Saturday, March 17, 2007

"Deadline set for Kara plan"

From the Asbury Park Press

A U.S. bankruptcy judge has ruled that Kara Homes Inc. must come up with a reorganization plan within 30 days or begin to pay its secured creditors interest.

Judge Michael B. Kaplan rejected Kara's argument that its business consisted of more than building and selling homes, which would have given the company more time under bankruptcy law to determine how it would emerge from bankruptcy.

East Brunswick-based Kara, one of the Shore's biggest home builders, filed for Chapter 11 bankruptcy last October.

194 Comments:

Anonymous Anonymous said...

watch them all: http://www.paperdinero.com/BNN.aspx?id=100

Let others know these videos on subprime meltdown !!!

Saturday, March 17, 2007 4:03:00 PM  
Anonymous Anonymous said...

It sounds like a pretty retarded argument to me. For the life of me, I cannot imagine what else Kara thinks they do besides build & sell homes. They purchase land, build houses on the property, and sell the houses for money, what "else" is there?

It is possible to make the argument that the idea that Kara Homes was ever something more than a medium sized NJ-based residential developer was Zudi's whole problem. If he had devoted his energies towards building & selling the houses he started instead of worrying about what "else" Kara was going to be, he might not be in this situation right now.

Thankfully, the judge also seems to believe that its time to start talking about some concrete, court-sanctioned reorganization plans. Kara has had adequate time to address their own needs, they've been under the blanket of bankruptcy protection for almost six months now & they quite frankly seem to be getting a tad complacent about it. The people on that creditor list have long ago grown weary of the "get over it" attitude coming from Kara Homes and their mouthpieces. Let's see a real plan instead of empty promises and meaningless cheerleading.

Saturday, March 17, 2007 4:56:00 PM  
Anonymous Anonymous said...

I would figure that the best way for Kara to emerge from bankruptcy would be by...building & selling homes. I wonder what they tried to say they do other than that? This ruling seems like a good thing. Get them back to work up there with something that doesn't only concern themselves, they've had enough time to sit around and collect money for nothing.

Saturday, March 17, 2007 5:47:00 PM  
Anonymous Anonymous said...

Absolutely... there is nothing like a hard and fast deadline to get folks motivated. There has been so much chatter about many different financing options for the different communities so now we will see how much of that had legs. Hopefully the outcome has some positives in it for everyone, but at the very least we can get on with our lives without wondering about what is going to happen here.

Saturday, March 17, 2007 9:35:00 PM  
Anonymous Anonymous said...

Kara is a company with no hope. The only people left are the one's who are not good enough to find employment elsewhere. (ie. Retarded douches like George Brandt with a strong opinion but absolutely no experience, knowledge, or know-how to back it up what-so-ever)

Sunday, March 18, 2007 11:53:00 AM  
Anonymous Anonymous said...

I agree, look at the people left, G Brandt, Robby Schultz, Tracy Russell, Tom Jablonski, Pat Turner. I can go on and on about how mediocrity is the rule at Kara.

I think Mediocrity is actually a complement for those listed above. They have no idea how the real world functions they are living in Zudiland where borrowing money is the best way to keep a business going.

Thank GOD Kapplan finally told Kara to get their act together. Lets see what happens in thirty days. My guess is Zudi and Traxi will be throwing themselves on the mercy of the court. Maybe Tracy R can get on her knees and give Kapplan a BJ for an extra thirty days!!! hahahahaha

Thank god for unemployment insurance and stupid homeowners that can't even fix their own plumbing it is the only way I am staying afloat!!

Sunday, March 18, 2007 10:57:00 PM  
Anonymous Anonymous said...

Those stupid homeowners are the ones paying you nitwits!!!! This Kara situation is absolutely pitiful!!!! I will personally make sure that no one forgets what Kara has done to homeowners who deposited their life savings with them...

If Zudi thinks for a second that he will reorganize and continue to take deposits he is sadly mistaken. Every single person involved in this joke should be sitting in a jail cell.

I do not believe for a minute that the employees as well as Zudi did not know exactly what they were doing. For you clowns it is just a job. However for us homeowners it is our livelihood.

Sunday, March 18, 2007 11:19:00 PM  
Anonymous Anonymous said...

You cannot let the homeowners off that easily. They could have and should have put their deposits in some sort of escrow. This way they would have limited their risk. No these homeowners were greedy and they wanted to get into these houses to flip them to make a profit.

So should we feel sorry for the homeowners maybe, but its the subcontractors who got screwed out of millions. We had to lay off workers around the holidays because we could not make payroll. These are people that had to go to the food bank in order to survive. These are people who worked for a living. Remember these homeowners where paying 800+ thousand so the have money, the poor tile guy who just barely gets by is the one who is screwed.

Sunday, March 18, 2007 11:59:00 PM  
Anonymous Anonymous said...

How about putting the blame back where it belongs? CEO is not just some figurehead position. People can carry on about Mandarino & Bruck & Kaplan & anyone else all day & all night but it still all comes right back to one man. Zudi's been keeping a real low profile through this whole thing, as well he should. But no matter how quiet he stays, or how many mouthpieces he hires, it doesn't change the facts. Zudi chose to surround himself with incompetent people. Zudi chose to make unwise decisions and take too many risks. Zudi was the one who had the final say over everything & he was the one that dropped the ball. He was the guy that was strutting all over the place, bragging about his genius as he rode the easy-money real estate boom and he was the guy that stood there stammering like an idiot when the whole thing came crashing down.

Now let's see if the big-talking showboat really has anything other than a gift for bullshitting people. Let's see if the big-talker can weasel his way out of the mess he has waiting for him after his hand-holders go home for good. My guess is, he has nothing & he'll crash & burn as soon as they take the training wheels off.

Monday, March 19, 2007 12:40:00 AM  
Anonymous Anonymous said...

INTERACTIVE MAP: 2005 Subprime Loans in New Jersey

http://www.app.com/multimedia/maps/20070318_subpr/

INTERACTIVE MAP: Refinancings and Home Equity Loans 2003-05

http://www.app.com/multimedia/maps/20070318_refin/

Monday, March 19, 2007 12:49:00 AM  
Anonymous Anonymous said...

