunt, and grandmother. If you only knew the insanity of this company you would easily see why it was inevitable. The subs were already in too deep and kept getting small payments while they tried to hang on and hoping he would somehow stay a float. They are screwed now. And the poor innocent homebuyers-they deserve first payments and their lives back. You know that scumbag has all his property in his wife's name because he saw this coming. Or maybe it was a clever method of TAX EVASION AND FRAUD after he forced every sub to do the work for free and certainly didn't put it on his tax return-HELLO IRS-COME AND TAKE A GOOD HARD LOOK!! And then there is the funneling of cash out to secret accounts-do you really think he only went to Albania to adopt a child? He went to check on his fortunes that were so cleverly smuggled back to the Albanian mob. And can you believe he paid for 2 boob jobs for his secretary and his closing coordinator as recently as last month? Do you think it's a coincidence that she got a check for $7500 and that's what it cost to have her babies lifted up at attention? Maybe he's doing them also after Princess Stephanie gets off her knees. More to come...

10:40 PM
Anonymous said...
Wow, you are on fire!!! Can we take it you tried to hook up with Tracy but she wasn't interested. I don't know why anyone would she is really beat looking but she is thinner than JK's wife I guess.

Has anyone seen Tom J's wife, I hear she is a real porker??? Did anyone look at what he was making yearly on the Chapter 11 filing document??? He must have caught ZK sleeping with his wife and is holding him for ransom.

I did not know the closing person got a boob job. Last I heard she was one the girls sleeping with Perotti while he was married. There is/was all kinds of sex going on in Karaland. I guess since I focused on doing my work I was let go for not sleeping with someone.
Who do you thing George B is sleeping with?? Maybe is old assistant!!! hahahahaa

11:42 PM
Anonymous said...
Go ahead, I dare you, no I double dare you to email this blog to the schools. You must be an absolute IDIOT to think that will stop these postings. I have a better idea, why don't you email the blog to the newspapers, and the TV stations, the IRS, so everyone knows exactly what type of company Kara really was. Everyone who worked at Kara corporate knew what was going on in the field, and the field knew the crap that corporate got away with. The subs and the homeowners were the ones in the middle. How many times were the invoices "lost" after being approved in the field and sent to accounting. How many times were the invoices re approved, re coded, and re sent only to have them mysteriously be LOST again. And the answer to the subs was always the same, "we only have X amount of open invoices in the system, resend then to us." Hopefully some agancy will open up an investigation and seek out all the former employees for their insight. Then we will see how smug ZK, Robbie, etc are .

10:46 AM
Anonymous said...
SO PETTY, YOU PEOPLE NEED A LIFE!

9:20 PM
Anonymous said...
I don't really know tracey to comment on her, but, the girl in the closing department was always very professinal in my dealings with her.

2:30 PM
disgruntled goat said...
I told ya this would get really ugly. The people still working there merely wish to be paid. They will remain long enough to serve whatever purpose they serve, then they'll get the boot too. They won't get their back pay any sooner than anyone else will, despite what they have been led to believe.

8:04 PM
Anonymous said...
Stephanie Babek-Wohlrab seems to have escaped much notice, but McGreevey's former cash cow was a big wrench thrown into the Kara machine. She showed up one day & immediately began throwing her weight around on decisions she had no qualifications to make.

8:07 PM
Anonymous said...
Another quick cheap shot: Robbie Schultz is really a man.

10:05 PM
Anonymous said...
After all is said and done Kara Homes will bounce back. Dozens of people will have gotten the screws.
Honest businessmen will have had to shut their doors, people will have lost their life savings. But Zudhi and his band of thieves will emerge victorious.

12:21 AM
Christina Torsiello said...
I think that there have been a lot of good points made here. It goes without saying that there were a lot of things wrong with the way this company was being run. I think the cheap shots are ridiculous, immature and most importantly irrelevant. This has been an unfortunate experience for a hell of a lot of people. I feel for all of us. P.S. I am not afraid to attach my name to this as it appears even the people who made comments about the ones who went anonymous were also listed as anonymous. Good luck to ALL of us!!

12:00 PM
Anonymous said...
If you happen to be a homebuyer who deposited money with a builder that was not being held in escrow, shame on your attorney. A qualified knowledgeable attorney would never let a builder utilize deposit monies for just this type of situation. Now on you have is your name as a creditor on a bankruptcy petition

11:05 AM
Anonymous said...
yes i worked with all the assholes in stafford framemikewho sold weed to all the other fools don the drunk scott pornothe asskisser chris zito dumb asshole wanabe all hiried by the manwoman robbie schultz whatever happened to fat ass potter that peice of dogcrap all you flaming assholes will have to get a job ai mac donalds if they would have you

2:20 PM
Anonymous said...
THINGS JUST HAVEN'T BEEN THE SAME SINCE SERRATELLI AND HIS GUYS HAVE LEFT MURPHY AND FARANO.THEY BUILT ME A HOUSE IN ISLAND WOODS AND IT WAS A GREAT.TRIED TO BUY ANOTHER AND CANCLED BECAUSE CONSTRUCTION WAS NOTHING BUT ASAHOLES GUESS I AM LUCKY..I CANCELED AND GOT MY MONEY BACK.

6:10 PM
Anonymous said...
COULD NOT HAPPEN TO A NICER GUY(ZUDI). IT WAS NOT ONLY THE HOUSE IN RUMSON THAT HE GOT FOR FREE BUT THE ONE HE SOLD A WEEK BEFORE ALL OF THIS IN LBI.HAVE FUN IN JAIL ZUDI YOU CAN CHEW YOUR NAILS MORE .YOU SCUMBUCKET..

6:14 PM
Coleen said...
Thank you for acknowledging the fact that I was doing my job. Yes that did include being on the phone most of the day fielding disgruntled homeowners wanting warranty work done & trying to get contractors to come & do work. This did usually end up in lengthly bashing of Kara and listening patiently when no one else was doing anything. I guess trying to be pro-active is a dirty word. And if Perotti or anyone else needs a place to stay there are several stalls available in the barn. I prefer supporting my 11 yr. olds sport with horses & not being a drunk, drug addict or sex maniac. So as one door closes another will open. We all need to move on as much as it sucks, I was at least hoping for a better outcome. But it is what it is, and we all with have to answer to a bigger power one day and knowing I have done all that I could I can sleep at night, finally. Hey Christine, thanks for having the guts to also use your name. What a bunch of weenies.

Wednesday, October 18, 2006 1:26:00 PM  
Anonymous Anonymous said...

Zudi is a very good salesman but he is a horrible manager and an even worse judge of character. The company started with close friends and people with real estate experience but they were not the most trust worthy of people. He found out he was being ripped off by his own employees but didn’t really care because houses were selling faster than he could open communities. He decided to bring in the family from Detroit to cover his ass, but none of them knew a single thing about real estate and therefore couldn’t do anything to help watch costs. In fact, they were the biggest reason why things went down hill.

All of upper management (family and friends) had their hands out. All you would have to do is look at the number of homes they each own. Not sure what communities these homes are located but the owners of these homes live in Horizons at Birch Hill (Old Bridge) and Emerald Hills (Marlboro). Each one had at least 2 in their names, and I heard one executive had as many as 7 homes in his name. Zudi sold these homes to family and friends in order to inflate revenues at the end of every quarter and end of each year. Zudi only cared about Revenues because that is how he got his name and picture in magazines. The Inc. 500 magazine is based on year over year Revenue growth. It has nothing to do with PROFIT. The company was spending $1.50 for every $1.00 it was bringing in. The Finance/Accounting group tried warning Zudi of the cash flow and financing problems but he believed sales would conquer all. Many people throughout the entire company were rumored to have side deals with sub contractors, homeowners, or anyone who could make a quick dollar but nothing was ever proven. Any of the executives with real power were either too stupid to figure out how to stop people from stealing or they were in on it and getting a good amount of money on the side.

Buying land at kara homes was like being a waiter. If you had land you could name your price and any perks to go along with it and Zudi would pay it. Then he would yell at construction to build faster, and build cheaper. Sub-contractors would be told to work 6 days a week, but wouldn’t get paid. Then they would call the office looking for their checks and would be told to come in the office to pick them up. When they arrived, every executive with authority to sign checks would be out of the office and therefore the sub-contractors and vendors would have to wait another week to receive a check.

There is so much more, but I would need to write a book to cover everything.

9:08 PM


Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM

1:14 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM

1:15 PM


Anonymous said...
Is something going on with Kara Homes?

I ask this because a number of people on my sight today have arrived here by typing into Google "Kara Home bankruptcy."

I'm not saying that they have filed, only that the search term has been used a number of times today.
posted by Little Silvered at 8:50 PM

82 Comments:
Anonymous said...
Kara Homes is just about through at this point. They've laid off a ton of people and can't even afford to get their garbage hauled away. They owe lots of people lots of money and can't get anyone to do any work for them because it's common knowledge that they don't pay their vendors. Anyone dumb enough to buy from Kara right now will get a shoddily built crap shack in a development that'll never be finished.

10:07 PM
njcoast said...
Kara Homes sold 4 of the Tradewinds properties last month without even getting homes on them. Looks like they're throwing things overboard as they try to bale out the boat.

10:32 AM
Anonymous said...
Can you post this article from NYT Business? Pretty interesting. I am not sure how to shorten link.

http://www.nytimes.com/2006/10/04/business/04real.html?ex=1317614400&en=3892a9d60b0de698&ei=5089&partner=rssyahoo&emc=rss

1:08 PM
Disgruntled Goat said...
Kara has declared Chapter 11 as of Wed. October 4. I know this because until today, I worked there. The company is completely out of money. They did not even make payroll this week, no one received a paycheck this week. They have no intention of making good on the massive amount of money they owe to vendors & subs. They have no capability to finish the work they've started, either. Even if they did, there's no one to physically do the work as most of the staff has been let go or quit.

If Zudi screwed you too, give him a call on his cell phone, (732) 565 5632 & ask him what's up.

1:59 PM
njcoast said...
WOW! That sure is news! Remember last summer when this blog was dicussing the problems of Kara Homes and some one went on a rant of how we had no idea what we were talking about?! Amazing how the worm has turned!

2:20 PM
Disgruntled Goat said...
Oh, the worm has turned all right. Fast-tracker Zudi didn't even have the guts to face his staff this morning during the bankruptcy annoncement, he hid behind his lawyers like the coward he is. He allowed his employees to continue working for him despite knowing he could not pay them. So he waited until payday, then booted his staff out the door minus the two weeks salary they are owed. It really isn't too suprising, given how he's treated his customers and his vendors in the past. He also owes his staff a ton of bonus & commission money they earned and have been waiting on for months (and in some cases, years).

3:06 PM
grim said...
Can we get some kind of confirmation on this?

jb

4:07 PM
Anonymous said...
:::snip:::

FEB. 2, 2005 -- Inc. magazine has ranked Kara Homes 38th in its annual "Inc. 500" list of the fastest growing privately held companies in America.

Inc. cited Kara Homes' rapid growth, 615.8% last year, to $195.7 million in revenues during 2003. East Brunswick, NJ-based Kara Homes ranked Number 8 among private companies out of the "Inc. 500" in revenues and the builder anticipates 2004 sales to amount to $350M compared to $260M during 2003.

Inc. Magazine reported the company's total revenue growth since its first year in business at a staggering 2,463%.

"We are very excited by this recognition of the hard work, professionalism and dedication of our staff in helping so many people find their dream homes," said Zudi Karagjozi, founder and president of Kara Homes.

"Our company has grown rapidly since we started building in New Jersey just five years ago. Our buyers recognize the quality of construction, value and the extraordinary locations of Kara Homes communities."

5:16 PM
disgruntled goat said...
I wish there was a way I could verify this info, but soon that won't be necessary. It will all be completely verifiable very shortly. I may be disgruntled, but I am not like Zudi's (former) marketing team, I don't write fiction. I also pay people who peform work for me, which is another trait Zudi & I do not share.

12:51 AM
Anonymous said...
KARA HOMES

Kara Homes anticipates filing for bankruptcy
Posted by the Asbury Park Press on 10/5/06
STAFF REPORT

East Brunswick builder Kara Homes Inc., one of the biggest home builders in Monmouth and Ocean counties, anticipates filing for Chapter 11 bankruptcy, a company official said in a letter given to laid-off employees earlier this week.

Roberta W. Schultz, vice president of human resources and organizational development at Kara Homes, said in the note that the employees' jobs were terminated as of the end of the day Tuesday.

Editor's note: Are you a Kara Homes customer or employee who will be affected by Kara Homes' bankruptcy filing? For information or to talk to a reporter, e-mail Press staff writer David P. Willis at dwillis@app.com or call him at (732) 643-4039.

11:45 AM
Anonymous said...
I am under contract with Kara Homes in Jackson. Now I do not even know if I will get my $200K deposit back or my lot. Zudi is living in a $6M house in Rumson while I am homeless. Where is the justice? I want him put in jail for fraud.

1:34 PM
Anonymous said...
www.karamoldhomes.com

5:46 PM
Anonymous said...
Kara laid off over 100 people and the people who are staying are not getting paid. (what are they thinking)

If you want you can call management directly to complain
Zudi-732 735 5632
Hector (the uncle in charge) 732-433-4337
Roberta Schultz 908 421 4654

5:58 PM
disgruntled goat said...
The local press is only waiting on official documentation, then the story will be there for all to see. Zudi will not be able to hide behind one of his clever press releases this time around.

To the poster who has a deposit on a Kara home, my advice would be to get a lawyer, quickly. The chances of that particular job getting finished anytime soon is about zero. Even if they somehow manage to complete those homes, you can be sure they will be rushed, slipshod & full of issues that no one will help you address. Sorry, but that is the truth & not Kara's version of the truth.

The company has to post security guards at their field offices this week due to other disgruntled persons looting their offices and trailers. Which is to be expected if you decide to dick everyone out of their paychecks.

6:46 PM
Anonymous said...
From what I am hearing, John Fig? the head bean counter at Kara is at odds with Zudi the owner of Kara on how to proceed. Zudi does not want to listen to the bean counters he thinks he can save the day.
Zudi
Delusional, maybe
Effective leader- NOT
But he does have a 6 million dollar house in Rumson, nice cars a boat, servants at home and a wife who could stand to loose a few pounds

4:10 PM
Anonymous said...
If Zudi listened to the bean counters, he would have never been in this position in the first place. Problem was, he believed his press clippings instead of his advisors.

4:56 PM
Anonymous said...
Zuhdi never listened to anyone. Plenty of his people tried to point out the incredible waste all over the place but he wasn't interested. He was too busy being charismatic.

5:01 PM
Anonymous said...
Well we will see how long Zudi stays out of jail. He will definitely go down for fraud. Notice the karahomes.com website is still selling homes. FRAUD!!!!

5:06 PM
Anonymous said...
Hovnanian has ceased moving forward on a bunch of projects it has committed to also.....

5:27 PM
Anonymous said...
No one has updated that Kara website for many moons now. The people who did that stuff were all fired...er, I mean let go. That Robbie has every base covered.

5:35 PM
Anonymous said...
Maybe Zudi can drive his Aston Martin to federal prison!!!!

I wonder if his other lackies like Brandt and Kelly would go to jail with him??

5:39 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. the higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now two words sales EGO

6:23 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. The higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now three words JABLONSKI-NEPOTISM-EGO. Guess what what z man being the fastest growing builder isn't a good thing. I know it was nice to get your face on the cover of all those magazines, now the only place that face is will be on the front page of the papers with he lead "chapter 11/Bankrupt builder", or hidden under a coat doing the "perp walk" on your way into court. Anyone who blames this circus on the market is a moron. Captain Kara and his coconspirators haven't finished falling yet and it's gonna hurt when they hit bottom. You can't write this stuff.

6:29 PM
Anonymous said...
All of these names being mentioned what happened to the only qualified person that zman had in managment-Mike Alawich. OH that's right that Albanian Ara Hov wannabe zoodee let him go and blamed his failure on him because as always those with humungos egos have to have fall guy's or their fragile little heads would exlode

7:06 PM
Anonymous said...
Boy oh boy........how about that picnic. or was it a funeral?

8:21 PM
Anonymous said...
chapter 1
Young albanian man leaves queens-goes to cali becomes genius of marketing and desing/psuedo rock star
Chapter 2
goes on road trip with buds from hood discovers jersey real estate
chapter 3
decides to become slum lord cum land mogul
chapter 4
begins empire the all great and might ego has started to role
chapter 5
still has ocasional roll back into attempts at rock and roll
chapter 6
The empire grows not in proportion to the growth of the ego
chapter 7
the only thing growing faster than the empire is the debt and the problems
chapter 8
things are getting a little tight lets flip on the old charisma button
chapter 9
charisma failing lets try brains and balls uh ooh don't have those I'm screwed
chapter 10
the fun part of most roller coasters isn't the ride up the hill it's the fall to the bottom
chapter 11
I think that says it all. Actually this might have been 4 chapters too many

9:28 PM
disgruntled goat said...
Don't even get me started on Jablonski. He might as well be a cardboard cutout. He was an absolute genius back when houses sold themselves and he has the trophy to prove it. Tom always led the company in convention attendance year after year. I'm sure we'll all remember the thrill of occasionally seeing him stand around being important.

Observe how Zudi even included minor employee expenses in his utterly embarrassing filing. Kara Homes neglected to even list the expense money they owe me, or my earned PTO. In fact, when I saw the number I was suprised because they owe me considerably more than that. Guess they just estimated it, or took a wild guess. Then again, look who we're talking about here, this is the same business that managed to get themselves into a $100000+ hole with their portable crapper vendors.

Oh yeah, the picnic. The afternoon when Kara paid us to have a burger or two and take some time to get to know the families of the coworkers we'd soon be losing touch with. The upside was that at least Zudi didn't sing, show motivational videos, or share his reading list with us.

10:14 PM
Little Silvered said...
Albanian, Armenian, whatever.

11:11 PM
Anonymous said...
Hey goat-what is PTO

11:53 PM
Anonymous said...
He's albanian, definetly albania. Yeah yeah Debt for equity, debt for equity is good. gotta stretch stretch I gotta stretch. Anyone seen my doodle pad yeah debt for equity

11:55 PM
Anonymous said...
I have to belive that Jablonski has something on Zudi. Why else would he give him that much money.

The sales dept is a mess at Kara. While I was working at Kara the sales staff walked on water in Zudi's eyes.

Tom Jablonski is so clueless that he has this miserable trashy sales manager running his department. This girl has to be the most ignorant person you will ever meet . But since she is sleeping with one of Zudi's best friends (JK) she is safe and sound.

The whole place is a mess!!!! Even though I am out of a job and out of 3 weeks pay at least I am not listening to Zudi talk about how great he is and how he single handedly changed the face of real estate!!! hahahahahahaa

1:11 AM
disgruntled goat said...
PTO = paid time off

1:19 AM
disgruntled goat said...
And here comes the savagery. Comes with the territory when you are ripping people off.

I would expect a lot more ire directed towards Kara Homes this weekend, as the effects of idle time, financial difficulties and alcohol drive more ex-employees to find a forum in which to rant.

I don't know anything about innuendo or anyone's personal affairs. My venom is directed towards Zudi and the inner circle at Kara Homes. Zudi made a fool out of me and now I will return the favor by doing the same to him in any way I can, no matter how trivial or petty it may be.

2:23 AM
Anonymous said...
I haven't seen the security at the sites for rampaging employees, but the money going to waste in material is staggering. There is at least 2-3 months salaries and bonuses rotting away. Don't think for a minute that this material won't be used if Kara does move forward. Kara's biggest problem is they themselves are not builders,from corporate to site supers they are cluless. They contract with vendors who barely or can't speak English then expect Kara personal to somehow maintain an open dialouge. We build houses in America not grass huts,lack of heat/air,mold,cracked this broken that,still gets installed.As long as they settle.
Anyone who has been into a "finished" home has to ask how did that pass the infamous quality control teams inspection.

8:41 AM
Anonymous said...
So lets recap what has happend so far. Zoodee the gypsy prince and the rest of the family (uncle-COO, uncles best- freind VP HR, Aunt-over paid psudo acountant, cousin-design girl, best freind1-VP Land, Best freind2-VP Land2) are still working for the firm along with 55 other "chosen ones"-is it really working if they are not compensated, that is a topic for another day. What is the next step-they have no subs, no material and alot to get done. Where does the money come from. Maybe z's main sales man CF can front him some cash-I doubt that though because he's suing him. I'm sure the lord of charisma and spin will be able to convince someone to come up with the pesos he'll need to get back that fine group of third world sub-contractors that have been throwing together the MacMansions for kara-sell homes for years. So they come back, they finish a few homes, can the close them while there in chapter 11 and if they do where does the money go. There sure must be some intresting conversations going in East Brunswick over these issues. I feel confident that with the great minds up there they can surely pull this one off.
I bet it looks like something out the Wizard of OZ up there Robbie looking for her heart-John kelly singing if I only had a brain-zoodi hoping for some courage and Hector just wants to go home.

4:06 PM
Anonymous said...
anon. that is so great.........and soooo true!

8:01 PM
disgruntled goat said...
Supposedly, the Fraudster is still doing the dance, flitting around the office in his wrinkled clothes pretending he still has something to rebuild upon. He's still using the "I'll pay you back, somehow" line he trots out whenever anyone asks for the money he owes them, as if it's up to him anymore. Of course, when he's finished using his remaining few employees, he'll toss them under the bus like he does with everyone else he's exploited for a buck.

Rumor has it that Uncle Duh flew the coop & is in hiding someplace. maybe true, maybe not. The rest of his loyal cronies are still up there in E.Brunswick wasting oxygen, so nothing's changed on that front. I wouldn't be suprised to learn they're up there right now telling Roberta what they need shredded.

1:08 AM
Anonymous said...
The $6 million dollar man's 7,800 SF 'gift' from the industry, now in little wifey's name in Rumson, you know, the mansion on the swamp he got for free in '01 from the trades and vendors by being promised they were gonna get lots of work and then stringing along and burning everybody that did the work, did he pay any taxes on all the free labor and materials? It's gotta be huge. He should have moved to Florida when he had the chance. King, you were right.

1:38 PM
Anonymous said...
Look on ebay for Kara Home tee shirts. Opening bid ?? Time to raise some cash.

6:55 AM
Anonymous said...
Maybe someone should check into the assorted properties that Zudi,Hector,Schultz, and Kelly have added to there personal holdings since working for Kara.
I think it's time for Kelly to go back being a shoe salesman again,since he is a expert in the building business and knows so much. Time to smell feet again Kelly u loser. Hopefully you to will spend a little time in jail!!! Sell the house in Emerald and go back to where you came from.

8:15 AM
Anonymous said...
Wonder where Perrotti will sleep now that his leather couches are gone

2:56 PM
Anonymous said...
Leave Perotti alone he is sleeping with several women at Kara so he always has a place to stay.

