Wednesday, January 03, 2007

Moving the Kara Thread to the Top

Use this thread to discuss Kara Homes.


Here is the previous post.

17 Comments:

Blogger exkoolaid said...

Thanks Little S. I always wanted to be number one.

Wednesday, January 03, 2007 9:07:00 PM  
Blogger Rudi Karagjozi said...

Zudi, have not been able to reach you at office. Scam to steal stupid Americans money work like charm. As soon as court thing over, come to Tirana. Money hidden under big "Z". See soon, Rudi.

Wednesday, January 03, 2007 9:56:00 PM  
Blogger Zuhdi Karagjozi said...

Rudi, or whatever. Stop using the Karagjozi name. It shows disrespect.

Thursday, January 04, 2007 12:40:00 AM  
Blogger Zounds said...

So, how is the re-structuring coming along? Any signs of hope coming from Kamp Kara these days?

Thursday, January 04, 2007 7:22:00 PM  
Blogger karajokeski said...

Here's hoping Kaplan finally mercy-kills the crooked liar Zudi & his flea circus of a company. It's pathetic & sad at this point. The only corporate restructuring in history where every executive was spared, what a pitiful effort. I hope they're shut down for good this time around. I hope Zud doesn't think everyone will just forget about what he did because they will definitely not.

Saturday, January 06, 2007 12:29:00 PM  
Blogger SCProfessor said...

Kara hit the front page of the Asbury Park Press this morning. You can view the article at:
http://tinyurl.com/sjxv6

Tomorrow is another big day in Court for the Debtor. The judge is considering a variety of motions which were continued from the 12/26 hearing date.

Sunday, January 07, 2007 10:48:00 AM  
Blogger Fatjoey said...

Why is all the top paid people still there they are the reason that Kara Failed. Zudi stop and look around the people you kept other then John K where not with you in the beginning when it was your company and you ran the show
with Patrick. you brought payroll to the jobsite .You were a good Man then what happened to Zudi with princibles

Sunday, January 07, 2007 10:53:00 AM  
Blogger karajokeski said...

Another half-finished Kara clubhouse, there are like 3 or 4 of them. Woodlake Greens had trash piles twenty feet high just sitting there all summer long. Zudi couldn't afford to pay the cartage firm to haul it away so Kara did nothing instead. Now another township has to come in & do what Kara couldn't. Karagjozi let these issues fester ALL YEAR LONG while he twiddled his thumbs and looked for ways to protect HIMSELF. Once he had those deposits in hand, the needs of the buyers meant nothing to him. All of you buyers represented nothing more than numbers on a sales tally chart to Kara Homes. You think Zudi or any of his ass-kissing executives gave the slightest damn about anything other than their own concerns? They didn't & they still don't.

Sunday, January 07, 2007 12:35:00 PM  
Blogger SCProfessor said...

An article in the Asbury Park Press states that Judge Kaplan approved the sale of the 4 developments to Magyar Bank.

See: http://tinyurl.com/y7ulfa

Kara given OK to sell four housing developments

Posted by the Asbury Park Press on 01/8/07

BY MICHAEL L. DIAMOND/BUSINESS WRITER

TRENTON — Kara Homes can sell four of its developments at an auction to repay one of its lenders, Magyar Bank, a judge ruled today.

The decision by U.S. Bankruptcy Court Judge Michael B. Kaplan could set the stage for another builder to finish homes for 14 buyers who have contracts and already have spent thousands of dollars in down payments.

The developments, which include a total of 29 single-family lots, are: Danya Estates in Toms River; Hartley Estates in Little Egg Harbor, Prospect Ridge Estates in Stafford and Sterling Acres in Monroe.

The sale of the developments is unlikely to result in a profit for Kara.

Kara filed for bankruptcy in October, leaving hundreds of would-be home buyers in limbo.

Monday, January 08, 2007 2:36:00 PM  
Blogger fingaz said...

I'm really surprised that Kaplan approved the sale of the 4 developments. It brings no extra money in for Kara, and allows Magyar to be one of the few creditors who are getting away from this deal with something in their pockets (aside from all the b.s. attorneys, accountants, and consultants). I can't believe I gave Kara a $100K deposit for a house, and now they get to just hand it over to Magyar, and I am left with nothing...no money, no contract, no house. There is no justice.

Monday, January 08, 2007 4:22:00 PM  
Blogger SCProfessor said...

Fingas, somewhere I recall one of my professors saying, "this is a court of law, not a court of justice."

I wish there was honestly something I could do or say to make the situation more palatable. It is truly unfortunate.

Monday, January 08, 2007 5:42:00 PM  
Blogger bubby said...

Does anyone know what happened to the motion to approve the $75k payment to bear stearns to conduct due diligence for the $40 million loan?

Monday, January 08, 2007 7:01:00 PM  
Blogger karajokeski said...

I know one thing for sure. Those properties will fetch record-breaking bids. They must be very, very valuable because after all, Zudi bought them. If it wasn't for those darned building codes, Prospect Ridge & Hartley Estates would have been right up there with Heather Glen, Horizons at Shrewsbury, Meadows at Tinton Falls, Mystic at Keyport, Mountain Lakes Estates, Excelsior at Franklin Lakes, and Aberdeen Forge. You see a track record like that & you damn well know you're dealing with a man who knows a thing or two about buying property, my friends. If only I hadn't been sitting around on my behind doing nothing all day...oh, that poor, poor misunderstood man. "For all sad words of tongue and pen, the saddest
are these, 'It might have been.'".

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