This is not about pitting the homeowners against the contractors. Hopefully we will be working together again when a more competent builder comes around and buys these properties after Zhudi is forced to liquidate. What builder in their right mind would not gobble up these communities with over 300 contracts outstanding, especially if they can buy on the cheap. New contracts are not going to come easy in this market. For Kara communities, they can renegotiate with all the would be homeowners for price and delivery and then get the contractors who know these jobs so well back on the sites. In that case everyone who is currently losing in a big way could end up winning. The only loser would be Zhudi, who goes down as a major flop.

However a lot of time could pass between now and then and certainly the risk of a completely new business plan (that would be a first) could emerge which puts everything in question.

Has anyone had any experience with unfinished residential communities that were sold off in bankruptcy auction?

Monday, March 19, 2007 9:10:00 AM  
Anonymous Anonymous said...

We'll soon see what the almighty genius has to offer in the way of a plan for the future. Kara has had plenty of time to fool around with nonsense like how much Jablonski will get paid. All the winterizing, back pay, & raises are done now. It's about time we hear the nuts & bolts of how Kara intends to become profitable again. If they have financing lined up and they have an idea of how & when they will get back to completing their projects, let's go already. Six & a half months seems like a fair amount of time to reorganize a company of approx. 40 people. If they're half as good at planning as they are at talking about it, no one has anything to worry about. The Great Genius had it all figured out a few years back, let's see how brilliant he is when the heat is on.

Monday, March 19, 2007 1:39:00 PM  
Anonymous Anonymous said...

Hey Zud, it's been almost six months, have you "doubled" again yet? The "weakest link" at Kara Homes lives right between Zudi's ears.

Tuesday, March 20, 2007 3:04:00 AM  
Anonymous Anonymous said...

Kara can take my contract and stick it up their ass!!! I would not touch a Kara house at this point. I just want my money back.

And for those of you who think the homeowners are greedy you are nitwits also!! Yes some of the homeowners are greedy, but most of them were just looking to purchase a house to live in.

Tuesday, March 20, 2007 11:51:00 AM  
Anonymous Anonymous said...

It's pretty silly to paint "every" buyer as greedy, just as it's silly to assume every Kara employee was a crooked, lazy scam artist. Obviously, the majority of customers were simply trying to buy a house from what they thought was a reputable company.

Tuesday, March 20, 2007 1:39:00 PM  
Anonymous Anonymous said...

The homeowners should have put their deposits in escrow. That is why I think Kara's buyers are idiots.

Also, I still have a hard time feeling bad for anyone who can afford a 900K house in Marlboro. If you have that kind of money you should have been smart enough to have your laywer protect you, buy most of you didn't!!!!

I use to see these Kara buyers walking around the sites like they owned the place. They would pull up in jags and bmw's.

Most of the buyers were looking at living in the big mansion and flaunting their preceived wealth. So most you homebuyers should be able to float your lost deposit.

Give me a break......

Tuesday, March 20, 2007 7:13:00 PM  
Anonymous Anonymous said...

Anon 3/20 6:13pm -

You must have been one of those p.o.s. incompetent workers that built my Kara home. I had to GC my own home, as the site foreman was too busy viewing porn in the site trailer. And the sales person was another lazy, lying sack of shit. Probably too occupied banging the blond assistant in the model home. I took great pleasure in reading the bankruptcy filing, learning that they all got shafted, because they sure as hell deserved it.

Good thing I spent every evening after work either fixing your screwups, or getting your boss' attention. My neighbors who weren't so diligent are now paying the price due to your poor workmanship. Even so, I still have spent thousands fixing your screw-ups.

Oh, BTW, we did "own the places" you were working at. If it weren't for us buying these homes, you would have been out of work much sooner than now.

I personally met Zudi at my home site back in November '04 to have words with him about his useless field staff and pos contractors such as yourself.

I predicted to him what his future held based on how is company was being run at that time. I would love to run into him again and ask him if he remembers that conversation!

Wednesday, March 21, 2007 12:34:00 AM  
Anonymous Anonymous said...

Of course he wouldn't, by November of any year Zudi was mainly focused on the year end numbers and how many houses he'd have to sell to his friends to get there. That was also around the time that he re-shuffled his executive deck and dealt himself even more jokers. As soon as he made that top 500 list in 05, it was all downhill from then on. It was all managed as badly as previously described and then some. Every move a wrong one, it couldn't have been done any worse.

Wednesday, March 21, 2007 2:25:00 AM  
Anonymous Anonymous said...

I just can't figure why anyone would have gone into contract to purchase a Kara home. It was pretty common knowledge how financially stretched Kara was. Any real estate attorney could have advise a potential owner to that fact. As referenced above I have absolutely no idea why a buyer would not protect a $100K deposit. That's crazy, Kara would have even paid for the bonding protection if asked.

On another note I wonder how many buyers were sub-prime. If they loast their deposit money they are royally screwed. I guess thats a hard lesson learned that you should live within your means.

Wednesday, March 21, 2007 11:42:00 AM  
Anonymous Anonymous said...

Kara was an equal-opportunity offender, in that they screwed everyone, buyers, subs, vendors, employees, themselves and everyone else I'm forgetting. Everyone from the customer buying the 1.5 million dollar house right down to the deli that delivered their lunch.

People outside the company were asking as long ago as early 2006 regarding Kara going bankrupt. It was why Zudi issued that stupid press release last summer in an attempt to combat the rumors. Not to imply "everyone" should have "known", but it was known within the building community.

Wednesday, March 21, 2007 5:40:00 PM  
Anonymous Anonymous said...

FACT: Kara was charging 5% of the downpayment amout to be held in escrow. These were thinigs we had to ask for as they were not listed even as options in the contract. He knew damn well that he needed the cash to fend off creditors for another day as he prayed for a miracle. That is part of why he wrote that memo about how well they were doing.

Wednesday, March 21, 2007 10:13:00 PM  
Anonymous Anonymous said...

What is funny is Zudi is still living in a 3 million dollar house in Rumson and many of his homebuyers are living in hotels just waiting to find out what is happening.

If you are going to point fingers they all point to Zudi and his family/friends.

He robbed everyone and is living the good life. Zudi just wait until those personal gaurentees kick in we will see who is living in a hotel. What ever happened to the 1.2 mill you made on selling the Kara built LBI House??

Thursday, March 22, 2007 12:28:00 AM  
Anonymous Anonymous said...

Funny story some of you might appreciate. True story.....

A couple weeks ago I drove by Zudi's house in Rumson and he was up on the roof of the garage cleaning the gutters while his wife held the ladder. I just thought it was pretty funny to see.......