I just wonder how Zudi's secratery is going to pay for that boob job now that she is not getting a pay check. Does she really think no one noticed!!!!

3:11 PM
Anonymous said...
Well maybe he can sleep in the barn with the horse loving C/A that couldn't be bothered doing anything other than talk on the phone, and make visits to the township.

3:16 PM
Anonymous said...
I heard that Uncle Hector's coke addicted son was let go. I guess after several weeks in rehab he couldn't handle driving around to sites and doing nothing.

Does anyone know if his wife is still living with Roberta?? I heard she left him due to his coke binges.

3:20 PM
Anonymous said...
Please stop referring to her as Roberta....it makes her sound feminine....Robbie fits her much better!!

3:27 PM
Anonymous said...
Being a very informed person on the matter of Kara Homes...There is no more to say then BYE FOR NOW...or maybe forever. Good luck to all those that were laid off and not paid. And even better luck to those that are there picking up the pieces of the mess that was created! The people that are still there are true SAINTS...they have not been paid in 3 weeks either!

3:53 PM
Anonymous said...
Is Saint the new term for idiot? Maybe they have been drinking too much of the magic Zudhi juice at the Weds night meetings....wonder if they are meeting this week. I guess they won't have to argue over which subs to pay this week and who to screw

4:17 PM
Anonymous said...
If you know so much please fill us all in on anything that has not been stated as of yet.

Don't just leave the discussion

4:17 PM
PennyLess said...
Who is going to meet? It is a CONSTRUCTION meeting..they fired (I mean) let all of construction go. And lets not forget in order to be in the construction business, you have to be CONSTRUCTING..not taking people's life savings/children's college funds to have super cool picnics and expensive over the top Xmas parties.

4:37 PM
Very Informed said...
In regards to what I stated before...Let's just say if you are owed any money, you are not going to get it. The K man did a lot of bad things and taking deposits and using them to pay people were one of the...Escro account HA! Only people that stand a chance getting their money back are those that are apart of a DCA community. By Law he cant touch that money. And for the employees that were so conveintly let go before the walls came down, good luck getting antyhing more then 20 cents on the dollar for what you are owed..if that!

4:40 PM
Anonymous said...
So I guess the employees let go at the end of January with 6 weeks severance pay, all vacation time paid and one month of medical should consider themselves the luck ones. Just knowing that Zudi / Robbie deemed the first group as expendable makes it all the sweeter. It all went down hill after the first round of lay offs....wonder why (maybe it was the new area president??)

4:52 PM
Anonymous said...
Heard the Kara Christmas party this year is at the Essex County court house.....

4:53 PM
Anonymous said...
Anyone remember Zudhi's classic speak lines? "we are building the jet plane while we are flying through the sky" "we missed our year end closing numbers, and that is affecting my kids college fund" "it was all constructions fault" "kara cares and it shows"

7:11 PM
Anonymous said...
so who do we have left in construction at the fastest builder in the universe-fastest falling builder.
Perotti and his band of rednecks and big bad mama in the south. The golden boy, smart-ass-ass kiss in old bridge. Phil the mechanic who couldn't build a n outhouse if he was given the first 4 walls and half the roof and the LARGE site supers. Wow these are the keepers, times are tough in the indusrty

8:02 PM
Anonymous said...
OK time for one of the "saints/idiots" to post some sort of rebutal. While I understand that all of you who were let go on Tuesday are angry, there is no reason to attack those you used to work with that are still there. Those of us that are still trying to fight through this are doing what we have to do for our families, what do you get out of slamming us. The cheap personal shots are nothing but cowardice. You didn't have the guts to say these things when you were still getting a check. You guys question the manhood of certain members of the management staff now, where were your balls when you worked here. OOHH that's right you had something to loose then, now on a faceless-nameless website under a made up name you can talk all the crap you want, bring up any rumor you want and be the man you wanted to be before but didn't have balls to because you wanted to keep the job you are bitching about now. Stop the whinning, spend your time e-mailing resumes instead of posting here and move on with your lives. The Kara part of your careers is done, crap happens-deal with it and focus on your next step.

8:37 PM
Anonymous said...
Why don't you all that were let go spend more time working on your resume and getting a job than spending your time bashing Kara Homes. If it was so bad, why didn't you leave sooner. I am sure you made a good salary and now because you were let go, Kara Homes is no good. Obviously, you were not doing your job or you would still be there. Leave the ones that are still there alone. Get a life!!

10:27 PM
Anonymous said...
Hey Saint/Idiot - guess you are still sipping the zudhi juice. The people that had the balls and spoke up against Zudhi, Robbie and the chosen few were the first to be let go. Maybe if you had the "balls" to stand up at a meeting and disagree with all the BS you would be gone too. It takes more balls to go against a group that month after month lied to its subs, lied to their employees and lied to the homeowners. Facts are facts and while it may have been great collecting your paychecks in the past, when subs were actually being paid something, how can you still sit there in your trailer and support KH? Do you even realize how many lives are being affected by zudhi & co selfish choices? Sure people want to vent, and they should! Most of the people in southern construction worked their asses off and got lied to and taken advantage of. The arrogant area president, screwed around and then took no responsibilities for ABSOLUTELY HORRIBLE decisions that screwed many many people. 99% written in the past 4 days on this site is the truth. Unfortunately Zudi and his team turned a blind eye to all the BS that happened in the field and in his corp offices and kept up the pretense of everything is prefect. I guess if you repeat a lie enough times you really do believe it. You said you are still with KH to do what you have to for your family, I guess that makes you part of the inner circle. You will probally never know what it is like to wonder where your next mortgage/car/credit card payment will come from. Lastly, if you want to talk about a guy with no balls, where the hell is ZK these days? No public comment from the man who loved the media spotlight? No communication to his former employees? I bet all the nameless / faceless posters would love to have just one more maniditory KH company meeting and see who has balls and who doesn't.

10:55 PM
Anonymous said...
While I truly do feel bad for those that are unemployeed now, I am far from "the inner circle". I have the same mortgage/credit card/car payments that all of those that are no longer working for kara have. I am far from a Kool aid drinker. I understand the position that this has put many, many people in. The point I'm trying to make is that why do this posts have to slam people over personal matters. If you have a gripe with Kara take it up with the labor board or your lawyer. Why make anonymous posts about former co-workers that don't know who they are defending themselves against. It seems that all of the faceless/ball-less anonymous poster that are on here slamming have no problem bringing up current employees names yet they can't say who they are. I understand that it's hard to be unemployeed, but as I said before-go on with your life.

11:34 PM
Anonymous said...
At least the employees can move on. The homeowners have had their money stolen AND have no house to live in!!! Enough about the employees. Three weeks pay is far from people's life savings.

11:42 AM
Anonymous said...
Hey Ed Dever, is that you?
Wow! you really are one angry dude.
I guess this explains why they called you "Special Ed"

6:57 PM
Anonymous said...
kara homes sucks and it was poor upper management. If everyone would focus on work instead of getting into each others pants and they might have been successful place. What can you say about a president who pays for his employees to get boob jobs when he cannot make payroll. Sounds good employees can't make their mort. payments but the family that destroyed his company can run back and fourth to Michigan on company money as well. How about a one way ticket we have enough ass x@?/ in New Jersey. Hey Hektor try a shower every now and then it really works.

8:51 AM
Anonymous said...
I’m absolutely amazed yet even more embarrassed that I even worked along side such an incredible bunch of gutless wonders in my life. You throw around comments about people on a personal level having no regard for the repercussions that may destroy peoples lives even more so than what Kara Homes has already done. Yet it is obvious that you are too scared to attach a name to a post. You attack people’s spouses and children by sending anonymous e-mails to their homes and places of work yet still don’t have the balls to acknowledge you own inadequacies for sticking around as long as you did. Good for you if it makes you feel better about yourselves! Continue hiding behind a nameless, faceless, gutless posting. Ya know… sometimes bad things happen to good people.
I don’t defend Kara for putting the screws to innocent people, buyers or homeowners; it truly could be viewed as a crime against humanity. However, your inability to move on only shows your weaknesses. I can tell you personally that it’s not easy cutting your losses and walking away with NOTHING. No family, No home, No money! But sometimes you just have to pick up the pieces and start over again from scratch and do whatever it is that you have to do to survive. If you insist on dwelling on this you might as well stick a gun in your mouth now! It’s simply no way to live if you can’t let go. It only proves your weakness and you loose even more of your dignity as you continue to dwell on this rather than move on.

1:06 PM
Anonymous said...
Tracey is that you?!

5:38 PM
Anonymous said...
Could be Tracey,who knows better about doing whatever you have to do to survive.

9:05 PM
Anonymous said...
You people just don"t get it!
Stew in your filth, it seems to be what you live for and enjoy most because you have nothing else better to live for. It's more enjoyable than your spouses and your children isn't it? Fine example your setting! May be a link to this blog should be sent to the elementary and high schools where your children go to see how their parents pioneered the example of what not to do! How would you like that? Dare me!?!?
I feel sorry for the whole lot of you. Good luck and Good Bye.

For the record: No this isn't Tracy.

9:58 PM
Anonymous said...
You know it's Tracy-after she finished banging Chris Fry in Lake Hopatcong she moved onto John Kelly in the office-SLUT! And how much you want to bet that that last kid of hers is Kelly's. Uncle Hektor-I hope you're happy now you stupid ass senile old clueless asshole. You certainly helped Ego-Man go down in flames faster-all the while banging your old dike-ster life partner Robbie. Picture that 3-some-Uncle, Aunt, and grandmother. If you only knew the insanity of this company you would easily see why it was inevitable. The subs were already in too deep and kept getting small payments while they tried to hang on and hoping he would somehow stay a float. They are screwed now. And the poor innocent homebuyers-they deserve first payments and their lives back. You know that scumbag has all his property in his wife's name because he saw this coming. Or maybe it was a clever method of TAX EVASION AND FRAUD after he forced every sub to do the work for free and certainly didn't put it on his tax return-HELLO IRS-COME AND TAKE A GOOD HARD LOOK!! And then there is the funneling of cash out to secret accounts-do you really think he only went to Albania to adopt a child? He went to check on his fortunes that were so cleverly smuggled back to the Albanian mob. And can you believe he paid for 2 boob jobs for his secretary and his closing coordinator as recently as last month? Do you think it's a coincidence that she got a check for $7500 and that's what it cost to have her babies lifted up at attention? Maybe he's doing them also after Princess Stephanie gets off her knees. More to come...

10:40 PM
Anonymous said...
Wow, you are on fire!!! Can we take it you tried to hook up with Tracy but she wasn't interested. I don't know why anyone would she is really beat looking but she is thinner than JK's wife I guess.

Has anyone seen Tom J's wife, I hear she is a real porker??? Did anyone look at what he was making yearly on the Chapter 11 filing document??? He must have caught ZK sleeping with his wife and is holding him for ransom.

I did not know the closing person got a boob job. Last I heard she was one the girls sleeping with Perotti while he was married. There is/was all kinds of sex going on in Karaland. I guess since I focused on doing my work I was let go for not sleeping with someone.
Who do you thing George B is sleeping with?? Maybe is old assistant!!! hahahahaa

11:42 PM
Anonymous said...
Go ahead, I dare you, no I double dare you to email this blog to the schools. You must be an absolute IDIOT to think that will stop these postings. I have a better idea, why don't you email the blog to the newspapers, and the TV stations, the IRS, so everyone knows exactly what type of company Kara really was. Everyone who worked at Kara corporate knew what was going on in the field, and the field knew the crap that corporate got away with. The subs and the homeowners were the ones in the middle. How many times were the invoices "lost" after being approved in the field and sent to accounting. How many times were the invoices re approved, re coded, and re sent only to have them mysteriously be LOST again. And the answer to the subs was always the same, "we only have X amount of open invoices in the system, resend then to us." Hopefully some agancy will open up an investigation and seek out all the former employees for their insight. Then we will see how smug ZK, Robbie, etc are .

10:46 AM
Anonymous said...
SO PETTY, YOU PEOPLE NEED A LIFE!

9:20 PM
Anonymous said...
I don't really know tracey to comment on her, but, the girl in the closing department was always very professinal in my dealings with her.

2:30 PM
disgruntled goat said...
I told ya this would get really ugly. The people still working there merely wish to be paid. They will remain long enough to serve whatever purpose they serve, then they'll get the boot too. They won't get their back pay any sooner than anyone else will, despite what they have been led to believe.

8:04 PM
Anonymous said...
Stephanie Babek-Wohlrab seems to have escaped much notice, but McGreevey's former cash cow was a big wrench thrown into the Kara machine. She showed up one day & immediately began throwing her weight around on decisions she had no qualifications to make.

8:07 PM
Anonymous said...
Another quick cheap shot: Robbie Schultz is really a man.

10:05 PM
Anonymous said...
After all is said and done Kara Homes will bounce back. Dozens of people will have gotten the screws.
Honest businessmen will have had to shut their doors, people will have lost their life savings. But Zudhi and his band of thieves will emerge victorious.

12:21 AM
Christina Torsiello said...
I think that there have been a lot of good points made here. It goes without saying that there were a lot of things wrong with the way this company was being run. I think the cheap shots are ridiculous, immature and most importantly irrelevant. This has been an unfortunate experience for a hell of a lot of people. I feel for all of us. P.S. I am not afraid to attach my name to this as it appears even the people who made comments about the ones who went anonymous were also listed as anonymous. Good luck to ALL of us!!

12:00 PM
Anonymous said...
If you happen to be a homebuyer who deposited money with a builder that was not being held in escrow, shame on your attorney. A qualified knowledgeable attorney would never let a builder utilize deposit monies for just this type of situation. Now on you have is your name as a creditor on a bankruptcy petition

11:05 AM
Anonymous said...
yes i worked with all the assholes in stafford framemikewho sold weed to all the other fools don the drunk scott pornothe asskisser chris zito dumb asshole wanabe all hiried by the manwoman robbie schultz whatever happened to fat ass potter that peice of dogcrap all you flaming assholes will have to get a job ai mac donalds if they would have you

2:20 PM
Anonymous said...
THINGS JUST HAVEN'T BEEN THE SAME SINCE SERRATELLI AND HIS GUYS HAVE LEFT MURPHY AND FARANO.THEY BUILT ME A HOUSE IN ISLAND WOODS AND IT WAS A GREAT.TRIED TO BUY ANOTHER AND CANCLED BECAUSE CONSTRUCTION WAS NOTHING BUT ASAHOLES GUESS I AM LUCKY..I CANCELED AND GOT MY MONEY BACK.

6:10 PM
Anonymous said...
COULD NOT HAPPEN TO A NICER GUY(ZUDI). IT WAS NOT ONLY THE HOUSE IN RUMSON THAT HE GOT FOR FREE BUT THE ONE HE SOLD A WEEK BEFORE ALL OF THIS IN LBI.HAVE FUN IN JAIL ZUDI YOU CAN CHEW YOUR NAILS MORE .YOU SCUMBUCKET..

6:14 PM
Coleen said...
Thank you for acknowledging the fact that I was doing my job. Yes that did include being on the phone most of the day fielding disgruntled homeowners wanting warranty work done & trying to get contractors to come & do work. This did usually end up in lengthly bashing of Kara and listening patiently when no one else was doing anything. I guess trying to be pro-active is a dirty word. And if Perotti or anyone else needs a place to stay there are several stalls available in the barn. I prefer supporting my 11 yr. olds sport with horses & not being a drunk, drug addict or sex maniac. So as one door closes another will open. We all need to move on as much as it sucks, I was at least hoping for a better outcome. But it is what it is, and we all with have to answer to a bigger power one day and knowing I have done all that I could I can sleep at night, finally. Hey Christine, thanks for having the guts to also use your name. What a bunch of weenies.

Wednesday, October 18, 2006 1:26:00 PM  
Anonymous Anonymous said...

Zudi is a very good salesman but he is a horrible manager and an even worse judge of character. The company started with close friends and people with real estate experience but they were not the most trust worthy of people. He found out he was being ripped off by his own employees but didn’t really care because houses were selling faster than he could open communities. He decided to bring in the family from Detroit to cover his ass, but none of them knew a single thing about real estate and therefore couldn’t do anything to help watch costs. In fact, they were the biggest reason why things went down hill.

All of upper management (family and friends) had their hands out. All you would have to do is look at the number of homes they each own. Not sure what communities these homes are located but the owners of these homes live in Horizons at Birch Hill (Old Bridge) and Emerald Hills (Marlboro). Each one had at least 2 in their names, and I heard one executive had as many as 7 homes in his name. Zudi sold these homes to family and friends in order to inflate revenues at the end of every quarter and end of each year. Zudi only cared about Revenues because that is how he got his name and picture in magazines. The Inc. 500 magazine is based on year over year Revenue growth. It has nothing to do with PROFIT. The company was spending $1.50 for every $1.00 it was bringing in. The Finance/Accounting group tried warning Zudi of the cash flow and financing problems but he believed sales would conquer all. Many people throughout the entire company were rumored to have side deals with sub contractors, homeowners, or anyone who could make a quick dollar but nothing was ever proven. Any of the executives with real power were either too stupid to figure out how to stop people from stealing or they were in on it and getting a good amount of money on the side.

Buying land at kara homes was like being a waiter. If you had land you could name your price and any perks to go along with it and Zudi would pay it. Then he would yell at construction to build faster, and build cheaper. Sub-contractors would be told to work 6 days a week, but wouldn’t get paid. Then they would call the office looking for their checks and would be told to come in the office to pick them up. When they arrived, every executive with authority to sign checks would be out of the office and therefore the sub-contractors and vendors would have to wait another week to receive a check.

There is so much more, but I would need to write a book to cover everything.

9:08 PM


Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM

1:14 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM

1:15 PM


Anonymous said...
Is something going on with Kara Homes?

I ask this because a number of people on my sight today have arrived here by typing into Google "Kara Home bankruptcy."

I'm not saying that they have filed, only that the search term has been used a number of times today.
posted by Little Silvered at 8:50 PM

82 Comments:
Anonymous said...
Kara Homes is just about through at this point. They've laid off a ton of people and can't even afford to get their garbage hauled away. They owe lots of people lots of money and can't get anyone to do any work for them because it's common knowledge that they don't pay their vendors. Anyone dumb enough to buy from Kara right now will get a shoddily built crap shack in a development that'll never be finished.

10:07 PM
njcoast said...
Kara Homes sold 4 of the Tradewinds properties last month without even getting homes on them. Looks like they're throwing things overboard as they try to bale out the boat.

10:32 AM
Anonymous said...
Can you post this article from NYT Business? Pretty interesting. I am not sure how to shorten link.

http://www.nytimes.com/2006/10/04/business/04real.html?ex=1317614400&en=3892a9d60b0de698&ei=5089&partner=rssyahoo&emc=rss

1:08 PM
Disgruntled Goat said...
Kara has declared Chapter 11 as of Wed. October 4. I know this because until today, I worked there. The company is completely out of money. They did not even make payroll this week, no one received a paycheck this week. They have no intention of making good on the massive amount of money they owe to vendors & subs. They have no capability to finish the work they've started, either. Even if they did, there's no one to physically do the work as most of the staff has been let go or quit.

If Zudi screwed you too, give him a call on his cell phone, (732) 565 5632 & ask him what's up.

1:59 PM
njcoast said...
WOW! That sure is news! Remember last summer when this blog was dicussing the problems of Kara Homes and some one went on a rant of how we had no idea what we were talking about?! Amazing how the worm has turned!

2:20 PM
Disgruntled Goat said...
Oh, the worm has turned all right. Fast-tracker Zudi didn't even have the guts to face his staff this morning during the bankruptcy annoncement, he hid behind his lawyers like the coward he is. He allowed his employees to continue working for him despite knowing he could not pay them. So he waited until payday, then booted his staff out the door minus the two weeks salary they are owed. It really isn't too suprising, given how he's treated his customers and his vendors in the past. He also owes his staff a ton of bonus & commission money they earned and have been waiting on for months (and in some cases, years).

3:06 PM
grim said...
Can we get some kind of confirmation on this?

jb

4:07 PM
Anonymous said...
:::snip:::

FEB. 2, 2005 -- Inc. magazine has ranked Kara Homes 38th in its annual "Inc. 500" list of the fastest growing privately held companies in America.

Inc. cited Kara Homes' rapid growth, 615.8% last year, to $195.7 million in revenues during 2003. East Brunswick, NJ-based Kara Homes ranked Number 8 among private companies out of the "Inc. 500" in revenues and the builder anticipates 2004 sales to amount to $350M compared to $260M during 2003.

Inc. Magazine reported the company's total revenue growth since its first year in business at a staggering 2,463%.

"We are very excited by this recognition of the hard work, professionalism and dedication of our staff in helping so many people find their dream homes," said Zudi Karagjozi, founder and president of Kara Homes.

"Our company has grown rapidly since we started building in New Jersey just five years ago. Our buyers recognize the quality of construction, value and the extraordinary locations of Kara Homes communities."

5:16 PM
disgruntled goat said...
I wish there was a way I could verify this info, but soon that won't be necessary. It will all be completely verifiable very shortly. I may be disgruntled, but I am not like Zudi's (former) marketing team, I don't write fiction. I also pay people who peform work for me, which is another trait Zudi & I do not share.

12:51 AM
Anonymous said...
KARA HOMES

Kara Homes anticipates filing for bankruptcy
Posted by the Asbury Park Press on 10/5/06
STAFF REPORT

East Brunswick builder Kara Homes Inc., one of the biggest home builders in Monmouth and Ocean counties, anticipates filing for Chapter 11 bankruptcy, a company official said in a letter given to laid-off employees earlier this week.

Roberta W. Schultz, vice president of human resources and organizational development at Kara Homes, said in the note that the employees' jobs were terminated as of the end of the day Tuesday.

Editor's note: Are you a Kara Homes customer or employee who will be affected by Kara Homes' bankruptcy filing? For information or to talk to a reporter, e-mail Press staff writer David P. Willis at dwillis@app.com or call him at (732) 643-4039.

11:45 AM
Anonymous said...
I am under contract with Kara Homes in Jackson. Now I do not even know if I will get my $200K deposit back or my lot. Zudi is living in a $6M house in Rumson while I am homeless. Where is the justice? I want him put in jail for fraud.

1:34 PM
Anonymous said...
www.karamoldhomes.com

5:46 PM
Anonymous said...
Kara laid off over 100 people and the people who are staying are not getting paid. (what are they thinking)

If you want you can call management directly to complain
Zudi-732 735 5632
Hector (the uncle in charge) 732-433-4337
Roberta Schultz 908 421 4654

5:58 PM
disgruntled goat said...
The local press is only waiting on official documentation, then the story will be there for all to see. Zudi will not be able to hide behind one of his clever press releases this time around.

To the poster who has a deposit on a Kara home, my advice would be to get a lawyer, quickly. The chances of that particular job getting finished anytime soon is about zero. Even if they somehow manage to complete those homes, you can be sure they will be rushed, slipshod & full of issues that no one will help you address. Sorry, but that is the truth & not Kara's version of the truth.

