Almost Out of Zuhdi's Hands
The inability to get even a miniscule amount of DIP financing suggests there is not much to reorganize and try to get the company back on its feet. Now the US Trustee wants to appoint someone who can run the day-to-day operations besides Zuhdi.
From the Asbury Park Press
BY DAVID P. WILLIS
BUSINESS WRITER
TRENTON — Nearly a month after troubled Kara Homes filed for bankruptcy, the U.S. Trustee's Office said it wants a judge to remove founder Zuhdi Karagjozi from running the company's day-to-day operations.
Instead, it wants U.S. Bankruptcy Court Judge Michael B. Kaplan to appoint a Chapter 11 trustee, someone who would lead the company during the bankruptcy and help Kara Homes — which now has no money — raise funds to continue operations.
Full Article...
posted by Little_Silvered at 12:10 PM
12 Comments:
Almost out of Zuhdi's hands!? It's long been out of Zuhdi's hands. For the sake of everyone invloved I hope the court does appoint a CRO.
It's been out of Zudi's hands since Robbie came to town. Think back former Kara employees...when did it start going really downhill?
Zuhdi should have been removed from the helm a long time ago. He's incompetent.
It has been the Robbie and Uncle Hecktor show for awhile now. The 2 of them made sure anyone with a brain that could see right through them were fired thus their cover was never blown. Kelly and Brandt were nothing more than hanger oners in it for the money. They all built a nice wall around Zudi and let him go on believing his own delusional view of the future. I really hope every last one of them is investigated!!
I just hope that investigation doesn't pour over to include some those with a brain that were let go by the Heckle-Jeckle team of Hector and Robbie. The above poster nailed it by saying that Kara really started going south when those to started. But don't think Zudi was shielded by Dumb and Dumber either. He chose to ignore the warning signs. I'm just glad I don't have to listen to any more of his rambling exhortations!
The ones that got let go weren't the ones playing around with the deposit monies. The construction division was too busy busting their butts to build houses and keep zudi and kelly from making weds night meeting even longer than usual. It is the ones up at corp that had a say in where the $$ went. Zudi, uncle hec, robbie, kelly, brandt they were the ones who signed the checks and knew what money was really owed to the venders. I would love for someone to do a forensic audit on KH and see exactly where all the money went. I bet zudi and his family would flee the country if that ever happened.
Seeing Zudi do his "Mr. Empty Pockets" act for the local press makes me laugh. So far the listed excuses include people sitting around on their behinds, stringent building codes, the cooling RE market, "overhead", and those pesky banks who refuse to "work with" him on solutions. He claims he didn't know how bad things were getting, which is hilarious given the fact it was all anyone in the company talked about for much of the year.
If anyone at Kara is reading this, I'd love an autographed copy of that magazine cover featuring Zudi leaning on the racing car. I need it for my "where are they now?" collection. I bet all those builder's show awards and trophies will make excellent doorstops and wheel chocks. Maybe they can make a few bucks by putting them up for sale on eBay. I'll bid a buck-fifty for the lot.
No one deserves less of a second chance than Karagjozi the thief.
word has it in Millville that perotti was not kicked to the curb by his wife, a one night kara fling cost him his marraige, house and 2 year old daughter>>don;t ya just hate it when that shit happens.
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That is an awful and downright evil thing to say about someone.
I used to work for Kara when the company and zudi had a good insight but the money went to his head
like any other company people get together have fun and move on zudi lost track of what he wanted he did care for people he did care then like all other theifs he brought his family in to protect but instead they stole from him like everyone else.zudi thanks for 4 years of a good Kara co sorry you did not listen to the people that believed think about the people you had may God bring you out of this with as little damage to us small guys . But as you used to tell us you have gone bancrupt before and found your way back you should have been paying attention has any carlyals been built other then yours.. why is that all your sites look like run down slums waste not want not you should go back to the start and see where you went wrong its never to late to say your sorry..
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