Thursday, March 22, 2007 10:35:00 AM  
Anonymous Anonymous said...

Zuhdi,

Party's over sweetie. The bell's going to be tolling for you real soon. You been indicted for fraud yet?

Thursday, March 22, 2007 1:56:00 PM  
Anonymous Anonymous said...

Poor Zudi, he used to get away with charging things like gutter cleaning to the company. After all, he "lets" Kara use it as a "model" home. But now that silliness won't fly anymore & Zudi has to clean the pool & scrape the barnacles from the hull of his boat all by himself.

You think that based on how much he pays some of them, a few of his staff might have offered to help, not like they have a whole lot else going on.

Thursday, March 22, 2007 4:32:00 PM  
Anonymous Anonymous said...

Amazing that Phil Macaroni wasn't there helping Zudi clean the gutters

Thursday, March 22, 2007 5:00:00 PM  
Anonymous Anonymous said...

Yeah, he must have been working more of his "triple overtime" tidying up at Cottage Gate again.

Thursday, March 22, 2007 5:04:00 PM  
Anonymous Anonymous said...

Check this out, note how the stuff mentioned as "progress" is already months old news.



A VERY EMPTY FEELING
Kara Homes bankruptcy leaves buyers out in the cold
Thursday, March 22, 2007
BY JUDY DeHAVEN
Star-Ledger Staff

Mark and Debbie File's dream home is $8,000 from completion.

That includes the two air conditioning units stolen last fall. And the stainless-steel refrigerator and microwave that were ripped from the walls over Labor Day weekend -- perhaps, as Mark File suspects, by a contractor angry that the builder, Kara Homes, was behind on payments.

The rest of the development, Horizons at Birch Hill in Old Bridge, is much the same, partially finished and in disarray. The clubhouse that was supposed to open last May is incomplete and cordoned off. The heated pool is just a hole in the ground. The tennis courts and bocce court were never started.

While "No Trespassing" has been spray painted on the boarded-up garage doors of unfinished homes, it has done little to deter vandals. One was so brazen he stole the front door off a unit.

This is what happened after one of New Jersey's largest homebuilders filed for Chapter 11 bankruptcy protection last October as the housing boom went slack.

The court proceeding halted the development of two dozen Kara communities across the state, leaving homeowners living on half-built streets. It also has stranded some 300 buyers, including the Files, who made down payments on homes but have yet to move in.

Everyone involved has a tale. But those at Birch Hill may be in the toughest jam. Of the 228 units originally planned, only 80 have been completed. Buyers of another 45 units have made down payments but have yet to close. Various liens on the development exceed its appraised value by $12 million, an amount lawyers and others involved with the proceedings said was the biggest gap of any Kara community.

On Friday, Amboy Bank asked U.S. Bankruptcy Court Judge Michael Kaplan for permission to foreclose on Birch Hill, located a half-mile mile from the bank's headquarters on Route 9. Homeowners said they would be happy if that happened, if for no other reason than it would mean movement on a development that has been brought to a standstill.

Perry Mandarino, the chief restructuring officer hired to guide Kara through the bankruptcy proceeding, agreed Birch Hill is one of the company's most complex cases.

"Birch Hill is the shackle on our leg," Mandarino said. "It is our 800-pound gorilla."

HOTEL BLUES
It has been 10 months since the Files sold their East Brunswick house in anticipation of moving into their Kara home last summer.

Set in an over-55, active adult community, the house was perfect for a couple still working but whose two children are grown but not yet out of the house.

When their new home wasn't ready, they put their stuff in storage and moved into a hotel. Every time they asked, they were told their house would be finished soon. Even after Kara filed for bankruptcy protection on Oct. 5, the Files said they were assured they would be in their home by Christmas.

The first few months after the Files left East Brunswick were a blur of hotel rooms and takeout food. The last few months they've lived in a cramped townhouse they are renting in Birch Hill, around the corner from their unfinished home. When their 21-year-old son, Paul, visits from the University of Connecticut, he has to sleep in the den. Suffice it to say he hasn't visited much.

Without a home but not exactly homeless, the Files miss the little things. They have their television, but who wants to unpack a dozen boxes to find the remote control? Rather than searching for their dishes and towels, it seemed easier to buy new sets.

They've spent about $100,000 on the house, including a $52,900 down payment, extras such as a finished basement, window treatments and new furniture. Mark File estimates he's spent another $50,000 on hotels, temporary housing and storage fees.

They are not sure how much longer they can wait. A few weeks ago, Kara called to say they were close to getting financing to finish the development. Then the financing fell through.

The Files think it might be time to cut their losses, look for another home and go to court to try to get their down payment back.

"It's really taken a toll," Mark File said. "I need to put a picture on the wall, so to speak."

"I'm living in a townhouse, and technically it's my furniture," he said. "But I don't feel like I've lived in a home for the last 10 months."

Tied up in bankruptcy, there's little Kara can do to help buyers like the Files.

"While we understand the frustration of the contract holders, and they're at the five-yard line, we're doing all we can in order to get that resolved," Mandarino said. "It's just complicated."

SLOW GOING
As Kara tries to figure out its future in bankruptcy court, lenders, vendors and homeowners have grown frustrated at the slow pace. They complain too much of the financing Kara has obtained during bankruptcy has gone to consultants and lawyers -- some who are paid more than $500 an hour -- and not enough on finishing the homes. Kara's law firm, Greenbaum, Rowe, Smith & Davis, has billed the company more than $1 million.

Kara has yet to file a reorganization plan, although Kaplan, the bankruptcy court judge, last week ordered the Old Bridge-based company to file one within 30 days or start making interest payments on its $230 million in construction debt.

"Every day we delay upsets a group of people, except these people who are making $500 an hour," said Birch Hill homeowner Alan Ross. "The longer this site sits, the more undesirable it gets."

Mandarino said the company has made more progress than people think.

Bankruptcy cases, he said, are a lot like constructing a home. For a long time it might look like nothing is happening, but then "it goes very quickly from being 10 percent to 100 percent in a short period of time," Mandarino said.

He said Kara is on track to file its reorganization plan by mid-April. He said the case has taken time because it is so complicated and because banks have not been willing to lend Kara more money.

"A lot of the lenders were less than happy with Kara," he said.