The company has to post security guards at their field offices this week due to other disgruntled persons looting their offices and trailers. Which is to be expected if you decide to dick everyone out of their paychecks.

6:46 PM
Anonymous said...
From what I am hearing, John Fig? the head bean counter at Kara is at odds with Zudi the owner of Kara on how to proceed. Zudi does not want to listen to the bean counters he thinks he can save the day.
Zudi
Delusional, maybe
Effective leader- NOT
But he does have a 6 million dollar house in Rumson, nice cars a boat, servants at home and a wife who could stand to loose a few pounds

4:10 PM
Anonymous said...
If Zudi listened to the bean counters, he would have never been in this position in the first place. Problem was, he believed his press clippings instead of his advisors.

4:56 PM
Anonymous said...
Zuhdi never listened to anyone. Plenty of his people tried to point out the incredible waste all over the place but he wasn't interested. He was too busy being charismatic.

5:01 PM
Anonymous said...
Well we will see how long Zudi stays out of jail. He will definitely go down for fraud. Notice the karahomes.com website is still selling homes. FRAUD!!!!

5:06 PM
Anonymous said...
Hovnanian has ceased moving forward on a bunch of projects it has committed to also.....

5:27 PM
Anonymous said...
No one has updated that Kara website for many moons now. The people who did that stuff were all fired...er, I mean let go. That Robbie has every base covered.

5:35 PM
Anonymous said...
Maybe Zudi can drive his Aston Martin to federal prison!!!!

I wonder if his other lackies like Brandt and Kelly would go to jail with him??

5:39 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. the higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now two words sales EGO

6:23 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. The higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now three words JABLONSKI-NEPOTISM-EGO. Guess what what z man being the fastest growing builder isn't a good thing. I know it was nice to get your face on the cover of all those magazines, now the only place that face is will be on the front page of the papers with he lead "chapter 11/Bankrupt builder", or hidden under a coat doing the "perp walk" on your way into court. Anyone who blames this circus on the market is a moron. Captain Kara and his coconspirators haven't finished falling yet and it's gonna hurt when they hit bottom. You can't write this stuff.

6:29 PM
Anonymous said...
All of these names being mentioned what happened to the only qualified person that zman had in managment-Mike Alawich. OH that's right that Albanian Ara Hov wannabe zoodee let him go and blamed his failure on him because as always those with humungos egos have to have fall guy's or their fragile little heads would exlode

7:06 PM
Anonymous said...
Boy oh boy........how about that picnic. or was it a funeral?

8:21 PM
Anonymous said...
chapter 1
Young albanian man leaves queens-goes to cali becomes genius of marketing and desing/psuedo rock star
Chapter 2
goes on road trip with buds from hood discovers jersey real estate
chapter 3
decides to become slum lord cum land mogul
chapter 4
begins empire the all great and might ego has started to role
chapter 5
still has ocasional roll back into attempts at rock and roll
chapter 6
The empire grows not in proportion to the growth of the ego
chapter 7
the only thing growing faster than the empire is the debt and the problems
chapter 8
things are getting a little tight lets flip on the old charisma button
chapter 9
charisma failing lets try brains and balls uh ooh don't have those I'm screwed
chapter 10
the fun part of most roller coasters isn't the ride up the hill it's the fall to the bottom
chapter 11
I think that says it all. Actually this might have been 4 chapters too many

9:28 PM
disgruntled goat said...
Don't even get me started on Jablonski. He might as well be a cardboard cutout. He was an absolute genius back when houses sold themselves and he has the trophy to prove it. Tom always led the company in convention attendance year after year. I'm sure we'll all remember the thrill of occasionally seeing him stand around being important.

Observe how Zudi even included minor employee expenses in his utterly embarrassing filing. Kara Homes neglected to even list the expense money they owe me, or my earned PTO. In fact, when I saw the number I was suprised because they owe me considerably more than that. Guess they just estimated it, or took a wild guess. Then again, look who we're talking about here, this is the same business that managed to get themselves into a $100000+ hole with their portable crapper vendors.

Oh yeah, the picnic. The afternoon when Kara paid us to have a burger or two and take some time to get to know the families of the coworkers we'd soon be losing touch with. The upside was that at least Zudi didn't sing, show motivational videos, or share his reading list with us.

10:14 PM
Little Silvered said...
Albanian, Armenian, whatever.

11:11 PM
Anonymous said...
Hey goat-what is PTO

11:53 PM
Anonymous said...
He's albanian, definetly albania. Yeah yeah Debt for equity, debt for equity is good. gotta stretch stretch I gotta stretch. Anyone seen my doodle pad yeah debt for equity

11:55 PM
Anonymous said...
I have to belive that Jablonski has something on Zudi. Why else would he give him that much money.

The sales dept is a mess at Kara. While I was working at Kara the sales staff walked on water in Zudi's eyes.

Tom Jablonski is so clueless that he has this miserable trashy sales manager running his department. This girl has to be the most ignorant person you will ever meet . But since she is sleeping with one of Zudi's best friends (JK) she is safe and sound.

The whole place is a mess!!!! Even though I am out of a job and out of 3 weeks pay at least I am not listening to Zudi talk about how great he is and how he single handedly changed the face of real estate!!! hahahahahahaa

1:11 AM
disgruntled goat said...
PTO = paid time off

1:19 AM
disgruntled goat said...
And here comes the savagery. Comes with the territory when you are ripping people off.

I would expect a lot more ire directed towards Kara Homes this weekend, as the effects of idle time, financial difficulties and alcohol drive more ex-employees to find a forum in which to rant.

I don't know anything about innuendo or anyone's personal affairs. My venom is directed towards Zudi and the inner circle at Kara Homes. Zudi made a fool out of me and now I will return the favor by doing the same to him in any way I can, no matter how trivial or petty it may be.

2:23 AM
Anonymous said...
I haven't seen the security at the sites for rampaging employees, but the money going to waste in material is staggering. There is at least 2-3 months salaries and bonuses rotting away. Don't think for a minute that this material won't be used if Kara does move forward. Kara's biggest problem is they themselves are not builders,from corporate to site supers they are cluless. They contract with vendors who barely or can't speak English then expect Kara personal to somehow maintain an open dialouge. We build houses in America not grass huts,lack of heat/air,mold,cracked this broken that,still gets installed.As long as they settle.
Anyone who has been into a "finished" home has to ask how did that pass the infamous quality control teams inspection.

8:41 AM
Anonymous said...
So lets recap what has happend so far. Zoodee the gypsy prince and the rest of the family (uncle-COO, uncles best- freind VP HR, Aunt-over paid psudo acountant, cousin-design girl, best freind1-VP Land, Best freind2-VP Land2) are still working for the firm along with 55 other "chosen ones"-is it really working if they are not compensated, that is a topic for another day. What is the next step-they have no subs, no material and alot to get done. Where does the money come from. Maybe z's main sales man CF can front him some cash-I doubt that though because he's suing him. I'm sure the lord of charisma and spin will be able to convince someone to come up with the pesos he'll need to get back that fine group of third world sub-contractors that have been throwing together the MacMansions for kara-sell homes for years. So they come back, they finish a few homes, can the close them while there in chapter 11 and if they do where does the money go. There sure must be some intresting conversations going in East Brunswick over these issues. I feel confident that with the great minds up there they can surely pull this one off.
I bet it looks like something out the Wizard of OZ up there Robbie looking for her heart-John kelly singing if I only had a brain-zoodi hoping for some courage and Hector just wants to go home.

4:06 PM
Anonymous said...
anon. that is so great.........and soooo true!

8:01 PM
disgruntled goat said...
Supposedly, the Fraudster is still doing the dance, flitting around the office in his wrinkled clothes pretending he still has something to rebuild upon. He's still using the "I'll pay you back, somehow" line he trots out whenever anyone asks for the money he owes them, as if it's up to him anymore. Of course, when he's finished using his remaining few employees, he'll toss them under the bus like he does with everyone else he's exploited for a buck.

Rumor has it that Uncle Duh flew the coop & is in hiding someplace. maybe true, maybe not. The rest of his loyal cronies are still up there in E.Brunswick wasting oxygen, so nothing's changed on that front. I wouldn't be suprised to learn they're up there right now telling Roberta what they need shredded.

1:08 AM
Anonymous said...
The $6 million dollar man's 7,800 SF 'gift' from the industry, now in little wifey's name in Rumson, you know, the mansion on the swamp he got for free in '01 from the trades and vendors by being promised they were gonna get lots of work and then stringing along and burning everybody that did the work, did he pay any taxes on all the free labor and materials? It's gotta be huge. He should have moved to Florida when he had the chance. King, you were right.

1:38 PM
Anonymous said...
Look on ebay for Kara Home tee shirts. Opening bid ?? Time to raise some cash.

6:55 AM
Anonymous said...
Maybe someone should check into the assorted properties that Zudi,Hector,Schultz, and Kelly have added to there personal holdings since working for Kara.
I think it's time for Kelly to go back being a shoe salesman again,since he is a expert in the building business and knows so much. Time to smell feet again Kelly u loser. Hopefully you to will spend a little time in jail!!! Sell the house in Emerald and go back to where you came from.

8:15 AM
Anonymous said...
Wonder where Perrotti will sleep now that his leather couches are gone

2:56 PM
Anonymous said...
Leave Perotti alone he is sleeping with several women at Kara so he always has a place to stay.

I just wonder how Zudi's secratery is going to pay for that boob job now that she is not getting a pay check. Does she really think no one noticed!!!!

3:11 PM
Anonymous said...
Well maybe he can sleep in the barn with the horse loving C/A that couldn't be bothered doing anything other than talk on the phone, and make visits to the township.

3:16 PM
Anonymous said...
I heard that Uncle Hector's coke addicted son was let go. I guess after several weeks in rehab he couldn't handle driving around to sites and doing nothing.

Does anyone know if his wife is still living with Roberta?? I heard she left him due to his coke binges.

3:20 PM
Anonymous said...
Please stop referring to her as Roberta....it makes her sound feminine....Robbie fits her much better!!

3:27 PM
Anonymous said...
Being a very informed person on the matter of Kara Homes...There is no more to say then BYE FOR NOW...or maybe forever. Good luck to all those that were laid off and not paid. And even better luck to those that are there picking up the pieces of the mess that was created! The people that are still there are true SAINTS...they have not been paid in 3 weeks either!

3:53 PM
Anonymous said...
Is Saint the new term for idiot? Maybe they have been drinking too much of the magic Zudhi juice at the Weds night meetings....wonder if they are meeting this week. I guess they won't have to argue over which subs to pay this week and who to screw

4:17 PM
Anonymous said...
If you know so much please fill us all in on anything that has not been stated as of yet.

Don't just leave the discussion

4:17 PM
PennyLess said...
Who is going to meet? It is a CONSTRUCTION meeting..they fired (I mean) let all of construction go. And lets not forget in order to be in the construction business, you have to be CONSTRUCTING..not taking people's life savings/children's college funds to have super cool picnics and expensive over the top Xmas parties.

4:37 PM
Very Informed said...
In regards to what I stated before...Let's just say if you are owed any money, you are not going to get it. The K man did a lot of bad things and taking deposits and using them to pay people were one of the...Escro account HA! Only people that stand a chance getting their money back are those that are apart of a DCA community. By Law he cant touch that money. And for the employees that were so conveintly let go before the walls came down, good luck getting antyhing more then 20 cents on the dollar for what you are owed..if that!

4:40 PM
Anonymous said...
So I guess the employees let go at the end of January with 6 weeks severance pay, all vacation time paid and one month of medical should consider themselves the luck ones. Just knowing that Zudi / Robbie deemed the first group as expendable makes it all the sweeter. It all went down hill after the first round of lay offs....wonder why (maybe it was the new area president??)

4:52 PM
Anonymous said...
Heard the Kara Christmas party this year is at the Essex County court house.....

4:53 PM
Anonymous said...
Anyone remember Zudhi's classic speak lines? "we are building the jet plane while we are flying through the sky" "we missed our year end closing numbers, and that is affecting my kids college fund" "it was all constructions fault" "kara cares and it shows"

7:11 PM
Anonymous said...
so who do we have left in construction at the fastest builder in the universe-fastest falling builder.
Perotti and his band of rednecks and big bad mama in the south. The golden boy, smart-ass-ass kiss in old bridge. Phil the mechanic who couldn't build a n outhouse if he was given the first 4 walls and half the roof and the LARGE site supers. Wow these are the keepers, times are tough in the indusrty

8:02 PM
Anonymous said...
OK time for one of the "saints/idiots" to post some sort of rebutal. While I understand that all of you who were let go on Tuesday are angry, there is no reason to attack those you used to work with that are still there. Those of us that are still trying to fight through this are doing what we have to do for our families, what do you get out of slamming us. The cheap personal shots are nothing but cowardice. You didn't have the guts to say these things when you were still getting a check. You guys question the manhood of certain members of the management staff now, where were your balls when you worked here. OOHH that's right you had something to loose then, now on a faceless-nameless website under a made up name you can talk all the crap you want, bring up any rumor you want and be the man you wanted to be before but didn't have balls to because you wanted to keep the job you are bitching about now. Stop the whinning, spend your time e-mailing resumes instead of posting here and move on with your lives. The Kara part of your careers is done, crap happens-deal with it and focus on your next step.

8:37 PM
Anonymous said...
Why don't you all that were let go spend more time working on your resume and getting a job than spending your time bashing Kara Homes. If it was so bad, why didn't you leave sooner. I am sure you made a good salary and now because you were let go, Kara Homes is no good. Obviously, you were not doing your job or you would still be there. Leave the ones that are still there alone. Get a life!!

10:27 PM
Anonymous said...
Hey Saint/Idiot - guess you are still sipping the zudhi juice. The people that had the balls and spoke up against Zudhi, Robbie and the chosen few were the first to be let go. Maybe if you had the "balls" to stand up at a meeting and disagree with all the BS you would be gone too. It takes more balls to go against a group that month after month lied to its subs, lied to their employees and lied to the homeowners. Facts are facts and while it may have been great collecting your paychecks in the past, when subs were actually being paid something, how can you still sit there in your trailer and support KH? Do you even realize how many lives are being affected by zudhi & co selfish choices? Sure people want to vent, and they should! Most of the people in southern construction worked their asses off and got lied to and taken advantage of. The arrogant area president, screwed around and then took no responsibilities for ABSOLUTELY HORRIBLE decisions that screwed many many people. 99% written in the past 4 days on this site is the truth. Unfortunately Zudi and his team turned a blind eye to all the BS that happened in the field and in his corp offices and kept up the pretense of everything is prefect. I guess if you repeat a lie enough times you really do believe it. You said you are still with KH to do what you have to for your family, I guess that makes you part of the inner circle. You will probally never know what it is like to wonder where your next mortgage/car/credit card payment will come from. Lastly, if you want to talk about a guy with no balls, where the hell is ZK these days? No public comment from the man who loved the media spotlight? No communication to his former employees? I bet all the nameless / faceless posters would love to have just one more maniditory KH company meeting and see who has balls and who doesn't.

10:55 PM
Anonymous said...
While I truly do feel bad for those that are unemployeed now, I am far from "the inner circle". I have the same mortgage/credit card/car payments that all of those that are no longer working for kara have. I am far from a Kool aid drinker. I understand the position that this has put many, many people in. The point I'm trying to make is that why do this posts have to slam people over personal matters. If you have a gripe with Kara take it up with the labor board or your lawyer. Why make anonymous posts about former co-workers that don't know who they are defending themselves against. It seems that all of the faceless/ball-less anonymous poster that are on here slamming have no problem bringing up current employees names yet they can't say who they are. I understand that it's hard to be unemployeed, but as I said before-go on with your life.

11:34 PM
Anonymous said...
At least the employees can move on. The homeowners have had their money stolen AND have no house to live in!!! Enough about the employees. Three weeks pay is far from people's life savings.

11:42 AM
Anonymous said...
Hey Ed Dever, is that you?
Wow! you really are one angry dude.
I guess this explains why they called you "Special Ed"

6:57 PM
Anonymous said...
kara homes sucks and it was poor upper management. If everyone would focus on work instead of getting into each others pants and they might have been successful place. What can you say about a president who pays for his employees to get boob jobs when he cannot make payroll. Sounds good employees can't make their mort. payments but the family that destroyed his company can run back and fourth to Michigan on company money as well. How about a one way ticket we have enough ass x@?/ in New Jersey. Hey Hektor try a shower every now and then it really works.

8:51 AM
Anonymous said...
I’m absolutely amazed yet even more embarrassed that I even worked along side such an incredible bunch of gutless wonders in my life. You throw around comments about people on a personal level having no regard for the repercussions that may destroy peoples lives even more so than what Kara Homes has already done. Yet it is obvious that you are too scared to attach a name to a post. You attack people’s spouses and children by sending anonymous e-mails to their homes and places of work yet still don’t have the balls to acknowledge you own inadequacies for sticking around as long as you did. Good for you if it makes you feel better about yourselves! Continue hiding behind a nameless, faceless, gutless posting. Ya know… sometimes bad things happen to good people.
I don’t defend Kara for putting the screws to innocent people, buyers or homeowners; it truly could be viewed as a crime against humanity. However, your inability to move on only shows your weaknesses. I can tell you personally that it’s not easy cutting your losses and walking away with NOTHING. No family, No home, No money! But sometimes you just have to pick up the pieces and start over again from scratch and do whatever it is that you have to do to survive. If you insist on dwelling on this you might as well stick a gun in your mouth now! It’s simply no way to live if you can’t let go. It only proves your weakness and you loose even more of your dignity as you continue to dwell on this rather than move on.

1:06 PM
Anonymous said...
Tracey is that you?!

5:38 PM
Anonymous said...
Could be Tracey,who knows better about doing whatever you have to do to survive.

9:05 PM
Anonymous said...
You people just don"t get it!
Stew in your filth, it seems to be what you live for and enjoy most because you have nothing else better to live for. It's more enjoyable than your spouses and your children isn't it? Fine example your setting! May be a link to this blog should be sent to the elementary and high schools where your children go to see how their parents pioneered the example of what not to do! How would you like that? Dare me!?!?
I feel sorry for the whole lot of you. Good luck and Good Bye.

For the record: No this isn't Tracy.

9:58 PM
Anonymous said...
You know it's Tracy-after she finished banging Chris Fry in Lake Hopatcong she moved onto John Kelly in the office-SLUT! And how much you want to bet that that last kid of hers is Kelly's. Uncle Hektor-I hope you're happy now you stupid ass senile old clueless asshole. You certainly helped Ego-Man go down in flames faster-all the while banging your old dike-ster life partner Robbie. Picture that 3-some-Uncle, Aunt, and grandmother. If you only knew the insanity of this company you would easily see why it was inevitable. The subs were already in too deep and kept getting small payments while they tried to hang on and hoping he would somehow stay a float. They are screwed now. And the poor innocent homebuyers-they deserve first payments and their lives back. You know that scumbag has all his property in his wife's name because he saw this coming. Or maybe it was a clever method of TAX EVASION AND FRAUD after he forced every sub to do the work for free and certainly didn't put it on his tax return-HELLO IRS-COME AND TAKE A GOOD HARD LOOK!! And then there is the funneling of cash out to secret accounts-do you really think he only went to Albania to adopt a child? He went to check on his fortunes that were so cleverly smuggled back to the Albanian mob. And can you believe he paid for 2 boob jobs for his secretary and his closing coordinator as recently as last month? Do you think it's a coincidence that she got a check for $7500 and that's what it cost to have her babies lifted up at attention? Maybe he's doing them also after Princess Stephanie gets off her knees. More to come...

10:40 PM
Anonymous said...
Wow, you are on fire!!! Can we take it you tried to hook up with Tracy but she wasn't interested. I don't know why anyone would she is really beat looking but she is thinner than JK's wife I guess.

Has anyone seen Tom J's wife, I hear she is a real porker??? Did anyone look at what he was making yearly on the Chapter 11 filing document??? He must have caught ZK sleeping with his wife and is holding him for ransom.

I did not know the closing person got a boob job. Last I heard she was one the girls sleeping with Perotti while he was married. There is/was all kinds of sex going on in Karaland. I guess since I focused on doing my work I was let go for not sleeping with someone.
Who do you thing George B is sleeping with?? Maybe is old assistant!!! hahahahaa

11:42 PM
Anonymous said...
Go ahead, I dare you, no I double dare you to email this blog to the schools. You must be an absolute IDIOT to think that will stop these postings. I have a better idea, why don't you email the blog to the newspapers, and the TV stations, the IRS, so everyone knows exactly what type of company Kara really was. Everyone who worked at Kara corporate knew what was going on in the field, and the field knew the crap that corporate got away with. The subs and the homeowners were the ones in the middle. How many times were the invoices "lost" after being approved in the field and sent to accounting. How many times were the invoices re approved, re coded, and re sent only to have them mysteriously be LOST again. And the answer to the subs was always the same, "we only have X amount of open invoices in the system, resend then to us." Hopefully some agancy will open up an investigation and seek out all the former employees for their insight. Then we will see how smug ZK, Robbie, etc are .

10:46 AM
Anonymous said...
SO PETTY, YOU PEOPLE NEED A LIFE!

9:20 PM
Anonymous said...
I don't really know tracey to comment on her, but, the girl in the closing department was always very professinal in my dealings with her.

2:30 PM
disgruntled goat said...
I told ya this would get really ugly. The people still working there merely wish to be paid. They will remain long enough to serve whatever purpose they serve, then they'll get the boot too. They won't get their back pay any sooner than anyone else will, despite what they have been led to believe.

8:04 PM
Anonymous said...
Stephanie Babek-Wohlrab seems to have escaped much notice, but McGreevey's former cash cow was a big wrench thrown into the Kara machine. She showed up one day & immediately began throwing her weight around on decisions she had no qualifications to make.

8:07 PM
Anonymous said...
Another quick cheap shot: Robbie Schultz is really a man.

10:05 PM
Anonymous said...
After all is said and done Kara Homes will bounce back. Dozens of people will have gotten the screws.
Honest businessmen will have had to shut their doors, people will have lost their life savings. But Zudhi and his band of thieves will emerge victorious.

12:21 AM
Christina Torsiello said...
I think that there have been a lot of good points made here. It goes without saying that there were a lot of things wrong with the way this company was being run. I think the cheap shots are ridiculous, immature and most importantly irrelevant. This has been an unfortunate experience for a hell of a lot of people. I feel for all of us. P.S. I am not afraid to attach my name to this as it appears even the people who made comments about the ones who went anonymous were also listed as anonymous. Good luck to ALL of us!!

