Wednesday, October 04, 2006

Kara Rumor is Still Unsubstantiated

People keep finding my sight using various search terms that contain the words "Kara" and "Filing" or "bankruptcy". In addition, there is an interesting comment in the comment section from someone claiming Kara has already filed as of today.

Despite the apparent added interest in Kara in the last two days, I have yet to see any article in the mainstream press that would say with certitude that the company has filed.

15 Comments:

Blogger njcoast said...

11:09 Breaking news from Asbury Park Press Online:

"East Brunswick builder Kara Homes Inc., one of the biggest 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 developement at Kara Homes, said in a note that the employees' jobs were terminated as of the end of the day Tuesday"

Thursday, October 05, 2006 11:38:00 AM  
Blogger I Love Broadband over PowerLine said...

KARA HOMES

ASBURY PARK PRESS

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.

Thursday, October 05, 2006 11:43:00 AM  
Anonymous Anonymous said...

Had to come around eventually

Thursday, October 05, 2006 12:29:00 PM  
Anonymous disgruntled goat said...

Roberta Schultz is Zudi's corporate chimp, the bums and waste-iods she hired are partly responsible for the mess Kara Homes has become. She couldn't run a lemonade stand. Naturally, Zudi has her running the entire operation. That's a huge reason they're going under.

They allowed employees to work for nearly three full weeks while knowing they were not going to pay them. They stole our money and wasted our time and kicked us out the door for our efforts.

The remainder of Kara's staff is mostly Zudi's cronies and his in-laws, guess who will eventually get paid first? I'd bet my life that Uncle Hektor will be the first one paid.

Not only are his former employees royally screwed, but any homeowner expecting any kind of support from Kara Homes will be out of luck too. No one is left to do any warranty work or address any issues with their homes (and there are plenty). Another example of how Zudi thinks nothing of taking people's money to simply cover his own ass.

Thursday, October 05, 2006 12:44:00 PM  
Blogger grim said...

Thanks for the insider insight.

jb

Thursday, October 05, 2006 12:51:00 PM  
Blogger SCProfessor said...

See http://www.thnt.com/apps/pbcs.dll/article?AID=/20061005/NEWS/61005001 for the first independent confirmation something is up.

Thursday, October 05, 2006 1:01:00 PM  
Anonymous Anonymous said...

www.karamoldhomes.com

Thursday, October 05, 2006 5:48:00 PM  
Anonymous Anonymous said...

Does anyone know what will happen to people with deposits on unfinished houses? Is there any truth to rumors of Kara being purchased by another builder?

Thursday, October 05, 2006 6:44:00 PM  
Anonymous disgruntled goat said...

I would guess that the unfortunate people who put deposits down on a Kara home will have a very serious problem. The company consists of maybe 50 people at this point, none of whom have been paid in three weeks. Tough to imagine any construction getting done anytime in the near future, if ever.

Nor can I imagine any other builder voluntarily taking on Zudi's mess and Kara's enormous debts. Maybe someone will buy individual properties, but no one would be dumb enough to buy that company right now. It's less than worthless.

Thursday, October 05, 2006 10:07:00 PM  
Anonymous Anonymous said...

Prosecute Zudi and Uncle Hektor. The family that goes to jail together stays together.

Thursday, October 05, 2006 10:27:00 PM  
Anonymous Anonymous said...

What's going on with the clubhouse at Birch Hill? I was hoping that they would finish the swimming pool and get started on the boccie ball court.

Thursday, October 05, 2006 10:36:00 PM  
Anonymous Anonymous said...

I believe Zudhi will end up in jail and it serves him right. As the story unfolds, I think you will find a tangled web of fraud, deception and creative accounting that's been going on way too long in order to fool his lenders and it finally caught up him. Hopefully there will be justice for all the people he has screwed along the way, including me!

Friday, October 06, 2006 12:22:00 AM  
Anonymous disgruntled goat said...

RE: boccie ball at the Birch Hill, LOL! Maybe Uncle Hektor will get the wheelbarrow out of the garage & finish the clubhouse himself.

I'd testify against Zudi and his crooked cohorts, it'd be a pleasure. I'm not nearly done running them down, I will not rest until everyone knows what a contemptible bunch of scumbags they are.

Friday, October 06, 2006 12:51:00 AM  
Anonymous Anonymous said...

Capone was finally put away on tax evasion. Maybe Zudster will be too. We can only hope there is justice in the system. Shouldn't be too tough. His trail is littered with burned bodies like mine, right John K? You also had authority to sign the checks didn't you? From the beginning YOU were a key player with Z in this whole charade weren't you? You were his right hand man, correct? Judging by all the MUA's and Cities/state Kara burned he doesn't have a friend left in the system. Neither do you.

Sunday, October 08, 2006 2:20:00 PM  
Blogger Disgruntled Goat said...

doomednj.blogspot.com

Friday, October 13, 2006 5:49:00 PM  

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