Mandarino said the company has taken steps to move some of the developments ahead. Kara recently won court approval to borrow $2.85 million to finish 28 homes in a development in Morris County and to auction off six developments in Ocean and Middlesex counties.

But other developments, including Birch Hill, remain in the lurch. In court papers, Amboy said Kara never winterized the unfinished houses at Birch Hill, and it "continues to deteriorate and decline in value based upon the wasting of incomplete homes."

Amboy was once Kara's most supportive lender. But its general counsel, Cyndi Bleier, said in a written statement that while the bank has "continued to negotiate in good faith" it has "been unable to reach any type of amicable resolution." Now, she said, Amboy is looking to protect its interests.

UNFINISHED BUSINESS
This was not the development Alan and Cheryl Ross envisioned when they moved from Paramus in November 2005.

Birch Hill was everything they wanted. Their home is a three-bedroom villa with three baths and a two-car garage. There's a second-floor loft where Alan Ross has his office and the couple have an exercise room. The Rosses painstakingly picked out their appliances, countertops and fixtures.

Despite the problems Kara has had, the Rosses said the developer built a good home. The only flaw they found was one squeaky floorboard, and one side of a double deck was not built as promised.

All of the Birch Hill homeowners talk of the friends they've found in their neighbors. And they have organized the kind of activities one would expect from a community like theirs, including frequent potluck dinners and other get-togethers. They are hosting a breakfast in a Freehold diner next month -- the kind of function that would have been held in the clubhouse if it were open.

"We all feel we're entitled to the enjoyment that was promised," said Birch Hill Homeowners Association President Frank Ramson.

"It's a first-rate community, even though it looks like a war zone," Ramson said. "But when you get past that war zone and see what will be the clubhouse and the houses and the lay of the community, you can imagine what it could be."

Judy DeHaven may be reached at jdehaven@starledger.com

Thursday, March 22, 2007 5:08:00 PM  
Anonymous Anonymous said...

I can't figure out how it will all come together if no one wants to finance anything for them.

Thursday, March 22, 2007 6:13:00 PM  
Anonymous Anonymous said...

I can't believe the bank are being so stupid and not giving Kara any more money. Did Zudi run out of his magic koolaid that he served at the meetings?

Thursday, March 22, 2007 10:02:00 PM  
Anonymous Anonymous said...

"We're gonna get things going soon, we promise". That's the Kara motto.

If the genius Zudi would finally just admit failure and walk away, there might be a hope for some financing from somewhere. But as long as it's just an ego-salvaging job for the Zudster, no one is going to loan Kara anything. No one's falling for his shell games again. He's the stumbling block, whenever you hear that financing "fell through", he's the reason.

Thursday, March 22, 2007 10:02:00 PM  
Anonymous Anonymous said...

Any update on the Kara auctions today?

Thursday, March 22, 2007 11:27:00 PM  
Anonymous Anonymous said...

If the house is only $8K from completion why don't the File's just GC it themselves? Yea, it sucks to have to lay out additional money but suck it up man. It's better than paying rent and you know Kara isn't going to complete it......

Friday, March 23, 2007 9:24:00 AM  
Anonymous Anonymous said...

Mark File just can't cough up the 8K and move in. There still remain liens on the common areas in that community and the job as a whole has been shut down by the town. Got to have a CO before you can close. Congratulations Zuhdi, Hektor. The two of you really made this man's life a mess.

Friday, March 23, 2007 3:41:00 PM  
Anonymous Anonymous said...

Suggesting that Kara's customers finish the homes themselves might have just earned you a spot in the inner circle. That's the kind of idea Zud would love to hear. If those pesky home buyers would just shut up & stop expecting FULLY complete houses on Kara's dime, more of his precious sales team could afford new BMW's.

Friday, March 23, 2007 8:45:00 PM  
Anonymous Anonymous said...

Interesting how Kara Homes needs months and months to get the smallest of loans, yet securing themselves raises & pre-petition wages wasn't much of a problem at all. At $500/hr., Perry has all the time in the world. At least half of the remaining Kara staff makes 75K + a year, some way more than that. They have executives who took MAJOR pay cuts to get down to 100K! Those bone-brains are exactly why Kara is a hopeless cause.

Funniest thing about the whole sorry case? Easy, it's how Traxi made the great Genius Karagjozi their bitch. He's not even ALLOWED to speak in public anymore. The blohard never stopped gloating about himself for years, now he has zero to say. What a gutless sniveling little punk.

Friday, March 23, 2007 10:00:00 PM  
Anonymous Anonymous said...

anon 9:00
The line that Traxi has made the z boy their bitch is the funniest and most accurate thing ever posted on these blogs. Nice job, I would like to buy that man a beer.

Friday, March 23, 2007 10:14:00 PM  
Anonymous Anonymous said...

Has anyone been on karahomes.com!! THey are now listing the communites where homes are NOT available. That must be killing the Zudster!!!!

I am surprised the people at Birch Hill have not lynched their neighbors Robby and Hector. I wonder if those two have to sneak out and into the community. The people at Birch are complaining about not having a clubhouse, they could always use the sales trailer.... Oh thats right, Tom Jablonski's brother pissed all over the trailer when he found out he wasn't getting any of his commisions!!!!

The old foggies in birch hill could always fill up the open hole where the pool should be with water and swim in the mud!!!!!!!!!

They can also clean out all of the furniture out of the Birch Hill model and use it as a Bochie court

Friday, March 23, 2007 10:58:00 PM  
Anonymous Anonymous said...

When it closed its doors, the old Birch Hill niteclub was a real dump, an eyesore, often times problematic for the town.

Zud tore it down and in its place put up...a dump, an eyesore, often times problematic for the town. Nice going, Mr. Rock Star/Genius Builder/Empty Pockets.

Saturday, March 24, 2007 3:40:00 AM  
Anonymous Anonymous said...

Word on the street is that after a forensic accounting analysis it was discovered that Zudi took approximately $20MM out of the company for personal use but they can't find where it went. Gee, let me guess, I bet its not at some bank in Albania under another name. What a scum bag, I hope they nail him HARD.

Saturday, March 24, 2007 5:06:00 PM  
Anonymous Anonymous said...

If that is true then why has he not been arrested for fraud??

Saturday, March 24, 2007 8:43:00 PM  
Anonymous Anonymous said...

Apparently the wheels of justice seem to move very slowly when it comes to Kara Homes and Zudi

Saturday, March 24, 2007 9:34:00 PM  
Anonymous Anonymous said...