12:00 PM
Anonymous said...
If you happen to be a homebuyer who deposited money with a builder that was not being held in escrow, shame on your attorney. A qualified knowledgeable attorney would never let a builder utilize deposit monies for just this type of situation. Now on you have is your name as a creditor on a bankruptcy petition

11:05 AM
Anonymous said...
yes i worked with all the assholes in stafford framemikewho sold weed to all the other fools don the drunk scott pornothe asskisser chris zito dumb asshole wanabe all hiried by the manwoman robbie schultz whatever happened to fat ass potter that peice of dogcrap all you flaming assholes will have to get a job ai mac donalds if they would have you

2:20 PM
Anonymous said...
THINGS JUST HAVEN'T BEEN THE SAME SINCE SERRATELLI AND HIS GUYS HAVE LEFT MURPHY AND FARANO.THEY BUILT ME A HOUSE IN ISLAND WOODS AND IT WAS A GREAT.TRIED TO BUY ANOTHER AND CANCLED BECAUSE CONSTRUCTION WAS NOTHING BUT ASAHOLES GUESS I AM LUCKY..I CANCELED AND GOT MY MONEY BACK.

6:10 PM
Anonymous said...
COULD NOT HAPPEN TO A NICER GUY(ZUDI). IT WAS NOT ONLY THE HOUSE IN RUMSON THAT HE GOT FOR FREE BUT THE ONE HE SOLD A WEEK BEFORE ALL OF THIS IN LBI.HAVE FUN IN JAIL ZUDI YOU CAN CHEW YOUR NAILS MORE .YOU SCUMBUCKET..

6:14 PM
Coleen said...
Thank you for acknowledging the fact that I was doing my job. Yes that did include being on the phone most of the day fielding disgruntled homeowners wanting warranty work done & trying to get contractors to come & do work. This did usually end up in lengthly bashing of Kara and listening patiently when no one else was doing anything. I guess trying to be pro-active is a dirty word. And if Perotti or anyone else needs a place to stay there are several stalls available in the barn. I prefer supporting my 11 yr. olds sport with horses & not being a drunk, drug addict or sex maniac. So as one door closes another will open. We all need to move on as much as it sucks, I was at least hoping for a better outcome. But it is what it is, and we all with have to answer to a bigger power one day and knowing I have done all that I could I can sleep at night, finally. Hey Christine, thanks for having the guts to also use your name. What a bunch of weenies.

Wednesday, October 18, 2006 1:27:00 PM  
Anonymous Anonymous said...

Zudi is a very good salesman but he is a horrible manager and an even worse judge of character. The company started with close friends and people with real estate experience but they were not the most trust worthy of people. He found out he was being ripped off by his own employees but didn’t really care because houses were selling faster than he could open communities. He decided to bring in the family from Detroit to cover his ass, but none of them knew a single thing about real estate and therefore couldn’t do anything to help watch costs. In fact, they were the biggest reason why things went down hill.

All of upper management (family and friends) had their hands out. All you would have to do is look at the number of homes they each own. Not sure what communities these homes are located but the owners of these homes live in Horizons at Birch Hill (Old Bridge) and Emerald Hills (Marlboro). Each one had at least 2 in their names, and I heard one executive had as many as 7 homes in his name. Zudi sold these homes to family and friends in order to inflate revenues at the end of every quarter and end of each year. Zudi only cared about Revenues because that is how he got his name and picture in magazines. The Inc. 500 magazine is based on year over year Revenue growth. It has nothing to do with PROFIT. The company was spending $1.50 for every $1.00 it was bringing in. The Finance/Accounting group tried warning Zudi of the cash flow and financing problems but he believed sales would conquer all. Many people throughout the entire company were rumored to have side deals with sub contractors, homeowners, or anyone who could make a quick dollar but nothing was ever proven. Any of the executives with real power were either too stupid to figure out how to stop people from stealing or they were in on it and getting a good amount of money on the side.

Buying land at kara homes was like being a waiter. If you had land you could name your price and any perks to go along with it and Zudi would pay it. Then he would yell at construction to build faster, and build cheaper. Sub-contractors would be told to work 6 days a week, but wouldn’t get paid. Then they would call the office looking for their checks and would be told to come in the office to pick them up. When they arrived, every executive with authority to sign checks would be out of the office and therefore the sub-contractors and vendors would have to wait another week to receive a check.

There is so much more, but I would need to write a book to cover everything.

9:08 PM


Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM

1:14 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM

1:15 PM


Anonymous said...
Is something going on with Kara Homes?

I ask this because a number of people on my sight today have arrived here by typing into Google "Kara Home bankruptcy."

I'm not saying that they have filed, only that the search term has been used a number of times today.
posted by Little Silvered at 8:50 PM

82 Comments:
Anonymous said...
Kara Homes is just about through at this point. They've laid off a ton of people and can't even afford to get their garbage hauled away. They owe lots of people lots of money and can't get anyone to do any work for them because it's common knowledge that they don't pay their vendors. Anyone dumb enough to buy from Kara right now will get a shoddily built crap shack in a development that'll never be finished.

10:07 PM
njcoast said...
Kara Homes sold 4 of the Tradewinds properties last month without even getting homes on them. Looks like they're throwing things overboard as they try to bale out the boat.

10:32 AM
Anonymous said...
Can you post this article from NYT Business? Pretty interesting. I am not sure how to shorten link.

http://www.nytimes.com/2006/10/04/business/04real.html?ex=1317614400&en=3892a9d60b0de698&ei=5089&partner=rssyahoo&emc=rss

1:08 PM
Disgruntled Goat said...
Kara has declared Chapter 11 as of Wed. October 4. I know this because until today, I worked there. The company is completely out of money. They did not even make payroll this week, no one received a paycheck this week. They have no intention of making good on the massive amount of money they owe to vendors & subs. They have no capability to finish the work they've started, either. Even if they did, there's no one to physically do the work as most of the staff has been let go or quit.

If Zudi screwed you too, give him a call on his cell phone, (732) 565 5632 & ask him what's up.

1:59 PM
njcoast said...
WOW! That sure is news! Remember last summer when this blog was dicussing the problems of Kara Homes and some one went on a rant of how we had no idea what we were talking about?! Amazing how the worm has turned!

2:20 PM
Disgruntled Goat said...
Oh, the worm has turned all right. Fast-tracker Zudi didn't even have the guts to face his staff this morning during the bankruptcy annoncement, he hid behind his lawyers like the coward he is. He allowed his employees to continue working for him despite knowing he could not pay them. So he waited until payday, then booted his staff out the door minus the two weeks salary they are owed. It really isn't too suprising, given how he's treated his customers and his vendors in the past. He also owes his staff a ton of bonus & commission money they earned and have been waiting on for months (and in some cases, years).

3:06 PM
grim said...
Can we get some kind of confirmation on this?

jb

4:07 PM
Anonymous said...
:::snip:::

FEB. 2, 2005 -- Inc. magazine has ranked Kara Homes 38th in its annual "Inc. 500" list of the fastest growing privately held companies in America.

Inc. cited Kara Homes' rapid growth, 615.8% last year, to $195.7 million in revenues during 2003. East Brunswick, NJ-based Kara Homes ranked Number 8 among private companies out of the "Inc. 500" in revenues and the builder anticipates 2004 sales to amount to $350M compared to $260M during 2003.

Inc. Magazine reported the company's total revenue growth since its first year in business at a staggering 2,463%.

"We are very excited by this recognition of the hard work, professionalism and dedication of our staff in helping so many people find their dream homes," said Zudi Karagjozi, founder and president of Kara Homes.

"Our company has grown rapidly since we started building in New Jersey just five years ago. Our buyers recognize the quality of construction, value and the extraordinary locations of Kara Homes communities."

5:16 PM
disgruntled goat said...
I wish there was a way I could verify this info, but soon that won't be necessary. It will all be completely verifiable very shortly. I may be disgruntled, but I am not like Zudi's (former) marketing team, I don't write fiction. I also pay people who peform work for me, which is another trait Zudi & I do not share.

12:51 AM
Anonymous said...
KARA HOMES

Kara Homes anticipates filing for bankruptcy
Posted by the Asbury Park Press on 10/5/06
STAFF REPORT

East Brunswick builder Kara Homes Inc., one of the biggest home builders in Monmouth and Ocean counties, anticipates filing for Chapter 11 bankruptcy, a company official said in a letter given to laid-off employees earlier this week.

Roberta W. Schultz, vice president of human resources and organizational development at Kara Homes, said in the note that the employees' jobs were terminated as of the end of the day Tuesday.

Editor's note: Are you a Kara Homes customer or employee who will be affected by Kara Homes' bankruptcy filing? For information or to talk to a reporter, e-mail Press staff writer David P. Willis at dwillis@app.com or call him at (732) 643-4039.

11:45 AM
Anonymous said...
I am under contract with Kara Homes in Jackson. Now I do not even know if I will get my $200K deposit back or my lot. Zudi is living in a $6M house in Rumson while I am homeless. Where is the justice? I want him put in jail for fraud.

1:34 PM
Anonymous said...
www.karamoldhomes.com

5:46 PM
Anonymous said...
Kara laid off over 100 people and the people who are staying are not getting paid. (what are they thinking)

If you want you can call management directly to complain
Zudi-732 735 5632
Hector (the uncle in charge) 732-433-4337
Roberta Schultz 908 421 4654

5:58 PM
disgruntled goat said...
The local press is only waiting on official documentation, then the story will be there for all to see. Zudi will not be able to hide behind one of his clever press releases this time around.

To the poster who has a deposit on a Kara home, my advice would be to get a lawyer, quickly. The chances of that particular job getting finished anytime soon is about zero. Even if they somehow manage to complete those homes, you can be sure they will be rushed, slipshod & full of issues that no one will help you address. Sorry, but that is the truth & not Kara's version of the truth.

The company has to post security guards at their field offices this week due to other disgruntled persons looting their offices and trailers. Which is to be expected if you decide to dick everyone out of their paychecks.

6:46 PM
Anonymous said...
From what I am hearing, John Fig? the head bean counter at Kara is at odds with Zudi the owner of Kara on how to proceed. Zudi does not want to listen to the bean counters he thinks he can save the day.
Zudi
Delusional, maybe
Effective leader- NOT
But he does have a 6 million dollar house in Rumson, nice cars a boat, servants at home and a wife who could stand to loose a few pounds

4:10 PM
Anonymous said...
If Zudi listened to the bean counters, he would have never been in this position in the first place. Problem was, he believed his press clippings instead of his advisors.

4:56 PM
Anonymous said...
Zuhdi never listened to anyone. Plenty of his people tried to point out the incredible waste all over the place but he wasn't interested. He was too busy being charismatic.

5:01 PM
Anonymous said...
Well we will see how long Zudi stays out of jail. He will definitely go down for fraud. Notice the karahomes.com website is still selling homes. FRAUD!!!!

5:06 PM
Anonymous said...
Hovnanian has ceased moving forward on a bunch of projects it has committed to also.....

5:27 PM
Anonymous said...
No one has updated that Kara website for many moons now. The people who did that stuff were all fired...er, I mean let go. That Robbie has every base covered.

5:35 PM
Anonymous said...
Maybe Zudi can drive his Aston Martin to federal prison!!!!

I wonder if his other lackies like Brandt and Kelly would go to jail with him??

5:39 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. the higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now two words sales EGO

6:23 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. The higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now three words JABLONSKI-NEPOTISM-EGO. Guess what what z man being the fastest growing builder isn't a good thing. I know it was nice to get your face on the cover of all those magazines, now the only place that face is will be on the front page of the papers with he lead "chapter 11/Bankrupt builder", or hidden under a coat doing the "perp walk" on your way into court. Anyone who blames this circus on the market is a moron. Captain Kara and his coconspirators haven't finished falling yet and it's gonna hurt when they hit bottom. You can't write this stuff.

6:29 PM
Anonymous said...
All of these names being mentioned what happened to the only qualified person that zman had in managment-Mike Alawich. OH that's right that Albanian Ara Hov wannabe zoodee let him go and blamed his failure on him because as always those with humungos egos have to have fall guy's or their fragile little heads would exlode

7:06 PM
Anonymous said...
Boy oh boy........how about that picnic. or was it a funeral?

8:21 PM
Anonymous said...
chapter 1
Young albanian man leaves queens-goes to cali becomes genius of marketing and desing/psuedo rock star
Chapter 2
goes on road trip with buds from hood discovers jersey real estate
chapter 3
decides to become slum lord cum land mogul
chapter 4
begins empire the all great and might ego has started to role
chapter 5
still has ocasional roll back into attempts at rock and roll
chapter 6
The empire grows not in proportion to the growth of the ego
chapter 7
the only thing growing faster than the empire is the debt and the problems
chapter 8
things are getting a little tight lets flip on the old charisma button
chapter 9
charisma failing lets try brains and balls uh ooh don't have those I'm screwed
chapter 10
the fun part of most roller coasters isn't the ride up the hill it's the fall to the bottom
chapter 11
I think that says it all. Actually this might have been 4 chapters too many

9:28 PM
disgruntled goat said...
Don't even get me started on Jablonski. He might as well be a cardboard cutout. He was an absolute genius back when houses sold themselves and he has the trophy to prove it. Tom always led the company in convention attendance year after year. I'm sure we'll all remember the thrill of occasionally seeing him stand around being important.

Observe how Zudi even included minor employee expenses in his utterly embarrassing filing. Kara Homes neglected to even list the expense money they owe me, or my earned PTO. In fact, when I saw the number I was suprised because they owe me considerably more than that. Guess they just estimated it, or took a wild guess. Then again, look who we're talking about here, this is the same business that managed to get themselves into a $100000+ hole with their portable crapper vendors.

Oh yeah, the picnic. The afternoon when Kara paid us to have a burger or two and take some time to get to know the families of the coworkers we'd soon be losing touch with. The upside was that at least Zudi didn't sing, show motivational videos, or share his reading list with us.

10:14 PM
Little Silvered said...
Albanian, Armenian, whatever.

11:11 PM
Anonymous said...
Hey goat-what is PTO

11:53 PM
Anonymous said...
He's albanian, definetly albania. Yeah yeah Debt for equity, debt for equity is good. gotta stretch stretch I gotta stretch. Anyone seen my doodle pad yeah debt for equity

11:55 PM
Anonymous said...
I have to belive that Jablonski has something on Zudi. Why else would he give him that much money.

The sales dept is a mess at Kara. While I was working at Kara the sales staff walked on water in Zudi's eyes.

Tom Jablonski is so clueless that he has this miserable trashy sales manager running his department. This girl has to be the most ignorant person you will ever meet . But since she is sleeping with one of Zudi's best friends (JK) she is safe and sound.

The whole place is a mess!!!! Even though I am out of a job and out of 3 weeks pay at least I am not listening to Zudi talk about how great he is and how he single handedly changed the face of real estate!!! hahahahahahaa

1:11 AM
disgruntled goat said...
PTO = paid time off

1:19 AM
disgruntled goat said...
And here comes the savagery. Comes with the territory when you are ripping people off.

I would expect a lot more ire directed towards Kara Homes this weekend, as the effects of idle time, financial difficulties and alcohol drive more ex-employees to find a forum in which to rant.

I don't know anything about innuendo or anyone's personal affairs. My venom is directed towards Zudi and the inner circle at Kara Homes. Zudi made a fool out of me and now I will return the favor by doing the same to him in any way I can, no matter how trivial or petty it may be.

2:23 AM
Anonymous said...
I haven't seen the security at the sites for rampaging employees, but the money going to waste in material is staggering. There is at least 2-3 months salaries and bonuses rotting away. Don't think for a minute that this material won't be used if Kara does move forward. Kara's biggest problem is they themselves are not builders,from corporate to site supers they are cluless. They contract with vendors who barely or can't speak English then expect Kara personal to somehow maintain an open dialouge. We build houses in America not grass huts,lack of heat/air,mold,cracked this broken that,still gets installed.As long as they settle.
Anyone who has been into a "finished" home has to ask how did that pass the infamous quality control teams inspection.

8:41 AM
Anonymous said...
So lets recap what has happend so far. Zoodee the gypsy prince and the rest of the family (uncle-COO, uncles best- freind VP HR, Aunt-over paid psudo acountant, cousin-design girl, best freind1-VP Land, Best freind2-VP Land2) are still working for the firm along with 55 other "chosen ones"-is it really working if they are not compensated, that is a topic for another day. What is the next step-they have no subs, no material and alot to get done. Where does the money come from. Maybe z's main sales man CF can front him some cash-I doubt that though because he's suing him. I'm sure the lord of charisma and spin will be able to convince someone to come up with the pesos he'll need to get back that fine group of third world sub-contractors that have been throwing together the MacMansions for kara-sell homes for years. So they come back, they finish a few homes, can the close them while there in chapter 11 and if they do where does the money go. There sure must be some intresting conversations going in East Brunswick over these issues. I feel confident that with the great minds up there they can surely pull this one off.
I bet it looks like something out the Wizard of OZ up there Robbie looking for her heart-John kelly singing if I only had a brain-zoodi hoping for some courage and Hector just wants to go home.

4:06 PM
Anonymous said...
anon. that is so great.........and soooo true!

8:01 PM
disgruntled goat said...
Supposedly, the Fraudster is still doing the dance, flitting around the office in his wrinkled clothes pretending he still has something to rebuild upon. He's still using the "I'll pay you back, somehow" line he trots out whenever anyone asks for the money he owes them, as if it's up to him anymore. Of course, when he's finished using his remaining few employees, he'll toss them under the bus like he does with everyone else he's exploited for a buck.

Rumor has it that Uncle Duh flew the coop & is in hiding someplace. maybe true, maybe not. The rest of his loyal cronies are still up there in E.Brunswick wasting oxygen, so nothing's changed on that front. I wouldn't be suprised to learn they're up there right now telling Roberta what they need shredded.

1:08 AM
Anonymous said...
The $6 million dollar man's 7,800 SF 'gift' from the industry, now in little wifey's name in Rumson, you know, the mansion on the swamp he got for free in '01 from the trades and vendors by being promised they were gonna get lots of work and then stringing along and burning everybody that did the work, did he pay any taxes on all the free labor and materials? It's gotta be huge. He should have moved to Florida when he had the chance. King, you were right.

1:38 PM
Anonymous said...
Look on ebay for Kara Home tee shirts. Opening bid ?? Time to raise some cash.

6:55 AM
Anonymous said...
Maybe someone should check into the assorted properties that Zudi,Hector,Schultz, and Kelly have added to there personal holdings since working for Kara.
I think it's time for Kelly to go back being a shoe salesman again,since he is a expert in the building business and knows so much. Time to smell feet again Kelly u loser. Hopefully you to will spend a little time in jail!!! Sell the house in Emerald and go back to where you came from.

8:15 AM
Anonymous said...
Wonder where Perrotti will sleep now that his leather couches are gone

2:56 PM
Anonymous said...
Leave Perotti alone he is sleeping with several women at Kara so he always has a place to stay.

I just wonder how Zudi's secratery is going to pay for that boob job now that she is not getting a pay check. Does she really think no one noticed!!!!

3:11 PM
Anonymous said...
Well maybe he can sleep in the barn with the horse loving C/A that couldn't be bothered doing anything other than talk on the phone, and make visits to the township.

3:16 PM
Anonymous said...
I heard that Uncle Hector's coke addicted son was let go. I guess after several weeks in rehab he couldn't handle driving around to sites and doing nothing.

Does anyone know if his wife is still living with Roberta?? I heard she left him due to his coke binges.

3:20 PM
Anonymous said...
Please stop referring to her as Roberta....it makes her sound feminine....Robbie fits her much better!!

3:27 PM
Anonymous said...
Being a very informed person on the matter of Kara Homes...There is no more to say then BYE FOR NOW...or maybe forever. Good luck to all those that were laid off and not paid. And even better luck to those that are there picking up the pieces of the mess that was created! The people that are still there are true SAINTS...they have not been paid in 3 weeks either!

3:53 PM
Anonymous said...
Is Saint the new term for idiot? Maybe they have been drinking too much of the magic Zudhi juice at the Weds night meetings....wonder if they are meeting this week. I guess they won't have to argue over which subs to pay this week and who to screw

4:17 PM
Anonymous said...
If you know so much please fill us all in on anything that has not been stated as of yet.

Don't just leave the discussion

4:17 PM
PennyLess said...
Who is going to meet? It is a CONSTRUCTION meeting..they fired (I mean) let all of construction go. And lets not forget in order to be in the construction business, you have to be CONSTRUCTING..not taking people's life savings/children's college funds to have super cool picnics and expensive over the top Xmas parties.

4:37 PM
Very Informed said...
In regards to what I stated before...Let's just say if you are owed any money, you are not going to get it. The K man did a lot of bad things and taking deposits and using them to pay people were one of the...Escro account HA! Only people that stand a chance getting their money back are those that are apart of a DCA community. By Law he cant touch that money. And for the employees that were so conveintly let go before the walls came down, good luck getting antyhing more then 20 cents on the dollar for what you are owed..if that!

4:40 PM
Anonymous said...
So I guess the employees let go at the end of January with 6 weeks severance pay, all vacation time paid and one month of medical should consider themselves the luck ones. Just knowing that Zudi / Robbie deemed the first group as expendable makes it all the sweeter. It all went down hill after the first round of lay offs....wonder why (maybe it was the new area president??)

4:52 PM
Anonymous said...
Heard the Kara Christmas party this year is at the Essex County court house.....

4:53 PM
Anonymous said...
Anyone remember Zudhi's classic speak lines? "we are building the jet plane while we are flying through the sky" "we missed our year end closing numbers, and that is affecting my kids college fund" "it was all constructions fault" "kara cares and it shows"

7:11 PM
Anonymous said...
so who do we have left in construction at the fastest builder in the universe-fastest falling builder.
Perotti and his band of rednecks and big bad mama in the south. The golden boy, smart-ass-ass kiss in old bridge. Phil the mechanic who couldn't build a n outhouse if he was given the first 4 walls and half the roof and the LARGE site supers. Wow these are the keepers, times are tough in the indusrty

8:02 PM
Anonymous said...
OK time for one of the "saints/idiots" to post some sort of rebutal. While I understand that all of you who were let go on Tuesday are angry, there is no reason to attack those you used to work with that are still there. Those of us that are still trying to fight through this are doing what we have to do for our families, what do you get out of slamming us. The cheap personal shots are nothing but cowardice. You didn't have the guts to say these things when you were still getting a check. You guys question the manhood of certain members of the management staff now, where were your balls when you worked here. OOHH that's right you had something to loose then, now on a faceless-nameless website under a made up name you can talk all the crap you want, bring up any rumor you want and be the man you wanted to be before but didn't have balls to because you wanted to keep the job you are bitching about now. Stop the whinning, spend your time e-mailing resumes instead of posting here and move on with your lives. The Kara part of your careers is done, crap happens-deal with it and focus on your next step.

8:37 PM
Anonymous said...
Why don't you all that were let go spend more time working on your resume and getting a job than spending your time bashing Kara Homes. If it was so bad, why didn't you leave sooner. I am sure you made a good salary and now because you were let go, Kara Homes is no good. Obviously, you were not doing your job or you would still be there. Leave the ones that are still there alone. Get a life!!