As my dear old grandpappy used to say, you just can't polish a turd. Any re-organization scheme...I mean "plan" that has Zudi & his overpaid nitwits at the helm will obviously fail miserably. Those clowns couldn't run a fireworks stand on July 3rd. The only people who seriously believe Kara stands any chance are the ones being wildly overpaid to stick around while Zudi's masters make a small fortune.

Saturday, March 24, 2007 9:35:00 PM  
Anonymous Anonymous said...

Rumor also has it that an outside party put a proposal on the table that might have been a serious difference-maker for Kara Homes. But Zudi shot it down because it wasn't all his idea & it didn't include him squarely on top. He's the anchor, his priorities have nothing to do with the company as a whole, just himself.

This is why as soon as this thing winds down, Zudi's handlers will throw their bitch under the bus & walk away with their big bag full of money.

Sunday, March 25, 2007 3:00:00 PM  
Anonymous rbyzell said...

well, i don't know zudi and have never done business with kara. but i lived in nyc for a long time and guys like zudi are a dime-a-dozen there. they believe in only one thing and one thing only - survival-of-the-fittest and kill-or-be-killed. this guy zudi probably has plenty of money put away and could completely care less about anybody but himself. i really do feel bad for people who are suffering because of what happened with this bankruptcy but hey, to some of you who make fun of me for wanting that old jersey shore to stay, (i remember doing business with people at the shore with a handshake, yes a handshake!) well, i bet some of you wish a lot more of that old jersey shore was still with us.

Sunday, March 25, 2007 6:28:00 PM  
Anonymous Anonymous said...

I am not surprised that Zudi turned down an offer for the company. I think it was two years ago that Lennar offered Zudi 100 million for the company and they put make his Pres. of NJ Home Building Operations and the idiot Zudi turned them down because he felt that Kara was going to be a 1 Billion dollar company by 2007, boy was he wrong!!!!!!

Does anyone know how Pat Golden is doing as Pres of Lennar NJ?? Is Lennar doing any business??/ I know they took a bath on the Tinton Falls job.

Sunday, March 25, 2007 10:40:00 PM  
Anonymous Anonymous said...

LIsten Zudi will make it out of this reel soon stop being haters and everyone will be happier.
JS

Monday, March 26, 2007 2:47:00 PM  
Anonymous Anonymous said...

Oh yes, "soon", Zudi's favorite word. "Soon" all these things are "gonna" happen, just "wait" & see, right? The whole world should stop & allow the Genius as much time as he needs?

Zud might have gained a tad of respect if he had shown anyone else any. However, he chose the path he wanted, now he has enemies for life.

Monday, March 26, 2007 4:56:00 PM  
Anonymous Anonymous said...

I guess all the people having affairs are going to have to spend some money on a room now -

Monday, March 26, 2007 5:12:00 PM  
Anonymous Anonymous said...

They can easily afford it, everyone up there is wildly overpaid...for now.

Monday, March 26, 2007 5:44:00 PM  
Anonymous Anonymous said...

Why, aren't there plenty of half finished Kara houses throughout the Middlesex/Monmouth area to meet up in?

Monday, March 26, 2007 5:46:00 PM  
Anonymous Anonymous said...

Yes, if everyone could please stop being "haters" and try to be a little more positive, Zudi could concentrate on fixing this mess. It's clear that the pesky creditors, and their selfish demands, are in fact responsible for holding up the reorganization of Kara Homes.

Monday, March 26, 2007 6:11:00 PM  
Anonymous Anonymous said...

Gee, I hope Perry doesn't blow out a shoulder patting himself on the back like that. The main thing holding Kara up is Zudi. He's always been the (lack of) brains behind the operation and he's always been the root of all Kara problems. His ego is so massive that it has its own gravitational force. Everything revolves around it.

Monday, March 26, 2007 9:50:00 PM  
Anonymous Anonymous said...

TRENTON — Embattled developer Kara Homes Inc. will auction off one uncompleted housing development in Lacey and hopes to finish another in Middletown.

Bankruptcy Court Judge Michael B. Kaplan on Monday approved a settlement agreement between Kara and one of the company's major creditors, Bank of America, which was owed about $7.9 million as of Feb. 13.

The agreement calls for Kara to auction off its remaining building lots and uncompleted homes at Hidden Lakes at Lacey Township. The unfinished portion of that development consists of five partially completed homes with contracts, two unsold homes and two empty lots.

"Kara does not have construction financing to complete funding of the build-out of the development," court papers state.

Kara also will raise money to complete construction of Cottage Gate at Navesink in Middletown, which has 13 houses and duplexes in various stages of construction as well as 13 lots. Kara Homes lawyer Darren Barreiro said the company is working on completing a financing agreement.

"We are working out some of the minutiae and the details," Barreiro told Kaplan.

Perry Mandarino, chief restructuring officer at Kara, would not comment on how much Kara hopes to raise for the Middletown development. "That property will get built out," he said.

Kara also will seek money to complete a house on Diana Lane in Freehold Township, according to the settlement agreement. If the builder doesn't find financing, it will be able to sell the projects at auction, court papers state.

East Brunswick-based Kara filed for Chapter 11 bankruptcy Oct. 5. The company reported $350 million in assets and $227 million in liabilities. Since then, the company and Mandarino have been identifying which housing developments Kara should sell off or finish.

The company is auctioning off six developments today. They are: Prospect Ridge Estates in Stafford, Dayna Estates in Toms River, Hartley Estates in Little Egg Harbor, Sterling Acres in Monroe and Woodland Estates and Park Meadows, both in Edison.

Mandarino said the company is pleased with the agreement with Bank of America.

"It is continued progress with our lenders and one step closer to getting the contract holders into their homes," he said.

The auction for Hidden Lakes is scheduled for May 29. Mandarino said Kara intends to make it a requirement that any buyer assume the contracts.

Annette Capra has a deposit of $87,890 on an uncompleted house there. "Maybe it is a blessing in disguise," said Capra, who with her husband, Robert, is renting a house in Kearny after they sold their former home. "It might get done faster than waiting for Kara to come around."

Bank of America lawyer Boris I. Mankovetskiy said the agreement took some time to negotiate. "We figure this will provide a mechanism for getting Bank of America out of this case," he said.

Tuesday, March 27, 2007 1:34:00 PM  
Anonymous Anonymous said...