10:27 PM
Anonymous said...
Hey Saint/Idiot - guess you are still sipping the zudhi juice. The people that had the balls and spoke up against Zudhi, Robbie and the chosen few were the first to be let go. Maybe if you had the "balls" to stand up at a meeting and disagree with all the BS you would be gone too. It takes more balls to go against a group that month after month lied to its subs, lied to their employees and lied to the homeowners. Facts are facts and while it may have been great collecting your paychecks in the past, when subs were actually being paid something, how can you still sit there in your trailer and support KH? Do you even realize how many lives are being affected by zudhi & co selfish choices? Sure people want to vent, and they should! Most of the people in southern construction worked their asses off and got lied to and taken advantage of. The arrogant area president, screwed around and then took no responsibilities for ABSOLUTELY HORRIBLE decisions that screwed many many people. 99% written in the past 4 days on this site is the truth. Unfortunately Zudi and his team turned a blind eye to all the BS that happened in the field and in his corp offices and kept up the pretense of everything is prefect. I guess if you repeat a lie enough times you really do believe it. You said you are still with KH to do what you have to for your family, I guess that makes you part of the inner circle. You will probally never know what it is like to wonder where your next mortgage/car/credit card payment will come from. Lastly, if you want to talk about a guy with no balls, where the hell is ZK these days? No public comment from the man who loved the media spotlight? No communication to his former employees? I bet all the nameless / faceless posters would love to have just one more maniditory KH company meeting and see who has balls and who doesn't.

10:55 PM
Anonymous said...
While I truly do feel bad for those that are unemployeed now, I am far from "the inner circle". I have the same mortgage/credit card/car payments that all of those that are no longer working for kara have. I am far from a Kool aid drinker. I understand the position that this has put many, many people in. The point I'm trying to make is that why do this posts have to slam people over personal matters. If you have a gripe with Kara take it up with the labor board or your lawyer. Why make anonymous posts about former co-workers that don't know who they are defending themselves against. It seems that all of the faceless/ball-less anonymous poster that are on here slamming have no problem bringing up current employees names yet they can't say who they are. I understand that it's hard to be unemployeed, but as I said before-go on with your life.

11:34 PM
Anonymous said...
At least the employees can move on. The homeowners have had their money stolen AND have no house to live in!!! Enough about the employees. Three weeks pay is far from people's life savings.

11:42 AM
Anonymous said...
Hey Ed Dever, is that you?
Wow! you really are one angry dude.
I guess this explains why they called you "Special Ed"

6:57 PM
Anonymous said...
kara homes sucks and it was poor upper management. If everyone would focus on work instead of getting into each others pants and they might have been successful place. What can you say about a president who pays for his employees to get boob jobs when he cannot make payroll. Sounds good employees can't make their mort. payments but the family that destroyed his company can run back and fourth to Michigan on company money as well. How about a one way ticket we have enough ass x@?/ in New Jersey. Hey Hektor try a shower every now and then it really works.

8:51 AM
Anonymous said...
I’m absolutely amazed yet even more embarrassed that I even worked along side such an incredible bunch of gutless wonders in my life. You throw around comments about people on a personal level having no regard for the repercussions that may destroy peoples lives even more so than what Kara Homes has already done. Yet it is obvious that you are too scared to attach a name to a post. You attack people’s spouses and children by sending anonymous e-mails to their homes and places of work yet still don’t have the balls to acknowledge you own inadequacies for sticking around as long as you did. Good for you if it makes you feel better about yourselves! Continue hiding behind a nameless, faceless, gutless posting. Ya know… sometimes bad things happen to good people.
I don’t defend Kara for putting the screws to innocent people, buyers or homeowners; it truly could be viewed as a crime against humanity. However, your inability to move on only shows your weaknesses. I can tell you personally that it’s not easy cutting your losses and walking away with NOTHING. No family, No home, No money! But sometimes you just have to pick up the pieces and start over again from scratch and do whatever it is that you have to do to survive. If you insist on dwelling on this you might as well stick a gun in your mouth now! It’s simply no way to live if you can’t let go. It only proves your weakness and you loose even more of your dignity as you continue to dwell on this rather than move on.

1:06 PM
Anonymous said...
Tracey is that you?!

5:38 PM
Anonymous said...
Could be Tracey,who knows better about doing whatever you have to do to survive.

9:05 PM
Anonymous said...
You people just don"t get it!
Stew in your filth, it seems to be what you live for and enjoy most because you have nothing else better to live for. It's more enjoyable than your spouses and your children isn't it? Fine example your setting! May be a link to this blog should be sent to the elementary and high schools where your children go to see how their parents pioneered the example of what not to do! How would you like that? Dare me!?!?
I feel sorry for the whole lot of you. Good luck and Good Bye.

For the record: No this isn't Tracy.

9:58 PM
Anonymous said...
You know it's Tracy-after she finished banging Chris Fry in Lake Hopatcong she moved onto John Kelly in the office-SLUT! And how much you want to bet that that last kid of hers is Kelly's. Uncle Hektor-I hope you're happy now you stupid ass senile old clueless asshole. You certainly helped Ego-Man go down in flames faster-all the while banging your old dike-ster life partner Robbie. Picture that 3-some-Uncle, Aunt, and grandmother. If you only knew the insanity of this company you would easily see why it was inevitable. The subs were already in too deep and kept getting small payments while they tried to hang on and hoping he would somehow stay a float. They are screwed now. And the poor innocent homebuyers-they deserve first payments and their lives back. You know that scumbag has all his property in his wife's name because he saw this coming. Or maybe it was a clever method of TAX EVASION AND FRAUD after he forced every sub to do the work for free and certainly didn't put it on his tax return-HELLO IRS-COME AND TAKE A GOOD HARD LOOK!! And then there is the funneling of cash out to secret accounts-do you really think he only went to Albania to adopt a child? He went to check on his fortunes that were so cleverly smuggled back to the Albanian mob. And can you believe he paid for 2 boob jobs for his secretary and his closing coordinator as recently as last month? Do you think it's a coincidence that she got a check for $7500 and that's what it cost to have her babies lifted up at attention? Maybe he's doing them also after Princess Stephanie gets off her knees. More to come...

10:40 PM
Anonymous said...
Wow, you are on fire!!! Can we take it you tried to hook up with Tracy but she wasn't interested. I don't know why anyone would she is really beat looking but she is thinner than JK's wife I guess.

Has anyone seen Tom J's wife, I hear she is a real porker??? Did anyone look at what he was making yearly on the Chapter 11 filing document??? He must have caught ZK sleeping with his wife and is holding him for ransom.

I did not know the closing person got a boob job. Last I heard she was one the girls sleeping with Perotti while he was married. There is/was all kinds of sex going on in Karaland. I guess since I focused on doing my work I was let go for not sleeping with someone.
Who do you thing George B is sleeping with?? Maybe is old assistant!!! hahahahaa

11:42 PM
Anonymous said...
Go ahead, I dare you, no I double dare you to email this blog to the schools. You must be an absolute IDIOT to think that will stop these postings. I have a better idea, why don't you email the blog to the newspapers, and the TV stations, the IRS, so everyone knows exactly what type of company Kara really was. Everyone who worked at Kara corporate knew what was going on in the field, and the field knew the crap that corporate got away with. The subs and the homeowners were the ones in the middle. How many times were the invoices "lost" after being approved in the field and sent to accounting. How many times were the invoices re approved, re coded, and re sent only to have them mysteriously be LOST again. And the answer to the subs was always the same, "we only have X amount of open invoices in the system, resend then to us." Hopefully some agancy will open up an investigation and seek out all the former employees for their insight. Then we will see how smug ZK, Robbie, etc are .

10:46 AM
Anonymous said...
SO PETTY, YOU PEOPLE NEED A LIFE!

9:20 PM
Anonymous said...
I don't really know tracey to comment on her, but, the girl in the closing department was always very professinal in my dealings with her.

2:30 PM
disgruntled goat said...
I told ya this would get really ugly. The people still working there merely wish to be paid. They will remain long enough to serve whatever purpose they serve, then they'll get the boot too. They won't get their back pay any sooner than anyone else will, despite what they have been led to believe.

8:04 PM
Anonymous said...
Stephanie Babek-Wohlrab seems to have escaped much notice, but McGreevey's former cash cow was a big wrench thrown into the Kara machine. She showed up one day & immediately began throwing her weight around on decisions she had no qualifications to make.

8:07 PM
Anonymous said...
Another quick cheap shot: Robbie Schultz is really a man.

10:05 PM
Anonymous said...
After all is said and done Kara Homes will bounce back. Dozens of people will have gotten the screws.
Honest businessmen will have had to shut their doors, people will have lost their life savings. But Zudhi and his band of thieves will emerge victorious.

12:21 AM
Christina Torsiello said...
I think that there have been a lot of good points made here. It goes without saying that there were a lot of things wrong with the way this company was being run. I think the cheap shots are ridiculous, immature and most importantly irrelevant. This has been an unfortunate experience for a hell of a lot of people. I feel for all of us. P.S. I am not afraid to attach my name to this as it appears even the people who made comments about the ones who went anonymous were also listed as anonymous. Good luck to ALL of us!!

12:00 PM
Anonymous said...
If you happen to be a homebuyer who deposited money with a builder that was not being held in escrow, shame on your attorney. A qualified knowledgeable attorney would never let a builder utilize deposit monies for just this type of situation. Now on you have is your name as a creditor on a bankruptcy petition

11:05 AM
Anonymous said...
yes i worked with all the assholes in stafford framemikewho sold weed to all the other fools don the drunk scott pornothe asskisser chris zito dumb asshole wanabe all hiried by the manwoman robbie schultz whatever happened to fat ass potter that peice of dogcrap all you flaming assholes will have to get a job ai mac donalds if they would have you

2:20 PM
Anonymous said...
THINGS JUST HAVEN'T BEEN THE SAME SINCE SERRATELLI AND HIS GUYS HAVE LEFT MURPHY AND FARANO.THEY BUILT ME A HOUSE IN ISLAND WOODS AND IT WAS A GREAT.TRIED TO BUY ANOTHER AND CANCLED BECAUSE CONSTRUCTION WAS NOTHING BUT ASAHOLES GUESS I AM LUCKY..I CANCELED AND GOT MY MONEY BACK.

6:10 PM
Anonymous said...
COULD NOT HAPPEN TO A NICER GUY(ZUDI). IT WAS NOT ONLY THE HOUSE IN RUMSON THAT HE GOT FOR FREE BUT THE ONE HE SOLD A WEEK BEFORE ALL OF THIS IN LBI.HAVE FUN IN JAIL ZUDI YOU CAN CHEW YOUR NAILS MORE .YOU SCUMBUCKET..

6:14 PM
Coleen said...
Thank you for acknowledging the fact that I was doing my job. Yes that did include being on the phone most of the day fielding disgruntled homeowners wanting warranty work done & trying to get contractors to come & do work. This did usually end up in lengthly bashing of Kara and listening patiently when no one else was doing anything. I guess trying to be pro-active is a dirty word. And if Perotti or anyone else needs a place to stay there are several stalls available in the barn. I prefer supporting my 11 yr. olds sport with horses & not being a drunk, drug addict or sex maniac. So as one door closes another will open. We all need to move on as much as it sucks, I was at least hoping for a better outcome. But it is what it is, and we all with have to answer to a bigger power one day and knowing I have done all that I could I can sleep at night, finally. Hey Christine, thanks for having the guts to also use your name. What a bunch of weenies.

Wednesday, October 18, 2006 1:29:00 PM  
Anonymous Anonymous said...

Zudi is a very good salesman but he is a horrible manager and an even worse judge of character. The company started with close friends and people with real estate experience but they were not the most trust worthy of people. He found out he was being ripped off by his own employees but didn’t really care because houses were selling faster than he could open communities. He decided to bring in the family from Detroit to cover his ass, but none of them knew a single thing about real estate and therefore couldn’t do anything to help watch costs. In fact, they were the biggest reason why things went down hill.

All of upper management (family and friends) had their hands out. All you would have to do is look at the number of homes they each own. Not sure what communities these homes are located but the owners of these homes live in Horizons at Birch Hill (Old Bridge) and Emerald Hills (Marlboro). Each one had at least 2 in their names, and I heard one executive had as many as 7 homes in his name. Zudi sold these homes to family and friends in order to inflate revenues at the end of every quarter and end of each year. Zudi only cared about Revenues because that is how he got his name and picture in magazines. The Inc. 500 magazine is based on year over year Revenue growth. It has nothing to do with PROFIT. The company was spending $1.50 for every $1.00 it was bringing in. The Finance/Accounting group tried warning Zudi of the cash flow and financing problems but he believed sales would conquer all. Many people throughout the entire company were rumored to have side deals with sub contractors, homeowners, or anyone who could make a quick dollar but nothing was ever proven. Any of the executives with real power were either too stupid to figure out how to stop people from stealing or they were in on it and getting a good amount of money on the side.

Buying land at kara homes was like being a waiter. If you had land you could name your price and any perks to go along with it and Zudi would pay it. Then he would yell at construction to build faster, and build cheaper. Sub-contractors would be told to work 6 days a week, but wouldn’t get paid. Then they would call the office looking for their checks and would be told to come in the office to pick them up. When they arrived, every executive with authority to sign checks would be out of the office and therefore the sub-contractors and vendors would have to wait another week to receive a check.

There is so much more, but I would need to write a book to cover everything.

9:08 PM


Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM

1:14 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM

1:15 PM


Anonymous said...
Is something going on with Kara Homes?

I ask this because a number of people on my sight today have arrived here by typing into Google "Kara Home bankruptcy."

I'm not saying that they have filed, only that the search term has been used a number of times today.
posted by Little Silvered at 8:50 PM

82 Comments:
Anonymous said...
Kara Homes is just about through at this point. They've laid off a ton of people and can't even afford to get their garbage hauled away. They owe lots of people lots of money and can't get anyone to do any work for them because it's common knowledge that they don't pay their vendors. Anyone dumb enough to buy from Kara right now will get a shoddily built crap shack in a development that'll never be finished.

10:07 PM
njcoast said...
Kara Homes sold 4 of the Tradewinds properties last month without even getting homes on them. Looks like they're throwing things overboard as they try to bale out the boat.

10:32 AM
Anonymous said...
Can you post this article from NYT Business? Pretty interesting. I am not sure how to shorten link.

http://www.nytimes.com/2006/10/04/business/04real.html?ex=1317614400&en=3892a9d60b0de698&ei=5089&partner=rssyahoo&emc=rss

1:08 PM
Disgruntled Goat said...
Kara has declared Chapter 11 as of Wed. October 4. I know this because until today, I worked there. The company is completely out of money. They did not even make payroll this week, no one received a paycheck this week. They have no intention of making good on the massive amount of money they owe to vendors & subs. They have no capability to finish the work they've started, either. Even if they did, there's no one to physically do the work as most of the staff has been let go or quit.

If Zudi screwed you too, give him a call on his cell phone, (732) 565 5632 & ask him what's up.

1:59 PM
njcoast said...
WOW! That sure is news! Remember last summer when this blog was dicussing the problems of Kara Homes and some one went on a rant of how we had no idea what we were talking about?! Amazing how the worm has turned!

2:20 PM
Disgruntled Goat said...
Oh, the worm has turned all right. Fast-tracker Zudi didn't even have the guts to face his staff this morning during the bankruptcy annoncement, he hid behind his lawyers like the coward he is. He allowed his employees to continue working for him despite knowing he could not pay them. So he waited until payday, then booted his staff out the door minus the two weeks salary they are owed. It really isn't too suprising, given how he's treated his customers and his vendors in the past. He also owes his staff a ton of bonus & commission money they earned and have been waiting on for months (and in some cases, years).

3:06 PM
grim said...
Can we get some kind of confirmation on this?

jb

4:07 PM
Anonymous said...
:::snip:::

FEB. 2, 2005 -- Inc. magazine has ranked Kara Homes 38th in its annual "Inc. 500" list of the fastest growing privately held companies in America.

Inc. cited Kara Homes' rapid growth, 615.8% last year, to $195.7 million in revenues during 2003. East Brunswick, NJ-based Kara Homes ranked Number 8 among private companies out of the "Inc. 500" in revenues and the builder anticipates 2004 sales to amount to $350M compared to $260M during 2003.

Inc. Magazine reported the company's total revenue growth since its first year in business at a staggering 2,463%.

"We are very excited by this recognition of the hard work, professionalism and dedication of our staff in helping so many people find their dream homes," said Zudi Karagjozi, founder and president of Kara Homes.

"Our company has grown rapidly since we started building in New Jersey just five years ago. Our buyers recognize the quality of construction, value and the extraordinary locations of Kara Homes communities."

5:16 PM
disgruntled goat said...
I wish there was a way I could verify this info, but soon that won't be necessary. It will all be completely verifiable very shortly. I may be disgruntled, but I am not like Zudi's (former) marketing team, I don't write fiction. I also pay people who peform work for me, which is another trait Zudi & I do not share.

12:51 AM
Anonymous said...
KARA HOMES

Kara Homes anticipates filing for bankruptcy
Posted by the Asbury Park Press on 10/5/06
STAFF REPORT

East Brunswick builder Kara Homes Inc., one of the biggest home builders in Monmouth and Ocean counties, anticipates filing for Chapter 11 bankruptcy, a company official said in a letter given to laid-off employees earlier this week.

Roberta W. Schultz, vice president of human resources and organizational development at Kara Homes, said in the note that the employees' jobs were terminated as of the end of the day Tuesday.

Editor's note: Are you a Kara Homes customer or employee who will be affected by Kara Homes' bankruptcy filing? For information or to talk to a reporter, e-mail Press staff writer David P. Willis at dwillis@app.com or call him at (732) 643-4039.

11:45 AM
Anonymous said...
I am under contract with Kara Homes in Jackson. Now I do not even know if I will get my $200K deposit back or my lot. Zudi is living in a $6M house in Rumson while I am homeless. Where is the justice? I want him put in jail for fraud.

1:34 PM
Anonymous said...
www.karamoldhomes.com

5:46 PM
Anonymous said...
Kara laid off over 100 people and the people who are staying are not getting paid. (what are they thinking)

If you want you can call management directly to complain
Zudi-732 735 5632
Hector (the uncle in charge) 732-433-4337
Roberta Schultz 908 421 4654

5:58 PM
disgruntled goat said...
The local press is only waiting on official documentation, then the story will be there for all to see. Zudi will not be able to hide behind one of his clever press releases this time around.

To the poster who has a deposit on a Kara home, my advice would be to get a lawyer, quickly. The chances of that particular job getting finished anytime soon is about zero. Even if they somehow manage to complete those homes, you can be sure they will be rushed, slipshod & full of issues that no one will help you address. Sorry, but that is the truth & not Kara's version of the truth.

The company has to post security guards at their field offices this week due to other disgruntled persons looting their offices and trailers. Which is to be expected if you decide to dick everyone out of their paychecks.

6:46 PM
Anonymous said...
From what I am hearing, John Fig? the head bean counter at Kara is at odds with Zudi the owner of Kara on how to proceed. Zudi does not want to listen to the bean counters he thinks he can save the day.
Zudi
Delusional, maybe
Effective leader- NOT
But he does have a 6 million dollar house in Rumson, nice cars a boat, servants at home and a wife who could stand to loose a few pounds

4:10 PM
Anonymous said...
If Zudi listened to the bean counters, he would have never been in this position in the first place. Problem was, he believed his press clippings instead of his advisors.

4:56 PM
Anonymous said...
Zuhdi never listened to anyone. Plenty of his people tried to point out the incredible waste all over the place but he wasn't interested. He was too busy being charismatic.

5:01 PM
Anonymous said...
Well we will see how long Zudi stays out of jail. He will definitely go down for fraud. Notice the karahomes.com website is still selling homes. FRAUD!!!!

5:06 PM
Anonymous said...
Hovnanian has ceased moving forward on a bunch of projects it has committed to also.....

5:27 PM
Anonymous said...
No one has updated that Kara website for many moons now. The people who did that stuff were all fired...er, I mean let go. That Robbie has every base covered.

5:35 PM
Anonymous said...
Maybe Zudi can drive his Aston Martin to federal prison!!!!

I wonder if his other lackies like Brandt and Kelly would go to jail with him??

5:39 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. the higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now two words sales EGO

6:23 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. The higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now three words JABLONSKI-NEPOTISM-EGO. Guess what what z man being the fastest growing builder isn't a good thing. I know it was nice to get your face on the cover of all those magazines, now the only place that face is will be on the front page of the papers with he lead "chapter 11/Bankrupt builder", or hidden under a coat doing the "perp walk" on your way into court. Anyone who blames this circus on the market is a moron. Captain Kara and his coconspirators haven't finished falling yet and it's gonna hurt when they hit bottom. You can't write this stuff.

6:29 PM
Anonymous said...
All of these names being mentioned what happened to the only qualified person that zman had in managment-Mike Alawich. OH that's right that Albanian Ara Hov wannabe zoodee let him go and blamed his failure on him because as always those with humungos egos have to have fall guy's or their fragile little heads would exlode

7:06 PM
Anonymous said...
Boy oh boy........how about that picnic. or was it a funeral?

8:21 PM
Anonymous said...
chapter 1
Young albanian man leaves queens-goes to cali becomes genius of marketing and desing/psuedo rock star
Chapter 2
goes on road trip with buds from hood discovers jersey real estate
chapter 3
decides to become slum lord cum land mogul
chapter 4
begins empire the all great and might ego has started to role
chapter 5
still has ocasional roll back into attempts at rock and roll
chapter 6
The empire grows not in proportion to the growth of the ego
chapter 7
the only thing growing faster than the empire is the debt and the problems
chapter 8
things are getting a little tight lets flip on the old charisma button
chapter 9
charisma failing lets try brains and balls uh ooh don't have those I'm screwed
chapter 10
the fun part of most roller coasters isn't the ride up the hill it's the fall to the bottom
chapter 11
I think that says it all. Actually this might have been 4 chapters too many

9:28 PM
disgruntled goat said...
Don't even get me started on Jablonski. He might as well be a cardboard cutout. He was an absolute genius back when houses sold themselves and he has the trophy to prove it. Tom always led the company in convention attendance year after year. I'm sure we'll all remember the thrill of occasionally seeing him stand around being important.

Observe how Zudi even included minor employee expenses in his utterly embarrassing filing. Kara Homes neglected to even list the expense money they owe me, or my earned PTO. In fact, when I saw the number I was suprised because they owe me considerably more than that. Guess they just estimated it, or took a wild guess. Then again, look who we're talking about here, this is the same business that managed to get themselves into a $100000+ hole with their portable crapper vendors.

Oh yeah, the picnic. The afternoon when Kara paid us to have a burger or two and take some time to get to know the families of the coworkers we'd soon be losing touch with. The upside was that at least Zudi didn't sing, show motivational videos, or share his reading list with us.

10:14 PM
Little Silvered said...
Albanian, Armenian, whatever.

11:11 PM
Anonymous said...
Hey goat-what is PTO

11:53 PM
Anonymous said...
He's albanian, definetly albania. Yeah yeah Debt for equity, debt for equity is good. gotta stretch stretch I gotta stretch. Anyone seen my doodle pad yeah debt for equity

11:55 PM
Anonymous said...
I have to belive that Jablonski has something on Zudi. Why else would he give him that much money.

The sales dept is a mess at Kara. While I was working at Kara the sales staff walked on water in Zudi's eyes.

Tom Jablonski is so clueless that he has this miserable trashy sales manager running his department. This girl has to be the most ignorant person you will ever meet . But since she is sleeping with one of Zudi's best friends (JK) she is safe and sound.

The whole place is a mess!!!! Even though I am out of a job and out of 3 weeks pay at least I am not listening to Zudi talk about how great he is and how he single handedly changed the face of real estate!!! hahahahahahaa

1:11 AM
disgruntled goat said...
PTO = paid time off

1:19 AM
disgruntled goat said...
And here comes the savagery. Comes with the territory when you are ripping people off.

I would expect a lot more ire directed towards Kara Homes this weekend, as the effects of idle time, financial difficulties and alcohol drive more ex-employees to find a forum in which to rant.

I don't know anything about innuendo or anyone's personal affairs. My venom is directed towards Zudi and the inner circle at Kara Homes. Zudi made a fool out of me and now I will return the favor by doing the same to him in any way I can, no matter how trivial or petty it may be.

2:23 AM
Anonymous said...
I haven't seen the security at the sites for rampaging employees, but the money going to waste in material is staggering. There is at least 2-3 months salaries and bonuses rotting away. Don't think for a minute that this material won't be used if Kara does move forward. Kara's biggest problem is they themselves are not builders,from corporate to site supers they are cluless. They contract with vendors who barely or can't speak English then expect Kara personal to somehow maintain an open dialouge. We build houses in America not grass huts,lack of heat/air,mold,cracked this broken that,still gets installed.As long as they settle.
Anyone who has been into a "finished" home has to ask how did that pass the infamous quality control teams inspection.

8:41 AM
Anonymous said...
So lets recap what has happend so far. Zoodee the gypsy prince and the rest of the family (uncle-COO, uncles best- freind VP HR, Aunt-over paid psudo acountant, cousin-design girl, best freind1-VP Land, Best freind2-VP Land2) are still working for the firm along with 55 other "chosen ones"-is it really working if they are not compensated, that is a topic for another day. What is the next step-they have no subs, no material and alot to get done. Where does the money come from. Maybe z's main sales man CF can front him some cash-I doubt that though because he's suing him. I'm sure the lord of charisma and spin will be able to convince someone to come up with the pesos he'll need to get back that fine group of third world sub-contractors that have been throwing together the MacMansions for kara-sell homes for years. So they come back, they finish a few homes, can the close them while there in chapter 11 and if they do where does the money go. There sure must be some intresting conversations going in East Brunswick over these issues. I feel confident that with the great minds up there they can surely pull this one off.
I bet it looks like something out the Wizard of OZ up there Robbie looking for her heart-John kelly singing if I only had a brain-zoodi hoping for some courage and Hector just wants to go home.

4:06 PM
Anonymous said...
anon. that is so great.........and soooo true!

8:01 PM
disgruntled goat said...
Supposedly, the Fraudster is still doing the dance, flitting around the office in his wrinkled clothes pretending he still has something to rebuild upon. He's still using the "I'll pay you back, somehow" line he trots out whenever anyone asks for the money he owes them, as if it's up to him anymore. Of course, when he's finished using his remaining few employees, he'll toss them under the bus like he does with everyone else he's exploited for a buck.

Rumor has it that Uncle Duh flew the coop & is in hiding someplace. maybe true, maybe not. The rest of his loyal cronies are still up there in E.Brunswick wasting oxygen, so nothing's changed on that front. I wouldn't be suprised to learn they're up there right now telling Roberta what they need shredded.

1:08 AM
Anonymous said...
The $6 million dollar man's 7,800 SF 'gift' from the industry, now in little wifey's name in Rumson, you know, the mansion on the swamp he got for free in '01 from the trades and vendors by being promised they were gonna get lots of work and then stringing along and burning everybody that did the work, did he pay any taxes on all the free labor and materials? It's gotta be huge. He should have moved to Florida when he had the chance. King, you were right.

1:38 PM
Anonymous said...
Look on ebay for Kara Home tee shirts. Opening bid ?? Time to raise some cash.

6:55 AM
Anonymous said...
Maybe someone should check into the assorted properties that Zudi,Hector,Schultz, and Kelly have added to there personal holdings since working for Kara.
I think it's time for Kelly to go back being a shoe salesman again,since he is a expert in the building business and knows so much. Time to smell feet again Kelly u loser. Hopefully you to will spend a little time in jail!!! Sell the house in Emerald and go back to where you came from.

8:15 AM
Anonymous said...
Wonder where Perrotti will sleep now that his leather couches are gone

2:56 PM
Anonymous said...
Leave Perotti alone he is sleeping with several women at Kara so he always has a place to stay.

I just wonder how Zudi's secratery is going to pay for that boob job now that she is not getting a pay check. Does she really think no one noticed!!!!

3:11 PM
Anonymous said...
Well maybe he can sleep in the barn with the horse loving C/A that couldn't be bothered doing anything other than talk on the phone, and make visits to the township.

3:16 PM
Anonymous said...
I heard that Uncle Hector's coke addicted son was let go. I guess after several weeks in rehab he couldn't handle driving around to sites and doing nothing.

Does anyone know if his wife is still living with Roberta?? I heard she left him due to his coke binges.

3:20 PM
Anonymous said...
Please stop referring to her as Roberta....it makes her sound feminine....Robbie fits her much better!!

3:27 PM
Anonymous said...
Being a very informed person on the matter of Kara Homes...There is no more to say then BYE FOR NOW...or maybe forever. Good luck to all those that were laid off and not paid. And even better luck to those that are there picking up the pieces of the mess that was created! The people that are still there are true SAINTS...they have not been paid in 3 weeks either!

3:53 PM
Anonymous said...
Is Saint the new term for idiot? Maybe they have been drinking too much of the magic Zudhi juice at the Weds night meetings....wonder if they are meeting this week. I guess they won't have to argue over which subs to pay this week and who to screw

4:17 PM
Anonymous said...
If you know so much please fill us all in on anything that has not been stated as of yet.

Don't just leave the discussion

4:17 PM
PennyLess said...
Who is going to meet? It is a CONSTRUCTION meeting..they fired (I mean) let all of construction go. And lets not forget in order to be in the construction business, you have to be CONSTRUCTING..not taking people's life savings/children's college funds to have super cool picnics and expensive over the top Xmas parties.

4:37 PM
Very Informed said...
In regards to what I stated before...Let's just say if you are owed any money, you are not going to get it. The K man did a lot of bad things and taking deposits and using them to pay people were one of the...Escro account HA! Only people that stand a chance getting their money back are those that are apart of a DCA community. By Law he cant touch that money. And for the employees that were so conveintly let go before the walls came down, good luck getting antyhing more then 20 cents on the dollar for what you are owed..if that!

4:40 PM
Anonymous said...
So I guess the employees let go at the end of January with 6 weeks severance pay, all vacation time paid and one month of medical should consider themselves the luck ones. Just knowing that Zudi / Robbie deemed the first group as expendable makes it all the sweeter. It all went down hill after the first round of lay offs....wonder why (maybe it was the new area president??)

4:52 PM
Anonymous said...
Heard the Kara Christmas party this year is at the Essex County court house.....

4:53 PM
Anonymous said...
Anyone remember Zudhi's classic speak lines? "we are building the jet plane while we are flying through the sky" "we missed our year end closing numbers, and that is affecting my kids college fund" "it was all constructions fault" "kara cares and it shows"

7:11 PM
Anonymous said...
so who do we have left in construction at the fastest builder in the universe-fastest falling builder.
Perotti and his band of rednecks and big bad mama in the south. The golden boy, smart-ass-ass kiss in old bridge. Phil the mechanic who couldn't build a n outhouse if he was given the first 4 walls and half the roof and the LARGE site supers. Wow these are the keepers, times are tough in the indusrty

8:02 PM
Anonymous said...
OK time for one of the "saints/idiots" to post some sort of rebutal. While I understand that all of you who were let go on Tuesday are angry, there is no reason to attack those you used to work with that are still there. Those of us that are still trying to fight through this are doing what we have to do for our families, what do you get out of slamming us. The cheap personal shots are nothing but cowardice. You didn't have the guts to say these things when you were still getting a check. You guys question the manhood of certain members of the management staff now, where were your balls when you worked here. OOHH that's right you had something to loose then, now on a faceless-nameless website under a made up name you can talk all the crap you want, bring up any rumor you want and be the man you wanted to be before but didn't have balls to because you wanted to keep the job you are bitching about now. Stop the whinning, spend your time e-mailing resumes instead of posting here and move on with your lives. The Kara part of your careers is done, crap happens-deal with it and focus on your next step.

8:37 PM
Anonymous said...
Why don't you all that were let go spend more time working on your resume and getting a job than spending your time bashing Kara Homes. If it was so bad, why didn't you leave sooner. I am sure you made a good salary and now because you were let go, Kara Homes is no good. Obviously, you were not doing your job or you would still be there. Leave the ones that are still there alone. Get a life!!

10:27 PM
Anonymous said...
Hey Saint/Idiot - guess you are still sipping the zudhi juice. The people that had the balls and spoke up against Zudhi, Robbie and the chosen few were the first to be let go. Maybe if you had the "balls" to stand up at a meeting and disagree with all the BS you would be gone too. It takes more balls to go against a group that month after month lied to its subs, lied to their employees and lied to the homeowners. Facts are facts and while it may have been great collecting your paychecks in the past, when subs were actually being paid something, how can you still sit there in your trailer and support KH? Do you even realize how many lives are being affected by zudhi & co selfish choices? Sure people want to vent, and they should! Most of the people in southern construction worked their asses off and got lied to and taken advantage of. The arrogant area president, screwed around and then took no responsibilities for ABSOLUTELY HORRIBLE decisions that screwed many many people. 99% written in the past 4 days on this site is the truth. Unfortunately Zudi and his team turned a blind eye to all the BS that happened in the field and in his corp offices and kept up the pretense of everything is prefect. I guess if you repeat a lie enough times you really do believe it. You said you are still with KH to do what you have to for your family, I guess that makes you part of the inner circle. You will probally never know what it is like to wonder where your next mortgage/car/credit card payment will come from. Lastly, if you want to talk about a guy with no balls, where the hell is ZK these days? No public comment from the man who loved the media spotlight? No communication to his former employees? I bet all the nameless / faceless posters would love to have just one more maniditory KH company meeting and see who has balls and who doesn't.

10:55 PM
Anonymous said...
While I truly do feel bad for those that are unemployeed now, I am far from "the inner circle". I have the same mortgage/credit card/car payments that all of those that are no longer working for kara have. I am far from a Kool aid drinker. I understand the position that this has put many, many people in. The point I'm trying to make is that why do this posts have to slam people over personal matters. If you have a gripe with Kara take it up with the labor board or your lawyer. Why make anonymous posts about former co-workers that don't know who they are defending themselves against. It seems that all of the faceless/ball-less anonymous poster that are on here slamming have no problem bringing up current employees names yet they can't say who they are. I understand that it's hard to be unemployeed, but as I said before-go on with your life.

11:34 PM
Anonymous said...
At least the employees can move on. The homeowners have had their money stolen AND have no house to live in!!! Enough about the employees. Three weeks pay is far from people's life savings.

11:42 AM
Anonymous said...
Hey Ed Dever, is that you?
Wow! you really are one angry dude.
I guess this explains why they called you "Special Ed"

6:57 PM
Anonymous said...
kara homes sucks and it was poor upper management. If everyone would focus on work instead of getting into each others pants and they might have been successful place. What can you say about a president who pays for his employees to get boob jobs when he cannot make payroll. Sounds good employees can't make their mort. payments but the family that destroyed his company can run back and fourth to Michigan on company money as well. How about a one way ticket we have enough ass x@?/ in New Jersey. Hey Hektor try a shower every now and then it really works.

8:51 AM
Anonymous said...
I’m absolutely amazed yet even more embarrassed that I even worked along side such an incredible bunch of gutless wonders in my life. You throw around comments about people on a personal level having no regard for the repercussions that may destroy peoples lives even more so than what Kara Homes has already done. Yet it is obvious that you are too scared to attach a name to a post. You attack people’s spouses and children by sending anonymous e-mails to their homes and places of work yet still don’t have the balls to acknowledge you own inadequacies for sticking around as long as you did. Good for you if it makes you feel better about yourselves! Continue hiding behind a nameless, faceless, gutless posting. Ya know… sometimes bad things happen to good people.
I don’t defend Kara for putting the screws to innocent people, buyers or homeowners; it truly could be viewed as a crime against humanity. However, your inability to move on only shows your weaknesses. I can tell you personally that it’s not easy cutting your losses and walking away with NOTHING. No family, No home, No money! But sometimes you just have to pick up the pieces and start over again from scratch and do whatever it is that you have to do to survive. If you insist on dwelling on this you might as well stick a gun in your mouth now! It’s simply no way to live if you can’t let go. It only proves your weakness and you loose even more of your dignity as you continue to dwell on this rather than move on.

1:06 PM
Anonymous said...
Tracey is that you?!

5:38 PM
Anonymous said...
Could be Tracey,who knows better about doing whatever you have to do to survive.

9:05 PM
Anonymous said...
You people just don"t get it!
Stew in your filth, it seems to be what you live for and enjoy most because you have nothing else better to live for. It's more enjoyable than your spouses and your children isn't it? Fine example your setting! May be a link to this blog should be sent to the elementary and high schools where your children go to see how their parents pioneered the example of what not to do! How would you like that? Dare me!?!?
I feel sorry for the whole lot of you. Good luck and Good Bye.

For the record: No this isn't Tracy.

9:58 PM
Anonymous said...
You know it's Tracy-after she finished banging Chris Fry in Lake Hopatcong she moved onto John Kelly in the office-SLUT! And how much you want to bet that that last kid of hers is Kelly's. Uncle Hektor-I hope you're happy now you stupid ass senile old clueless asshole. You certainly helped Ego-Man go down in flames faster-all the while banging your old dike-ster life partner Robbie. Picture that 3-some-Uncle, Aunt, and grandmother. If you only knew the insanity of this company you would easily see why it was inevitable. The subs were already in too deep and kept getting small payments while they tried to hang on and hoping he would somehow stay a float. They are screwed now. And the poor innocent homebuyers-they deserve first payments and their lives back. You know that scumbag has all his property in his wife's name because he saw this coming. Or maybe it was a clever method of TAX EVASION AND FRAUD after he forced every sub to do the work for free and certainly didn't put it on his tax return-HELLO IRS-COME AND TAKE A GOOD HARD LOOK!! And then there is the funneling of cash out to secret accounts-do you really think he only went to Albania to adopt a child? He went to check on his fortunes that were so cleverly smuggled back to the Albanian mob. And can you believe he paid for 2 boob jobs for his secretary and his closing coordinator as recently as last month? Do you think it's a coincidence that she got a check for $7500 and that's what it cost to have her babies lifted up at attention? Maybe he's doing them also after Princess Stephanie gets off her knees. More to come...

10:40 PM
Anonymous said...
Wow, you are on fire!!! Can we take it you tried to hook up with Tracy but she wasn't interested. I don't know why anyone would she is really beat looking but she is thinner than JK's wife I guess.

Has anyone seen Tom J's wife, I hear she is a real porker??? Did anyone look at what he was making yearly on the Chapter 11 filing document??? He must have caught ZK sleeping with his wife and is holding him for ransom.

I did not know the closing person got a boob job. Last I heard she was one the girls sleeping with Perotti while he was married. There is/was all kinds of sex going on in Karaland. I guess since I focused on doing my work I was let go for not sleeping with someone.
Who do you thing George B is sleeping with?? Maybe is old assistant!!! hahahahaa

11:42 PM
Anonymous said...
Go ahead, I dare you, no I double dare you to email this blog to the schools. You must be an absolute IDIOT to think that will stop these postings. I have a better idea, why don't you email the blog to the newspapers, and the TV stations, the IRS, so everyone knows exactly what type of company Kara really was. Everyone who worked at Kara corporate knew what was going on in the field, and the field knew the crap that corporate got away with. The subs and the homeowners were the ones in the middle. How many times were the invoices "lost" after being approved in the field and sent to accounting. How many times were the invoices re approved, re coded, and re sent only to have them mysteriously be LOST again. And the answer to the subs was always the same, "we only have X amount of open invoices in the system, resend then to us." Hopefully some agancy will open up an investigation and seek out all the former employees for their insight. Then we will see how smug ZK, Robbie, etc are .

10:46 AM
Anonymous said...
SO PETTY, YOU PEOPLE NEED A LIFE!

9:20 PM
Anonymous said...
I don't really know tracey to comment on her, but, the girl in the closing department was always very professinal in my dealings with her.

2:30 PM
disgruntled goat said...
I told ya this would get really ugly. The people still working there merely wish to be paid. They will remain long enough to serve whatever purpose they serve, then they'll get the boot too. They won't get their back pay any sooner than anyone else will, despite what they have been led to believe.

8:04 PM
Anonymous said...
Stephanie Babek-Wohlrab seems to have escaped much notice, but McGreevey's former cash cow was a big wrench thrown into the Kara machine. She showed up one day & immediately began throwing her weight around on decisions she had no qualifications to make.

8:07 PM
Anonymous said...
Another quick cheap shot: Robbie Schultz is really a man.

10:05 PM
Anonymous said...
After all is said and done Kara Homes will bounce back. Dozens of people will have gotten the screws.
Honest businessmen will have had to shut their doors, people will have lost their life savings. But Zudhi and his band of thieves will emerge victorious.

12:21 AM
Christina Torsiello said...
I think that there have been a lot of good points made here. It goes without saying that there were a lot of things wrong with the way this company was being run. I think the cheap shots are ridiculous, immature and most importantly irrelevant. This has been an unfortunate experience for a hell of a lot of people. I feel for all of us. P.S. I am not afraid to attach my name to this as it appears even the people who made comments about the ones who went anonymous were also listed as anonymous. Good luck to ALL of us!!

12:00 PM
Anonymous said...
If you happen to be a homebuyer who deposited money with a builder that was not being held in escrow, shame on your attorney. A qualified knowledgeable attorney would never let a builder utilize deposit monies for just this type of situation. Now on you have is your name as a creditor on a bankruptcy petition

11:05 AM
Anonymous said...
yes i worked with all the assholes in stafford framemikewho sold weed to all the other fools don the drunk scott pornothe asskisser chris zito dumb asshole wanabe all hiried by the manwoman robbie schultz whatever happened to fat ass potter that peice of dogcrap all you flaming assholes will have to get a job ai mac donalds if they would have you

2:20 PM
Anonymous said...
THINGS JUST HAVEN'T BEEN THE SAME SINCE SERRATELLI AND HIS GUYS HAVE LEFT MURPHY AND FARANO.THEY BUILT ME A HOUSE IN ISLAND WOODS AND IT WAS A GREAT.TRIED TO BUY ANOTHER AND CANCLED BECAUSE CONSTRUCTION WAS NOTHING BUT ASAHOLES GUESS I AM LUCKY..I CANCELED AND GOT MY MONEY BACK.

6:10 PM
Anonymous said...
COULD NOT HAPPEN TO A NICER GUY(ZUDI). IT WAS NOT ONLY THE HOUSE IN RUMSON THAT HE GOT FOR FREE BUT THE ONE HE SOLD A WEEK BEFORE ALL OF THIS IN LBI.HAVE FUN IN JAIL ZUDI YOU CAN CHEW YOUR NAILS MORE .YOU SCUMBUCKET..

6:14 PM
Coleen said...
Thank you for acknowledging the fact that I was doing my job. Yes that did include being on the phone most of the day fielding disgruntled homeowners wanting warranty work done & trying to get contractors to come & do work. This did usually end up in lengthly bashing of Kara and listening patiently when no one else was doing anything. I guess trying to be pro-active is a dirty word. And if Perotti or anyone else needs a place to stay there are several stalls available in the barn. I prefer supporting my 11 yr. olds sport with horses & not being a drunk, drug addict or sex maniac. So as one door closes another will open. We all need to move on as much as it sucks, I was at least hoping for a better outcome. But it is what it is, and we all with have to answer to a bigger power one day and knowing I have done all that I could I can sleep at night, finally. Hey Christine, thanks for having the guts to also use your name. What a bunch of weenies.

Wednesday, October 18, 2006 1:31:00 PM  
Anonymous Anonymous said...

Zudi is a very good salesman but he is a horrible manager and an even worse judge of character. The company started with close friends and people with real estate experience but they were not the most trust worthy of people. He found out he was being ripped off by his own employees but didn’t really care because houses were selling faster than he could open communities. He decided to bring in the family from Detroit to cover his ass, but none of them knew a single thing about real estate and therefore couldn’t do anything to help watch costs. In fact, they were the biggest reason why things went down hill.

All of upper management (family and friends) had their hands out. All you would have to do is look at the number of homes they each own. Not sure what communities these homes are located but the owners of these homes live in Horizons at Birch Hill (Old Bridge) and Emerald Hills (Marlboro). Each one had at least 2 in their names, and I heard one executive had as many as 7 homes in his name. Zudi sold these homes to family and friends in order to inflate revenues at the end of every quarter and end of each year. Zudi only cared about Revenues because that is how he got his name and picture in magazines. The Inc. 500 magazine is based on year over year Revenue growth. It has nothing to do with PROFIT. The company was spending $1.50 for every $1.00 it was bringing in. The Finance/Accounting group tried warning Zudi of the cash flow and financing problems but he believed sales would conquer all. Many people throughout the entire company were rumored to have side deals with sub contractors, homeowners, or anyone who could make a quick dollar but nothing was ever proven. Any of the executives with real power were either too stupid to figure out how to stop people from stealing or they were in on it and getting a good amount of money on the side.

Buying land at kara homes was like being a waiter. If you had land you could name your price and any perks to go along with it and Zudi would pay it. Then he would yell at construction to build faster, and build cheaper. Sub-contractors would be told to work 6 days a week, but wouldn’t get paid. Then they would call the office looking for their checks and would be told to come in the office to pick them up. When they arrived, every executive with authority to sign checks would be out of the office and therefore the sub-contractors and vendors would have to wait another week to receive a check.

There is so much more, but I would need to write a book to cover everything.

9:08 PM


Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM

1:14 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM

1:15 PM


Anonymous said...
Is something going on with Kara Homes?