It's real hard to see how all the waiting helped anyone but Kara, if they had auctioned the properties right away, they could be getting built right now.

Tuesday, March 27, 2007 1:57:00 PM  
Anonymous Anonymous said...

Six Kara housing developments sell for $19 million
Posted by the Asbury Park Press on 03/27/07

BY MICHAEL L. DIAMOND
BUSINESS WRITER
Story Chat Post Comment

WOODBRIDGE — Kara Homes Inc., the bankrupt home builder, sold six of its developments for about $19 million today at an auction that failed to generate much interest from other developers.

In five of the six auctions, the initial bidder wound up with the developments.

Magyar Bank, the original bidder for Prospect Ridge Estates at Stafford, Hartley Estates at Little Egg Harbor and Sterling Acres at Monroe, wound up with the developments for $6.1 million. The bank was Kara's lender on those projects, and it will need to find a developer to recoup its money.

Fenix Investment & Development, a Morristown home builder and the initial bidder for Woodland Estates at North Edison and Kara at Monroe, got those projects for $13.1 million. The home builder has said it plans to honor home buyers' existing contracts. But the fate of Woodland Estates is unclear because Edison Township has proposed a condemnation order on the development.

Metropolitan Mortgage & Realty, a West Orange investment company, and APS Contractors in Patterson were the only new bidders. They purchased Dayna Estates in Toms River for $1.45 million. The development has five lots, three of which have partially completed homes. The companies want to complete the development, but they don't plan to honor existing contracts from home buyers, said Samuel Pepper, principal of Metropolitan.

The bids are subject to approval by U.S. Bankruptcy Court. A hearing is tentatively
scheduled for April 9.

Tuesday, March 27, 2007 6:18:00 PM  
Anonymous rbyzell said...

wow. 19 million for all six developments. why does that seem so cheap to me? is it?

Tuesday, March 27, 2007 9:06:00 PM  
Anonymous Anonymous said...

Compared to what the King Of All Geniuses used to pay for land, it is. Builders throughout the state laughed at the insanely high offers Zudi would make for so-so pieces of property. The Great Genius just assumed that what goes up, keeps going higher, so it wouldn't matter long term.

Tuesday, March 27, 2007 9:37:00 PM  
Anonymous Anonymous said...

19 million down,
208 to go.

Tuesday, March 27, 2007 10:11:00 PM  
Anonymous Anonymous said...

Haha! To put some perspective on it Kara paid $10.45MM for Woodland Estates at North Edison. Part of Fenix's $13.1MM deal. They are going down........... Finally!

Tuesday, March 27, 2007 11:18:00 PM  
Anonymous Anonymous said...

Now Kara should place Zudi's many awards on Ebay to raise additional funds. Bids should be in the dozens of cents for those priceless relics of a time long ago.

Wednesday, March 28, 2007 12:55:00 AM  
Anonymous rbyzell said...

you know, just a note: people would laugh at me on this blog because i did not want this real estate crap to take away that old jersey shore feel, that atmosphere. well, yes, the birch hill was a grungy place, but hey, it was a community, a fun community (i don't have to tell you the enormous contributions the nj music scene has contributed not only to nj communities, but to the country and the world)now, and i wrote this on this blog a year or so ago, now what do you have; people going on about some guy named "zudi," empty mcmansions and good people living in hotels and screwed. i'm sure that a lot of those people who lost their deposits and who are sitting in hotels would give anything if they could have it back, to now be able to sit down and have a beer at one of those great old clubs that was torn down.

Wednesday, March 28, 2007 11:14:00 AM  
Anonymous Anonymous said...

WOODBRIDGE — Home buyers at Dayna Estates, a Toms River development sold Tuesday at a bankruptcy auction by Kara Homes Inc., might lose hundreds of thousands of dollars in deposits and see their contracts canceled.

The development's buyers, Metropolitan Mortgage and Realty Inc. in West Orange and APS Contractors Inc. in Paterson, said they bid on the five-lot property knowing it would be free of any contractual obligations with home buyers.

"Obviously I'm not happy about it," said Jerrold Fried, 42, of Berkeley, who could lose the $135,000 deposit he paid in 2005 on a house being built in Dayna Estates. "I don't think it's fair to the consumer. I had the expectation that when I gave the deposit, it would be my house."

Kara sold six developments for about $19 million at an auction that failed to generate much interest from other developers beyond the Dayna Estates project. Sale of the developments still needs U.S. Bankruptcy Court approval. A hearing is tentatively scheduled for April 9.

The auction left Kara with enough money to pay off some of its creditors. But it also left Fried and three other home buyers at risk of losing their deposits — a fate that other Kara home buyers could face.

Perry Mandarino, chief restructuring officer for Kara, said the company remained intent on getting as many home buyers in their homes as possible.

He said Kara auctioned the six developments because they offered little chance to be built profitably. After seeing the lack of interest from other developers, his assessment sounded accurate. "The market has spoken," he said.

East Brunswick-based Kara, one of the largest home builders in Monmouth and Ocean counties, has been trying to reorganize since it filed for Chapter 11 bankruptcy last October. It reported $350 million in assets and $227 million in liabilities.

About 50 bankers, home builders and real estate agents crammed into a meeting room at the Hilton in Woodbridge and watched as Bruce Sayre, executive vice president with the auction company Sheldon Good & Co., tried to drum up bids with a rapid-fire delivery.

It wasn't easy. The first two developments — Woodland Estates and Park Meadow, both in Edison and financed by Investors Savings Bank — didn't attract any bids. It left the projects with Fenix Investment & Development, a Morristown-based home builder that agreed in December to buy the developments for $13.1 million. The sale to Fenix was subject to an auction.

Fenix previously said it would honor homeowners' contracts, but the deal is in question because Edison officials are considering condemning Woodland Estates.

The four other projects — Prospect Ridge Estates in Stafford, Hartley Estates in Little Egg Harbor, Sterling Acres in Monroe and Dayna Estates, all financed by Magyar Bank — also produced little interest.

Magyar set minimum bids and pledged to buy the developments if they weren't topped. One example: Magyar initially offered to buy Hartley Estates for $1.4 million. Yet the highestsealed bid that was submitted before the auction by another buyer was $655,231.

The bidding climbed incrementally. Deepak Khare, a real estate investor, made a bid. Magyar representatives topped him. On it went until Khare dropped out when the bidding got to $825,000.