I ask this because a number of people on my sight today have arrived here by typing into Google "Kara Home bankruptcy."

I'm not saying that they have filed, only that the search term has been used a number of times today.
posted by Little Silvered at 8:50 PM

82 Comments:
Anonymous said...
Kara Homes is just about through at this point. They've laid off a ton of people and can't even afford to get their garbage hauled away. They owe lots of people lots of money and can't get anyone to do any work for them because it's common knowledge that they don't pay their vendors. Anyone dumb enough to buy from Kara right now will get a shoddily built crap shack in a development that'll never be finished.

10:07 PM
njcoast said...
Kara Homes sold 4 of the Tradewinds properties last month without even getting homes on them. Looks like they're throwing things overboard as they try to bale out the boat.

10:32 AM
Anonymous said...
Can you post this article from NYT Business? Pretty interesting. I am not sure how to shorten link.

http://www.nytimes.com/2006/10/04/business/04real.html?ex=1317614400&en=3892a9d60b0de698&ei=5089&partner=rssyahoo&emc=rss

1:08 PM
Disgruntled Goat said...
Kara has declared Chapter 11 as of Wed. October 4. I know this because until today, I worked there. The company is completely out of money. They did not even make payroll this week, no one received a paycheck this week. They have no intention of making good on the massive amount of money they owe to vendors & subs. They have no capability to finish the work they've started, either. Even if they did, there's no one to physically do the work as most of the staff has been let go or quit.

If Zudi screwed you too, give him a call on his cell phone, (732) 565 5632 & ask him what's up.

1:59 PM
njcoast said...
WOW! That sure is news! Remember last summer when this blog was dicussing the problems of Kara Homes and some one went on a rant of how we had no idea what we were talking about?! Amazing how the worm has turned!

2:20 PM
Disgruntled Goat said...
Oh, the worm has turned all right. Fast-tracker Zudi didn't even have the guts to face his staff this morning during the bankruptcy annoncement, he hid behind his lawyers like the coward he is. He allowed his employees to continue working for him despite knowing he could not pay them. So he waited until payday, then booted his staff out the door minus the two weeks salary they are owed. It really isn't too suprising, given how he's treated his customers and his vendors in the past. He also owes his staff a ton of bonus & commission money they earned and have been waiting on for months (and in some cases, years).

3:06 PM
grim said...
Can we get some kind of confirmation on this?

jb

4:07 PM
Anonymous said...
:::snip:::

FEB. 2, 2005 -- Inc. magazine has ranked Kara Homes 38th in its annual "Inc. 500" list of the fastest growing privately held companies in America.

Inc. cited Kara Homes' rapid growth, 615.8% last year, to $195.7 million in revenues during 2003. East Brunswick, NJ-based Kara Homes ranked Number 8 among private companies out of the "Inc. 500" in revenues and the builder anticipates 2004 sales to amount to $350M compared to $260M during 2003.

Inc. Magazine reported the company's total revenue growth since its first year in business at a staggering 2,463%.

"We are very excited by this recognition of the hard work, professionalism and dedication of our staff in helping so many people find their dream homes," said Zudi Karagjozi, founder and president of Kara Homes.

"Our company has grown rapidly since we started building in New Jersey just five years ago. Our buyers recognize the quality of construction, value and the extraordinary locations of Kara Homes communities."

5:16 PM
disgruntled goat said...
I wish there was a way I could verify this info, but soon that won't be necessary. It will all be completely verifiable very shortly. I may be disgruntled, but I am not like Zudi's (former) marketing team, I don't write fiction. I also pay people who peform work for me, which is another trait Zudi & I do not share.

12:51 AM
Anonymous said...
KARA HOMES

Kara Homes anticipates filing for bankruptcy
Posted by the Asbury Park Press on 10/5/06
STAFF REPORT

East Brunswick builder Kara Homes Inc., one of the biggest home builders in Monmouth and Ocean counties, anticipates filing for Chapter 11 bankruptcy, a company official said in a letter given to laid-off employees earlier this week.

Roberta W. Schultz, vice president of human resources and organizational development at Kara Homes, said in the note that the employees' jobs were terminated as of the end of the day Tuesday.

Editor's note: Are you a Kara Homes customer or employee who will be affected by Kara Homes' bankruptcy filing? For information or to talk to a reporter, e-mail Press staff writer David P. Willis at dwillis@app.com or call him at (732) 643-4039.

11:45 AM
Anonymous said...
I am under contract with Kara Homes in Jackson. Now I do not even know if I will get my $200K deposit back or my lot. Zudi is living in a $6M house in Rumson while I am homeless. Where is the justice? I want him put in jail for fraud.

1:34 PM
Anonymous said...
www.karamoldhomes.com

5:46 PM
Anonymous said...
Kara laid off over 100 people and the people who are staying are not getting paid. (what are they thinking)

If you want you can call management directly to complain
Zudi-732 735 5632
Hector (the uncle in charge) 732-433-4337
Roberta Schultz 908 421 4654

5:58 PM
disgruntled goat said...
The local press is only waiting on official documentation, then the story will be there for all to see. Zudi will not be able to hide behind one of his clever press releases this time around.

To the poster who has a deposit on a Kara home, my advice would be to get a lawyer, quickly. The chances of that particular job getting finished anytime soon is about zero. Even if they somehow manage to complete those homes, you can be sure they will be rushed, slipshod & full of issues that no one will help you address. Sorry, but that is the truth & not Kara's version of the truth.

The company has to post security guards at their field offices this week due to other disgruntled persons looting their offices and trailers. Which is to be expected if you decide to dick everyone out of their paychecks.

6:46 PM
Anonymous said...
From what I am hearing, John Fig? the head bean counter at Kara is at odds with Zudi the owner of Kara on how to proceed. Zudi does not want to listen to the bean counters he thinks he can save the day.
Zudi
Delusional, maybe
Effective leader- NOT
But he does have a 6 million dollar house in Rumson, nice cars a boat, servants at home and a wife who could stand to loose a few pounds

4:10 PM
Anonymous said...
If Zudi listened to the bean counters, he would have never been in this position in the first place. Problem was, he believed his press clippings instead of his advisors.

4:56 PM
Anonymous said...
Zuhdi never listened to anyone. Plenty of his people tried to point out the incredible waste all over the place but he wasn't interested. He was too busy being charismatic.

5:01 PM
Anonymous said...
Well we will see how long Zudi stays out of jail. He will definitely go down for fraud. Notice the karahomes.com website is still selling homes. FRAUD!!!!

5:06 PM
Anonymous said...
Hovnanian has ceased moving forward on a bunch of projects it has committed to also.....

5:27 PM
Anonymous said...
No one has updated that Kara website for many moons now. The people who did that stuff were all fired...er, I mean let go. That Robbie has every base covered.

5:35 PM
Anonymous said...
Maybe Zudi can drive his Aston Martin to federal prison!!!!

I wonder if his other lackies like Brandt and Kelly would go to jail with him??

5:39 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. the higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now two words sales EGO

6:23 PM
Anonymous said...
take a look at the filing statement on app.com. It has all of the employees salaries. The higher ones are after the 25-50 percent cut they took a few months ago. How f'd up is a home builder that has it's highest paid employee the VP of SALES. If you want to know why zoodee and the band of theives is in the crapper now three words JABLONSKI-NEPOTISM-EGO. Guess what what z man being the fastest growing builder isn't a good thing. I know it was nice to get your face on the cover of all those magazines, now the only place that face is will be on the front page of the papers with he lead "chapter 11/Bankrupt builder", or hidden under a coat doing the "perp walk" on your way into court. Anyone who blames this circus on the market is a moron. Captain Kara and his coconspirators haven't finished falling yet and it's gonna hurt when they hit bottom. You can't write this stuff.

6:29 PM
Anonymous said...
All of these names being mentioned what happened to the only qualified person that zman had in managment-Mike Alawich. OH that's right that Albanian Ara Hov wannabe zoodee let him go and blamed his failure on him because as always those with humungos egos have to have fall guy's or their fragile little heads would exlode

7:06 PM
Anonymous said...
Boy oh boy........how about that picnic. or was it a funeral?

8:21 PM
Anonymous said...
chapter 1
Young albanian man leaves queens-goes to cali becomes genius of marketing and desing/psuedo rock star
Chapter 2
goes on road trip with buds from hood discovers jersey real estate
chapter 3
decides to become slum lord cum land mogul
chapter 4
begins empire the all great and might ego has started to role
chapter 5
still has ocasional roll back into attempts at rock and roll
chapter 6
The empire grows not in proportion to the growth of the ego
chapter 7
the only thing growing faster than the empire is the debt and the problems
chapter 8
things are getting a little tight lets flip on the old charisma button
chapter 9
charisma failing lets try brains and balls uh ooh don't have those I'm screwed
chapter 10
the fun part of most roller coasters isn't the ride up the hill it's the fall to the bottom
chapter 11
I think that says it all. Actually this might have been 4 chapters too many

9:28 PM
disgruntled goat said...
Don't even get me started on Jablonski. He might as well be a cardboard cutout. He was an absolute genius back when houses sold themselves and he has the trophy to prove it. Tom always led the company in convention attendance year after year. I'm sure we'll all remember the thrill of occasionally seeing him stand around being important.

Observe how Zudi even included minor employee expenses in his utterly embarrassing filing. Kara Homes neglected to even list the expense money they owe me, or my earned PTO. In fact, when I saw the number I was suprised because they owe me considerably more than that. Guess they just estimated it, or took a wild guess. Then again, look who we're talking about here, this is the same business that managed to get themselves into a $100000+ hole with their portable crapper vendors.

Oh yeah, the picnic. The afternoon when Kara paid us to have a burger or two and take some time to get to know the families of the coworkers we'd soon be losing touch with. The upside was that at least Zudi didn't sing, show motivational videos, or share his reading list with us.

10:14 PM
Little Silvered said...
Albanian, Armenian, whatever.

11:11 PM
Anonymous said...
Hey goat-what is PTO

11:53 PM
Anonymous said...
He's albanian, definetly albania. Yeah yeah Debt for equity, debt for equity is good. gotta stretch stretch I gotta stretch. Anyone seen my doodle pad yeah debt for equity

11:55 PM
Anonymous said...
I have to belive that Jablonski has something on Zudi. Why else would he give him that much money.

The sales dept is a mess at Kara. While I was working at Kara the sales staff walked on water in Zudi's eyes.

Tom Jablonski is so clueless that he has this miserable trashy sales manager running his department. This girl has to be the most ignorant person you will ever meet . But since she is sleeping with one of Zudi's best friends (JK) she is safe and sound.

The whole place is a mess!!!! Even though I am out of a job and out of 3 weeks pay at least I am not listening to Zudi talk about how great he is and how he single handedly changed the face of real estate!!! hahahahahahaa

1:11 AM
disgruntled goat said...
PTO = paid time off

1:19 AM
disgruntled goat said...
And here comes the savagery. Comes with the territory when you are ripping people off.

I would expect a lot more ire directed towards Kara Homes this weekend, as the effects of idle time, financial difficulties and alcohol drive more ex-employees to find a forum in which to rant.

I don't know anything about innuendo or anyone's personal affairs. My venom is directed towards Zudi and the inner circle at Kara Homes. Zudi made a fool out of me and now I will return the favor by doing the same to him in any way I can, no matter how trivial or petty it may be.

2:23 AM
Anonymous said...
I haven't seen the security at the sites for rampaging employees, but the money going to waste in material is staggering. There is at least 2-3 months salaries and bonuses rotting away. Don't think for a minute that this material won't be used if Kara does move forward. Kara's biggest problem is they themselves are not builders,from corporate to site supers they are cluless. They contract with vendors who barely or can't speak English then expect Kara personal to somehow maintain an open dialouge. We build houses in America not grass huts,lack of heat/air,mold,cracked this broken that,still gets installed.As long as they settle.
Anyone who has been into a "finished" home has to ask how did that pass the infamous quality control teams inspection.

8:41 AM
Anonymous said...
So lets recap what has happend so far. Zoodee the gypsy prince and the rest of the family (uncle-COO, uncles best- freind VP HR, Aunt-over paid psudo acountant, cousin-design girl, best freind1-VP Land, Best freind2-VP Land2) are still working for the firm along with 55 other "chosen ones"-is it really working if they are not compensated, that is a topic for another day. What is the next step-they have no subs, no material and alot to get done. Where does the money come from. Maybe z's main sales man CF can front him some cash-I doubt that though because he's suing him. I'm sure the lord of charisma and spin will be able to convince someone to come up with the pesos he'll need to get back that fine group of third world sub-contractors that have been throwing together the MacMansions for kara-sell homes for years. So they come back, they finish a few homes, can the close them while there in chapter 11 and if they do where does the money go. There sure must be some intresting conversations going in East Brunswick over these issues. I feel confident that with the great minds up there they can surely pull this one off.
I bet it looks like something out the Wizard of OZ up there Robbie looking for her heart-John kelly singing if I only had a brain-zoodi hoping for some courage and Hector just wants to go home.

4:06 PM
Anonymous said...
anon. that is so great.........and soooo true!

8:01 PM
disgruntled goat said...
Supposedly, the Fraudster is still doing the dance, flitting around the office in his wrinkled clothes pretending he still has something to rebuild upon. He's still using the "I'll pay you back, somehow" line he trots out whenever anyone asks for the money he owes them, as if it's up to him anymore. Of course, when he's finished using his remaining few employees, he'll toss them under the bus like he does with everyone else he's exploited for a buck.

Rumor has it that Uncle Duh flew the coop & is in hiding someplace. maybe true, maybe not. The rest of his loyal cronies are still up there in E.Brunswick wasting oxygen, so nothing's changed on that front. I wouldn't be suprised to learn they're up there right now telling Roberta what they need shredded.

1:08 AM
Anonymous said...
The $6 million dollar man's 7,800 SF 'gift' from the industry, now in little wifey's name in Rumson, you know, the mansion on the swamp he got for free in '01 from the trades and vendors by being promised they were gonna get lots of work and then stringing along and burning everybody that did the work, did he pay any taxes on all the free labor and materials? It's gotta be huge. He should have moved to Florida when he had the chance. King, you were right.

1:38 PM
Anonymous said...
Look on ebay for Kara Home tee shirts. Opening bid ?? Time to raise some cash.

6:55 AM
Anonymous said...
Maybe someone should check into the assorted properties that Zudi,Hector,Schultz, and Kelly have added to there personal holdings since working for Kara.
I think it's time for Kelly to go back being a shoe salesman again,since he is a expert in the building business and knows so much. Time to smell feet again Kelly u loser. Hopefully you to will spend a little time in jail!!! Sell the house in Emerald and go back to where you came from.

8:15 AM
Anonymous said...
Wonder where Perrotti will sleep now that his leather couches are gone

2:56 PM
Anonymous said...
Leave Perotti alone he is sleeping with several women at Kara so he always has a place to stay.

I just wonder how Zudi's secratery is going to pay for that boob job now that she is not getting a pay check. Does she really think no one noticed!!!!

3:11 PM
Anonymous said...
Well maybe he can sleep in the barn with the horse loving C/A that couldn't be bothered doing anything other than talk on the phone, and make visits to the township.

3:16 PM
Anonymous said...
I heard that Uncle Hector's coke addicted son was let go. I guess after several weeks in rehab he couldn't handle driving around to sites and doing nothing.

Does anyone know if his wife is still living with Roberta?? I heard she left him due to his coke binges.

3:20 PM
Anonymous said...
Please stop referring to her as Roberta....it makes her sound feminine....Robbie fits her much better!!

3:27 PM
Anonymous said...
Being a very informed person on the matter of Kara Homes...There is no more to say then BYE FOR NOW...or maybe forever. Good luck to all those that were laid off and not paid. And even better luck to those that are there picking up the pieces of the mess that was created! The people that are still there are true SAINTS...they have not been paid in 3 weeks either!

3:53 PM
Anonymous said...
Is Saint the new term for idiot? Maybe they have been drinking too much of the magic Zudhi juice at the Weds night meetings....wonder if they are meeting this week. I guess they won't have to argue over which subs to pay this week and who to screw

4:17 PM
Anonymous said...
If you know so much please fill us all in on anything that has not been stated as of yet.

Don't just leave the discussion

4:17 PM
PennyLess said...
Who is going to meet? It is a CONSTRUCTION meeting..they fired (I mean) let all of construction go. And lets not forget in order to be in the construction business, you have to be CONSTRUCTING..not taking people's life savings/children's college funds to have super cool picnics and expensive over the top Xmas parties.

4:37 PM
Very Informed said...
In regards to what I stated before...Let's just say if you are owed any money, you are not going to get it. The K man did a lot of bad things and taking deposits and using them to pay people were one of the...Escro account HA! Only people that stand a chance getting their money back are those that are apart of a DCA community. By Law he cant touch that money. And for the employees that were so conveintly let go before the walls came down, good luck getting antyhing more then 20 cents on the dollar for what you are owed..if that!

4:40 PM
Anonymous said...
So I guess the employees let go at the end of January with 6 weeks severance pay, all vacation time paid and one month of medical should consider themselves the luck ones. Just knowing that Zudi / Robbie deemed the first group as expendable makes it all the sweeter. It all went down hill after the first round of lay offs....wonder why (maybe it was the new area president??)

4:52 PM
Anonymous said...
Heard the Kara Christmas party this year is at the Essex County court house.....

4:53 PM
Anonymous said...
Anyone remember Zudhi's classic speak lines? "we are building the jet plane while we are flying through the sky" "we missed our year end closing numbers, and that is affecting my kids college fund" "it was all constructions fault" "kara cares and it shows"

7:11 PM
Anonymous said...
so who do we have left in construction at the fastest builder in the universe-fastest falling builder.
Perotti and his band of rednecks and big bad mama in the south. The golden boy, smart-ass-ass kiss in old bridge. Phil the mechanic who couldn't build a n outhouse if he was given the first 4 walls and half the roof and the LARGE site supers. Wow these are the keepers, times are tough in the indusrty

8:02 PM
Anonymous said...
OK time for one of the "saints/idiots" to post some sort of rebutal. While I understand that all of you who were let go on Tuesday are angry, there is no reason to attack those you used to work with that are still there. Those of us that are still trying to fight through this are doing what we have to do for our families, what do you get out of slamming us. The cheap personal shots are nothing but cowardice. You didn't have the guts to say these things when you were still getting a check. You guys question the manhood of certain members of the management staff now, where were your balls when you worked here. OOHH that's right you had something to loose then, now on a faceless-nameless website under a made up name you can talk all the crap you want, bring up any rumor you want and be the man you wanted to be before but didn't have balls to because you wanted to keep the job you are bitching about now. Stop the whinning, spend your time e-mailing resumes instead of posting here and move on with your lives. The Kara part of your careers is done, crap happens-deal with it and focus on your next step.

8:37 PM
Anonymous said...
Why don't you all that were let go spend more time working on your resume and getting a job than spending your time bashing Kara Homes. If it was so bad, why didn't you leave sooner. I am sure you made a good salary and now because you were let go, Kara Homes is no good. Obviously, you were not doing your job or you would still be there. Leave the ones that are still there alone. Get a life!!

10:27 PM
Anonymous said...
Hey Saint/Idiot - guess you are still sipping the zudhi juice. The people that had the balls and spoke up against Zudhi, Robbie and the chosen few were the first to be let go. Maybe if you had the "balls" to stand up at a meeting and disagree with all the BS you would be gone too. It takes more balls to go against a group that month after month lied to its subs, lied to their employees and lied to the homeowners. Facts are facts and while it may have been great collecting your paychecks in the past, when subs were actually being paid something, how can you still sit there in your trailer and support KH? Do you even realize how many lives are being affected by zudhi & co selfish choices? Sure people want to vent, and they should! Most of the people in southern construction worked their asses off and got lied to and taken advantage of. The arrogant area president, screwed around and then took no responsibilities for ABSOLUTELY HORRIBLE decisions that screwed many many people. 99% written in the past 4 days on this site is the truth. Unfortunately Zudi and his team turned a blind eye to all the BS that happened in the field and in his corp offices and kept up the pretense of everything is prefect. I guess if you repeat a lie enough times you really do believe it. You said you are still with KH to do what you have to for your family, I guess that makes you part of the inner circle. You will probally never know what it is like to wonder where your next mortgage/car/credit card payment will come from. Lastly, if you want to talk about a guy with no balls, where the hell is ZK these days? No public comment from the man who loved the media spotlight? No communication to his former employees? I bet all the nameless / faceless posters would love to have just one more maniditory KH company meeting and see who has balls and who doesn't.

10:55 PM
Anonymous said...
While I truly do feel bad for those that are unemployeed now, I am far from "the inner circle". I have the same mortgage/credit card/car payments that all of those that are no longer working for kara have. I am far from a Kool aid drinker. I understand the position that this has put many, many people in. The point I'm trying to make is that why do this posts have to slam people over personal matters. If you have a gripe with Kara take it up with the labor board or your lawyer. Why make anonymous posts about former co-workers that don't know who they are defending themselves against. It seems that all of the faceless/ball-less anonymous poster that are on here slamming have no problem bringing up current employees names yet they can't say who they are. I understand that it's hard to be unemployeed, but as I said before-go on with your life.

11:34 PM
Anonymous said...
At least the employees can move on. The homeowners have had their money stolen AND have no house to live in!!! Enough about the employees. Three weeks pay is far from people's life savings.

11:42 AM
Anonymous said...
Hey Ed Dever, is that you?
Wow! you really are one angry dude.
I guess this explains why they called you "Special Ed"

6:57 PM
Anonymous said...
kara homes sucks and it was poor upper management. If everyone would focus on work instead of getting into each others pants and they might have been successful place. What can you say about a president who pays for his employees to get boob jobs when he cannot make payroll. Sounds good employees can't make their mort. payments but the family that destroyed his company can run back and fourth to Michigan on company money as well. How about a one way ticket we have enough ass x@?/ in New Jersey. Hey Hektor try a shower every now and then it really works.

8:51 AM
Anonymous said...
I’m absolutely amazed yet even more embarrassed that I even worked along side such an incredible bunch of gutless wonders in my life. You throw around comments about people on a personal level having no regard for the repercussions that may destroy peoples lives even more so than what Kara Homes has already done. Yet it is obvious that you are too scared to attach a name to a post. You attack people’s spouses and children by sending anonymous e-mails to their homes and places of work yet still don’t have the balls to acknowledge you own inadequacies for sticking around as long as you did. Good for you if it makes you feel better about yourselves! Continue hiding behind a nameless, faceless, gutless posting. Ya know… sometimes bad things happen to good people.
I don’t defend Kara for putting the screws to innocent people, buyers or homeowners; it truly could be viewed as a crime against humanity. However, your inability to move on only shows your weaknesses. I can tell you personally that it’s not easy cutting your losses and walking away with NOTHING. No family, No home, No money! But sometimes you just have to pick up the pieces and start over again from scratch and do whatever it is that you have to do to survive. If you insist on dwelling on this you might as well stick a gun in your mouth now! It’s simply no way to live if you can’t let go. It only proves your weakness and you loose even more of your dignity as you continue to dwell on this rather than move on.

1:06 PM
Anonymous said...
Tracey is that you?!

5:38 PM
Anonymous said...
Could be Tracey,who knows better about doing whatever you have to do to survive.

9:05 PM
Anonymous said...
You people just don"t get it!
Stew in your filth, it seems to be what you live for and enjoy most because you have nothing else better to live for. It's more enjoyable than your spouses and your children isn't it? Fine example your setting! May be a link to this blog should be sent to the elementary and high schools where your children go to see how their parents pioneered the example of what not to do! How would you like that? Dare me!?!?
I feel sorry for the whole lot of you. Good luck and Good Bye.

For the record: No this isn't Tracy.

9:58 PM
Anonymous said...
You know it's Tracy-after she finished banging Chris Fry in Lake Hopatcong she moved onto John Kelly in the office-SLUT! And how much you want to bet that that last kid of hers is Kelly's. Uncle Hektor-I hope you're happy now you stupid ass senile old clueless asshole. You certainly helped Ego-Man go down in flames faster-all the while banging your old dike-ster life partner Robbie. Picture that 3-some-Uncle, Aunt, and grandmother. If you only knew the insanity of this company you would easily see why it was inevitable. The subs were already in too deep and kept getting small payments while they tried to hang on and hoping he would somehow stay a float. They are screwed now. And the poor innocent homebuyers-they deserve first payments and their lives back. You know that scumbag has all his property in his wife's name because he saw this coming. Or maybe it was a clever method of TAX EVASION AND FRAUD after he forced every sub to do the work for free and certainly didn't put it on his tax return-HELLO IRS-COME AND TAKE A GOOD HARD LOOK!! And then there is the funneling of cash out to secret accounts-do you really think he only went to Albania to adopt a child? He went to check on his fortunes that were so cleverly smuggled back to the Albanian mob. And can you believe he paid for 2 boob jobs for his secretary and his closing coordinator as recently as last month? Do you think it's a coincidence that she got a check for $7500 and that's what it cost to have her babies lifted up at attention? Maybe he's doing them also after Princess Stephanie gets off her knees. More to come...

10:40 PM
Anonymous said...
Wow, you are on fire!!! Can we take it you tried to hook up with Tracy but she wasn't interested. I don't know why anyone would she is really beat looking but she is thinner than JK's wife I guess.

Has anyone seen Tom J's wife, I hear she is a real porker??? Did anyone look at what he was making yearly on the Chapter 11 filing document??? He must have caught ZK sleeping with his wife and is holding him for ransom.

I did not know the closing person got a boob job. Last I heard she was one the girls sleeping with Perotti while he was married. There is/was all kinds of sex going on in Karaland. I guess since I focused on doing my work I was let go for not sleeping with someone.
Who do you thing George B is sleeping with?? Maybe is old assistant!!! hahahahaa

11:42 PM
Anonymous said...
Go ahead, I dare you, no I double dare you to email this blog to the schools. You must be an absolute IDIOT to think that will stop these postings. I have a better idea, why don't you email the blog to the newspapers, and the TV stations, the IRS, so everyone knows exactly what type of company Kara really was. Everyone who worked at Kara corporate knew what was going on in the field, and the field knew the crap that corporate got away with. The subs and the homeowners were the ones in the middle. How many times were the invoices "lost" after being approved in the field and sent to accounting. How many times were the invoices re approved, re coded, and re sent only to have them mysteriously be LOST again. And the answer to the subs was always the same, "we only have X amount of open invoices in the system, resend then to us." Hopefully some agancy will open up an investigation and seek out all the former employees for their insight. Then we will see how smug ZK, Robbie, etc are .

10:46 AM
Anonymous said...
SO PETTY, YOU PEOPLE NEED A LIFE!

9:20 PM
Anonymous said...
I don't really know tracey to comment on her, but, the girl in the closing department was always very professinal in my dealings with her.

2:30 PM
disgruntled goat said...
I told ya this would get really ugly. The people still working there merely wish to be paid. They will remain long enough to serve whatever purpose they serve, then they'll get the boot too. They won't get their back pay any sooner than anyone else will, despite what they have been led to believe.

8:04 PM
Anonymous said...
Stephanie Babek-Wohlrab seems to have escaped much notice, but McGreevey's former cash cow was a big wrench thrown into the Kara machine. She showed up one day & immediately began throwing her weight around on decisions she had no qualifications to make.

8:07 PM
Anonymous said...
Another quick cheap shot: Robbie Schultz is really a man.

10:05 PM
Anonymous said...
After all is said and done Kara Homes will bounce back. Dozens of people will have gotten the screws.
Honest businessmen will have had to shut their doors, people will have lost their life savings. But Zudhi and his band of thieves will emerge victorious.

12:21 AM
Christina Torsiello said...
I think that there have been a lot of good points made here. It goes without saying that there were a lot of things wrong with the way this company was being run. I think the cheap shots are ridiculous, immature and most importantly irrelevant. This has been an unfortunate experience for a hell of a lot of people. I feel for all of us. P.S. I am not afraid to attach my name to this as it appears even the people who made comments about the ones who went anonymous were also listed as anonymous. Good luck to ALL of us!!

12:00 PM
Anonymous said...
If you happen to be a homebuyer who deposited money with a builder that was not being held in escrow, shame on your attorney. A qualified knowledgeable attorney would never let a builder utilize deposit monies for just this type of situation. Now on you have is your name as a creditor on a bankruptcy petition

11:05 AM
Anonymous said...
yes i worked with all the assholes in stafford framemikewho sold weed to all the other fools don the drunk scott pornothe asskisser chris zito dumb asshole wanabe all hiried by the manwoman robbie schultz whatever happened to fat ass potter that peice of dogcrap all you flaming assholes will have to get a job ai mac donalds if they would have you

2:20 PM
Anonymous said...
THINGS JUST HAVEN'T BEEN THE SAME SINCE SERRATELLI AND HIS GUYS HAVE LEFT MURPHY AND FARANO.THEY BUILT ME A HOUSE IN ISLAND WOODS AND IT WAS A GREAT.TRIED TO BUY ANOTHER AND CANCLED BECAUSE CONSTRUCTION WAS NOTHING BUT ASAHOLES GUESS I AM LUCKY..I CANCELED AND GOT MY MONEY BACK.

6:10 PM
Anonymous said...
COULD NOT HAPPEN TO A NICER GUY(ZUDI). IT WAS NOT ONLY THE HOUSE IN RUMSON THAT HE GOT FOR FREE BUT THE ONE HE SOLD A WEEK BEFORE ALL OF THIS IN LBI.HAVE FUN IN JAIL ZUDI YOU CAN CHEW YOUR NAILS MORE .YOU SCUMBUCKET..

6:14 PM
Coleen said...
Thank you for acknowledging the fact that I was doing my job. Yes that did include being on the phone most of the day fielding disgruntled homeowners wanting warranty work done & trying to get contractors to come & do work. This did usually end up in lengthly bashing of Kara and listening patiently when no one else was doing anything. I guess trying to be pro-active is a dirty word. And if Perotti or anyone else needs a place to stay there are several stalls available in the barn. I prefer supporting my 11 yr. olds sport with horses & not being a drunk, drug addict or sex maniac. So as one door closes another will open. We all need to move on as much as it sucks, I was at least hoping for a better outcome. But it is what it is, and we all with have to answer to a bigger power one day and knowing I have done all that I could I can sleep at night, finally. Hey Christine, thanks for having the guts to also use your name. What a bunch of weenies.

Wednesday, October 18, 2006 1:31:00 PM  
Anonymous Anonymous said...

This comment has been removed by a blog administrator.

Wednesday, October 18, 2006 1:31:00 PM  
Anonymous Anonymous said...

Zudi is a very good salesman but he is a horrible manager and an even worse judge of character. The company started with close friends and people with real estate experience but they were not the most trust worthy of people. He found out he was being ripped off by his own employees but didn’t really care because houses were selling faster than he could open communities. He decided to bring in the family from Detroit to cover his ass, but none of them knew a single thing about real estate and therefore couldn’t do anything to help watch costs. In fact, they were the biggest reason why things went down hill.

All of upper management (family and friends) had their hands out. All you would have to do is look at the number of homes they each own. Not sure what communities these homes are located but the owners of these homes live in Horizons at Birch Hill (Old Bridge) and Emerald Hills (Marlboro). Each one had at least 2 in their names, and I heard one executive had as many as 7 homes in his name. Zudi sold these homes to family and friends in order to inflate revenues at the end of every quarter and end of each year. Zudi only cared about Revenues because that is how he got his name and picture in magazines. The Inc. 500 magazine is based on year over year Revenue growth. It has nothing to do with PROFIT. The company was spending $1.50 for every $1.00 it was bringing in. The Finance/Accounting group tried warning Zudi of the cash flow and financing problems but he believed sales would conquer all. Many people throughout the entire company were rumored to have side deals with sub contractors, homeowners, or anyone who could make a quick dollar but nothing was ever proven. Any of the executives with real power were either too stupid to figure out how to stop people from stealing or they were in on it and getting a good amount of money on the side.

Buying land at kara homes was like being a waiter. If you had land you could name your price and any perks to go along with it and Zudi would pay it. Then he would yell at construction to build faster, and build cheaper. Sub-contractors would be told to work 6 days a week, but wouldn’t get paid. Then they would call the office looking for their checks and would be told to come in the office to pick them up. When they arrived, every executive with authority to sign checks would be out of the office and therefore the sub-contractors and vendors would have to wait another week to receive a check.

There is so much more, but I would need to write a book to cover everything.

9:08 PM


Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM


Anonymous said...
Lets hear more about psycho,what ever happened to him?

5:53 PM


Anonymous said...
psyco is still alive and well and recieving the now weekly kara paychecks. Psycho can refer to anyone of at least a half dozen of the remaining chosens ones. Specifically which one are you inquiring about. There is the psycho in the north who is truely out of his mind. The Psycho in the central that is more moron than pyscho, the one down south that is truely psychotic and 2 or three possible psychos in the ivory tower. Please define the one that you are speaking about and let the games begin.

6:01 PM


Anonymous said...
Moron?

10:53 AM


Anonymous said...
I know all about the morons, but who is the psycho??

11:54 AM


Anonymous said...
Zudi took it all too far,
But boy, could he play guitar!

1:13 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if this will effect the rest of the real estate market and encourage the market to correct prices sooner than later.


tj

9:16 AM


Anonymous said...
What I find interesting is that everyone is blaming the current management. You had some really horrible people in place in the beginning like, Deegan, Brenan, Golden,Seritelli etc who robbed Kara blind and set the tone for what we have today. I am in no way giving the current management a pass seeing they let me go with out pay but lets look at the total picture.

What we have at Kara is a company the grew way too fast and did not plan properly. Should things have been done differently, yes but hindsite is always 20/20.

Alot of former higher level employees were living high on the hog when they worked here. Look at Brennan how do you think he was able to afford that boat. Look at Seriltelli using Kara's building materials for his own home. Look at Deegan in his Lexus.

The people who have really been screwed besides the employees who were let go last week like me, are the prospective homebuyers who are going to get pennies on the dollar for their deposits.

I only hope that the person managing the blog gets links to this blog to the Asbury Park press and the Star Ledger. They need to report on these things and get the word out as to how disfunctional Kara is and give some of the homeowners and contracted homeowners a place to vent.

1:31 PM


SCProfessor said...
Anons:

I sent the following email to a reporter who has been asking me questions. That may help you to get the "inside KARA" story out.

Take care,

SCProfessor
___________________

I suspect you already know, but former employees of KARA, based upon the invitation of the Blog Owner, have provided interesting descriptions on KARA's activities since its formation. After reading these I am more, and more, convinced that a lot of good people, particularly those depositing money with KARA for a home purchase, are going to lose it all. You can get to these postings by pointing your browser to:
http://shorebubble.blogspot.com/

and reading the comments to the posting titled:
Attention Ex Kara Employees

Take care,

1:52 PM


Anonymous said...
Based on what I saw & heard, negative word-of-mouth was doing as much damage sales-wise as the cooling market was, at least in 06. That press release from a few months ago touting Kara's most profitable quarters ever was a direct response to the rumors then running rampant re: bankruptcy.

The waste I witnessed was mind-boggling. Thanks to terrible communication and lack of oversight, money & time was just squandered on the most idiotic and useless things. I'm talking about every level of the company, from the top right on down. So much of this waste was easily preventable, if only someone in authority had cared enough to notice. The solution to everything was always spend, spend, spend, buy, buy, buy.

2:04 PM


Anonymous said...
Well, no mention of all the affairs , drinking, and lack of knowladge that was going on.
there was a project manager that drank like a fish, crashed drunk driving so what they did with this guy was , loaned him the money to fix his truck, kept him on and fired his whole crew of hands on experienced builders. this kind of good desition making is what ran kara homes. They made to local marajuana dealer 3 offers to come back to work after he quit, made a laborer into a project manager, and made a psycho into an area president.
There were ileagal sales of everything in the "field" from appliances to fill dirt.
The personell director has no clue how to build or the processes involved so SHE really didnt understand who she was hiring
Zudi was starting to sound a little crazy in the last few months as he would talk your ear off about his payables and how he would get cought up, wow what a dreamer you cant pay 250 thou for a lot when everyone else is paying 120 and expect to make money but were not as bright as you z-man.
hey how are the condo buildings in the pocanos going anyway, becouse that where some $$ went.
Ohh and the president of construction? Mike , well i wont say his last name but he was working as a renovator in trenton and stole over $400 thou in deposits from local homeowners and never completed the jobs. He fit right in at Kara.

3:23 PM


Anonymous said...
What an idiot-Brennan and Deegan had their boat and car respectively 10 years before they worked at that shit hole. Brennan's boat is 15 years old and Deegan's lexus is 1995-get your facts straight before you start trashing two of the few people who cared about the place and knew its potential only to be replaced by dumb and dumber Uncle and Diker. You idiot.

3:57 PM


Anonymous said...
Amazing, all these [sarcasm: on] brilliant, brilliant[sarcasm: off] posters who had the grave misfortune to have once relied on a family of half-wits for their paychecks.

Wow, I used to care about the victims of the Kara implosion. But after reading the anonymous character assassinations hereabouts, I wish there were an ice floe large enough on which to to strand the Kara nabobs AND these posters.

Jimmy Two Times

5:49 PM


Anonymous said...
fyi......

Kara says it has $5 million of capital lined up; could finish homes
Posted by the Asbury Park Press on 10/16/06
BY MICHAEL L. DIAMOND

Kara Homes is asking a U.S. Bankruptcy Court judge to approve a deal that would infuse the company with $5 million from an investor.

The money would allow the company to continue operating, finish homes it has already begun, and reimburse buyers who made deposits, but rescinded their contracts before Kara Homes filed for bankruptcy, according to court papers.

Judge Michael B. Kaplan has yet to set a hearing date on the motion.

6:36 PM


disgruntled goat said...
Begging from the Feds: the last refuge of the business scoundrel.

A question for anyone at Kara who might read this: if Robbie fires herself, is she eligible to collect unemployment? Just asking.

To my former coworkers: there is a fine line between clever and stupid, also between sarcasm and whining. The poster above has a point. This blog is primarily devoted to civilized discussions regarding Jersey shore real estate. There was naturally great interest here in the Kara situation. People are interested in hearing different perspectives on the company itself and in how it went about its business. For example: the first post on this page.

I am angry too but no one wants to read rants directed towards individuals who are completely unknown to 98% of the people reading it. Railing against perceived injustices of the past won't make you feel any better about the present and it won't entertain anyone else, either. The topic is the ruination of the business and how it happened, not who boinked who or who stole what from who when. You are angry about losing your job and your pay, not about how someone else at Kara did better than you did two years ago.

Between job interviews, do what I've been doing. Tack that picture of Zudi with the race car up on your dart board. Theraputic. Make a voodoo doll wearing a wrinkly suit and stick pins in it. Play "Karaopoly" which is the same as regular Monopoly except when you pass GO you GIVE the bank $200, and instead of a "get out of jail free" card, there is a "I'll make it up to you somehow" card.

8:45 PM


Anonymous said...
I'd like to know the names of management that are still with the company working on the reoganization!

12:19 AM


Anonymous said...
According to all printed reports Kara Homes is trying to reorganize.In order to succesfully reorganize you need to deal with the cold hard facts.The people who worked the hardest and earned the least were fired. The staff that remains is comprised of the people who earned the most and did the least. Why did they stay... loyalty you say, I think not. Their resumes are out there but no other company is foolish enough to pay them what Kara Homes did. So they'll hang on and accept even a partial paycheck in the hopes that their cash cow will not dry up.

7:05 AM


Anonymous said...
KARA HOMES ... created the biggest bubble in OCEAN COUNTY, New jersy ?????

Compare the home price appreciation versus Wage increases from 2000 ???

Real estate bubble in OCEAN County, NJ is unsustenable ... !!!

Thanks to Asbury Park Press for the continued coverage of the biggest Real Estate Bankruptcy in Ocean County, NJ !!!

Want to buy my house guys ????

8:35 AM


Anonymous said...
The mismanagement left are as follows:

Zudi Z-Man Egomanaic- CEO (Chief Everything Officer)
Uncle Hektor Peshkopia-COO (Chief Oblivious Officer)
John Kelly - Dumbest Human Ever
George Brandt - Alky, Pill popper, Caveman wannabe
John Casiero - CFO
Robbie I never met a girl I didn't want to touch Schultz- HR(Human Relations)
Tom Jablonski-Sales Mismanager

10:21 AM


Anonymous said...
Any past (or present) Kara employee has to laugh at the notion of "reorganizing", as if the company was ever organized to begin with. Interesting how Zudi prefers to reorganize from the bottom up instead of from the top on down. The executive staff never had to take the hits although they were & are directly responsible for burying the company in red ink. Zuhdi preferred lopping dozens of people from the bottom of the company rather than part with any of his highly paid chair warmers who were busy going to conventions, ordering lunches and worrying about their own investment properties while the company was gasping throughout 2006. Now someone else is willing to loan money to this same group? I really hope someone, somewhere, holds these people accountable. I also hope that if they indeed get this financing, someone is very carefully keeping track of exactly where it's going because Zuhdi & the gang have already shown that they can't be trusted with large sums of money.

1:13 PM

1:14 PM


Anonymous said...
Anonymous said...
I must agree. Having family and friends run you ship has never proven successful. That is known already. But to have a guy who washes your cars run a "Premier Site" or make him (a very incompetent man) a regional manager is straight up stupid. These are the types of decisions that sank Kara Homes. Everybody had their hands out, the sales people were cashing in and construction was asked to increase production with promises of bonuses, bonuses, bonuses. Well, the houses were getiing built and sold but still all of the employees in construction were taking it in the ass. I'm sure that whoever is left will continue to take it in the ass and they are very foolish for still trusting in their system.
Kara Homes Inc. had high hopes and probably could have had it all granted they weren't being run by sneaky, incompetent crooks. Most of who still work there. I look forward to watching them squirm and hope for the worst.

10:29 PM


Anonymous said...
Anonymous is right on. Being a former employee, and knowing intimate financial details, the current market was only the dagger in Kara's heart which had been beating erratically for many years while surprising everyone who had a brain that it kept beating for so long. That is why everyone knows that their had to be illegal cash flows coming through the place because cash just kept being replenished somehow even though they were losing their shirts building homes. The Ego-Man had a philosophy-pay the highest price for land and that reputation will bring all land sellers to him first;therefore, allowing the mighty Kara to see all land deals before any other developer. The only problem with that stategy is that he never passed on any land deal ever put in front of him. Even when the numbers told him he would lose money-he was so arrogant that his answer was that he knows all and he'll just raise prices to mske it work because he was Zudi-king of all real estate!! What a joke-he is so delusional that he actually told people that Trump couldn't hold a candle to him and that Kara would be bigger than Microsoft in 18 months. Couckoo!! Couckoo! Can you say straight jacket! And then the bottom fell out with the arrival of the Karajozi Hillbillies- Uncle Hector, Aunt Judy, and Miss Hathaway (AKA Grandma Dynamite). For some reason Zudi put them in charge and together their 210 years on earth they wouldn't know the difference between a buyer and a seller. Dumb as rocks. Great company for John Kelly. So Hektor puts himself on the Org Chart between Zudi and EVERYONE else-very functional from the self proclaimed HR genius. Meanwhile Grandam Dynamite is sexually harassing 3 different women by touching them inappropriately but unfortunately leaving all 3 too scared to pursue convicting her. Just ask the Attorney General of NJ if he's investigated her and couldn't proceed because none of the women would testify. And then Uncle telss the company attorney that he will no longer be on this case(because all of the women went to Charles) so that Hektor could snuff it out and sweep it under the rug. So the gross mismanagement of these idiots in charge now started the demise and then all of the quality talented people who worked there started to leave in droves and they even fired some of the good ones. Now it caught up to them and all of the blame goes to the Z-man and his band of nincompoops. Zudi was such a coward that he always disappeared when people were fired so they couldn't confront him and then would never answer his cell phone when called. He borrowed money form wealthy individuals at 18 and 20 percent and forced his executives to buy homes at year end to try and reach his dellusional numbers-even at the expense of losing money on every home. I'd hate to be the auditors of those financials because they knew about everything that he was doing and chose to look the other way. Those numbers were so manipulated it wasn't funny. I feel for those poor depositors whose life saving Zudi spent knowing full well that he would never be able to pay them back. That is fraud and he should be prosecuted if there is any justice in this world. Someone needs to do a detailed investigation of the wire transfers and movement of money in that place because I'm sure it will produce some very interesting results. And then there are the silly subcontractors who kept getting fed a little payment just to keep them working. They eventually got in too deep with Ego MAn and then didn't know whether to continue believing his bullshit that he was going to be the greatest builder ever with work for them or to cut him off and sue for their money. Finally, in the end, they placed leins on everything he was building and choked him so he couldn't close any homes. The banks cut off his construction draws, and he spent everyone's deposit money-NOTHING LEFT but to file ch. 11 which will soon be ch.7 liquidation. Listing 300 million in assets epitomizes his fantasy land values for his joke of a compnay-if they are worth half that he's lucky. So noone is going to hardly see a dime. And have we all forgotten he was on personal gaurantees foir everything so he's sure to file personal bankruptcy as well-even though he put everything in his wife's name. I pray that there is some law out there that allows the governmenty to seize those asstes as well and pay these poor people back their life savings. And while we're mentioning assets, the IRS should know that he forced every sub that worked on his house to do their work for free and I doubt he ever declared that as income on his tax return. So his basis in that house should be zero. IF there is anything else you would like to know about, just leave a response to this blog and I'll check back to answer your questions.

10:53 PM


Anonymous said...
Eww - that is just gross about the groping grandma! I just wonder if