Khare was upset to learn later that he was outbid by Magyar. "It's not right," he said. "It's like they are inflating the bid for no reason."

In the end, Magyar was left with three developments and now will try to sell them on its own.

The exception: Dayna Estates, which was sold to Metropolitan and APS Contractors for $1.45 million. Samuel Pepper, president of Metropolitan, said the team plans to complete the three partially built homes and build two others from the ground up.

But home buyers with contracts might lose out. In bankruptcy, home buyers are considered unsecured creditors, leaving them little financial protection in case their home is sold. They would only recoup their money once secured lenders such as banks are paid.

"Certainly, we're willing to talk to them," Pepper said. "But the homeowner is the person who comes out behind in the (bankruptcy) process."

Money aside, Fried said he is unsure what to tell his four young children about the home into which they thought they were moving. He figures he has one last chance when Kara asks a bankruptcy judge to approve the auction's results.

"I think the judge is going to look and determine what is a fair agreement for everybody involved," Fried said.

Wednesday, March 28, 2007 12:31:00 PM  
Anonymous Anonymous said...

RE: rbyzell- agreed, I'd rather have the old rock clubs at Tradewinds & Birch Hill back, the greedy land rush of a few years ago killed so much of this state's character & charm.

Wednesday, March 28, 2007 12:34:00 PM  
Anonymous Anonymous said...

How come the Great Genius never has anything to say? Is the brainless, gutless coward afraid to face the people he ripped off? Where's all the big talk and grand ambition today, Zud?

Wednesday, March 28, 2007 1:33:00 PM  
Anonymous Anonymous said...

reorganization plan? we dont need no stinkin reorganization plan. with zudi at he helm, all we need to do is build and sell, thats our plan!

Wednesday, March 28, 2007 4:50:00 PM  
Anonymous Anonymous said...

Ha ha ha! Turns out that $350 million in assets must include "dreams & fanciful notions" because after they sell off the rotting remains of that company, they'll be lucky to end up with half that.

Wednesday, March 28, 2007 5:01:00 PM  
Anonymous Anonymous said...

WOW the Kara blog is back!! All we need now is some character assignations, allegations of people sleeping with each other and Rob Perotti shooting of his mouth!! My its good to have the old blog back!!!!!!!

Zudi,(and I know Robbie reads this stuff to you) when are you going to speak to the public, where is that amazing chirisma where is the "Builder of Dreams" ??

At some point you are going to end up in jail and you can have your wife and adopted kids (why you could only have one of you own is still a great debateable question. I guess the "Builder of Dreams has a very small sperm count or you couldn't look at your fat ass wife naked) can see you in prison stripes and not that same old pin stripe suit you wore just about everyday!! (Do prisoners still wear stripes??)

You can always move in with John Kelly in one of his seven homes owe you would have to share his bed with Tracy R and Johns fat ass wife, but that is a different conversation

Wednesday, March 28, 2007 9:13:00 PM  
Anonymous rbyzell said...

re: anonymous/weds, am. yes anonymous, "some" of the character and charm of the state was lost, but not all. south of monmouth county (and still in monmouth but not as much) there is still plenty old time jersey shore. and you know, someone pointed this out to me: everything changes and everything goes in cycles. there once was a time when asbury park was "the" place to go. and that was before you and i were born. then for years and years, no one ever went there except to go to the stone pony. now, asbury is coming back. i was there a few times over the summer and there were a good amount of people on the beach and the boardwalk on a weekend summer day. this also goes for atlantic city. and also, no one ever went to monmouth beach because there was no monmouth beach. now that they have a beach, i hear that thousands and thousands of people go there in the summer. i think that some clubs will come back now that this real estate boom is over. if there is a big real estate bust and a big recesion, you'll soon see a lot more jersey shore charm come back. the jersey shore really always was only that great ocean and what you could do with the summer crowds. we'll see.

Wednesday, March 28, 2007 9:15:00 PM  
Anonymous Anonymous said...

rbyzell what the hell are you talking about!!!!!!

Wednesday, March 28, 2007 9:20:00 PM  
Anonymous Anonymous said...

I agree with Anonymous Wednesday, March 28, 2007 8:13:22 PM

Speak up for yourself Zudi!!!! Does Perry really have you on all fours like a bitch???

In response to the Birch Hill night club, did you know Zudi played their once with Bon Jovi and Bruce Springsteen, yep he was quite the musical powerhouse in NJ!!!!!!

Zudi, there is always an opportunity for you to build houses in Albania, you haven;t screwed those people yet!!!!

Wednesday, March 28, 2007 9:25:00 PM  
Anonymous Anonymous said...

Sure he screwed over people in Albania, he pulled a Madonna and stole I mean adopted two kids from that country. I think he promised those kids real parents a Buckingham!!!!!!!!

They are still waiting for them to be built....

Wednesday, March 28, 2007 9:27:00 PM  
Anonymous Anonymous said...

Someone ought to ask Judge Kaplan why some buyers get credit on their deposits (if the home is built and they close on the sale) and others will likely loose their entire deposit. I thought in bankruptcy creditors in the same position get treated the same. SCProfessor, if your out there, any ideas?

Wednesday, March 28, 2007 10:42:00 PM  
Anonymous Anonymous said...

After you take into account the banks, the secured creditors, the emergency loans, the professional fees and that big fat bloated top-heavy weekly payroll, there probably won't be much left for anyone else by the time they finally unload those rapidly depreciating properties.

Thursday, March 29, 2007 1:59:00 AM  
Anonymous Anonymous said...

I agree with Anon. Wednesday, March 28, 2007 8:20:49 PM -
rbyzell what the hell are you talking about!!!!!!

Thursday, March 29, 2007 7:43:00 AM  
Anonymous Anonymous said...

let me explain it to you in terms that current kara employees can understand, Phil(lis) ... IT WAS BETTER BEFORE ZUDI RUINED IT!!!

Thursday, March 29, 2007 10:51:00 AM  
Anonymous rbyzell said...

dear anonymous guys: what do you mean "what the hell am i talking about?" tell me what you're thinking.

Thursday, March 29, 2007 12:01:00 PM  
Anonymous Anonymous said...

Yeah, that's a good one.

Thursday, March 29, 2007 12:01:00 PM  
Anonymous Anonymous said...

The first step in Kara's reorganization is obvious. They have to get Zudi & his entire group of pals and assistants down to A.C. for next month's builders show. Those other, successful builders will have no reason to attend if the Great Genius isn't down there strutting around bragging about his company doubling abilities. After all, Kara Homes was a SUPER SPONSOR at last year's show, it would be so unfair to leave the organizers of that event in such a lurch.

After that, only one more step to total solvency. They must pay for billboards, newspaper inserts, millions of hi-gloss Zudi photos and also those banners that are towed behind small airplanes at the beach. It's a proven strategy that built Kara into the juggernaut company it is today.

Thursday, March 29, 2007 2:38:00 PM  
Anonymous Anonymous said...

How can they do all that Marketing without the brilliant marketing team of BBurman and CHooch????

I guess Hooch can sleep with the airplane guy while Burman praised Zudi and how amazing of a person he is. Or better yet , lets hang Zudi off the back of the airplane and he can tell all of the people on the beach that Kara is going public hahahahahahahaha

Friday, March 30, 2007 12:26:00 AM  
Anonymous Anonymous said...

Embattled Builder Finds Potential Savior

(AAP) Sunday, April 1

Bankrupt builder Kara Homes has entered into a tentative agreement with Texas based firm HoAxis LLC, which would provide the embattled building company with a $300 million dollar infusion of cash. The agreement is expected to be finalized on Monday in a special court session called by Judge Kaplan, who has been presiding over the controversial case. Kara Homes entered Chapter 11 bankruptcy in October, citing $350 million dollars in assets and over $250 milion dollars of both secured and unsecured debt.

"Monday's hearing is a mere formality, at it's completion, Kara will once again be back in business, 100%." said Perry Mandarino, chief re-structuring officer in the case.

"We are very pleased to announce our partnership with this pre-eminent New Jersey builder", said Sidney Finch, C.E.O. of HoAxis LLC. HoAxis specializes in high-risk capitalist ventures and is considered one of the top lenders in their field. The Texas-based company will not hold any type of ownership responsibilities within Kara other than acting in an advisory capacity.

"This is an historic day for Kara Homes", said Kara C.E.O. Zudi Karagjozi. "After enduring so much hardship, it is a terrific feeling to know we weathered the storm and will be back, better than ever, in 2007". Karagojozi expects work to begin at all Kara communities within several working days. He also stated Kara will begin issuing checks to thier many creditors within five working days. "We thank our creditors for their patience during this terrible market slowdown. The check is in the mail, as they say", joked Karagjozi, seeming far more amicable and willing to talk than during the company's Chapter 11 proceedings. He also stated that Kara expects to re-hire most of, if not all, its former employees who were laid off during the bankruptcy proceedings.

Saturday, March 31, 2007 7:53:00 PM  
Anonymous Anonymous said...

Very Sick Humor.

Saturday, March 31, 2007 9:02:00 PM  
Anonymous Anonymous said...

I love the story!!! You know this is everything Zudi ever wanted!! It is a shame it is a piece of fiction.

I wonder how many people are going to read this and start calling Kara thinking it is true.

Whoever wrote this story has a great future as a fiction writer

Sunday, April 01, 2007 1:05:00 AM  
Anonymous Anonymous said...

APRIL FOOLS...

Monday, April 02, 2007 12:17:00 PM  
Anonymous Anonymous said...

Lawyers are the biggest criminals of all...the attorneys for the unsecured creditor committee have submitted a bill for (drum roll)...$388,716, plus $20,776 in "expenses". The financial advisors for said committee will take home a cool $395,410 for their "work" on the case. For all that money, you would figure they could manage to occasionally update their blog, no?

Monday, April 02, 2007 5:39:00 PM  
Anonymous Anonymous said...

and no doubt they will get paid before the actaul creditors

Monday, April 02, 2007 7:11:00 PM  
Anonymous Anonymous said...

To Annon Monday, April 02, 2007 12:17:17 PM -Was it really necessary to post April Fools?

Monday, April 02, 2007 8:34:00 PM  
Anonymous Anonymous said...

let's see if on april 12th those huge checks for the lawyers and advisors generated any results. I want so badly to think that april 12th is finally it... one way or the other. but history shows that this day will likely come and go without any conclusions.

Monday, April 02, 2007 10:25:00 PM  
Anonymous Anonymous said...

The dazzling pace of Kara's recovery proves that the Great Genius is still the brilliant "hands-on" leader he always was. Remember, every six months Zudi doubles, so by October they could be working again at well over two projects. If everyone would just be patient (and a little looser with the loans) Kara will be at full strength by 2013 or so. They just need more six month periods to continue doubling.

Tuesday, April 03, 2007 1:14:00 AM  
Anonymous Anonymous said...

The big party is almost over at Kara Homes. Soon the incompetent con men & their mistresses will, like the rest of us, have to go out & find real jobs. I'm sure it was an easy & very lucrative ride, but hey, all good things must come to an end eventually.

Tuesday, April 03, 2007 12:16:00 PM  
Anonymous Anonymous said...

Awfully quiet at Kamp Kara these days. What, did Robbie forbid blogger.com again?

Thursday, April 05, 2007 1:10:00 PM  
Anonymous Anonymous said...

No time to blog....must figure out a way to flee the country before next court date!!!!!!!!

Thursday, April 05, 2007 2:46:00 PM  
Anonymous Anonymous said...

So the way it looks z is going to partner up with 1 or 2 others and (hold your skirts) give up control of bankruptopia. While I as well as you find this hard to believe, the great and wonderful OZ, oops, zuhd finally has to admit he isn't DA MAN anymore.
While I, as well as the rest of you, have know for quite some time that king of BS had no choice in matter, the more shocking thing is he found not one but two idiots ignorant enough to fund his pitiful ass.
So what is the next step in this tangled web. Oh, that's right show the court HIS plan on Tuesday. Something tells me this plan involves screwing the creditors.
Hey Z your funded up at stuttering Mikes old jobs, where be the subs. Sucks that they aren't as big a bunch of whores as you had hope. Actually they are whores, but whores who listen to their lawyers. Lawyers who said stay away.
What else is going on Z, how's the geezer staff doing, heard he is little more than robbies beatch at this point. Not a position I would want to be in.
How is the friends and family buy a model plan working out for your buddies. Not so good I'm sure now that those lease back payments aren't flowing in.
Sleep well Z Sleep Well

Thursday, April 05, 2007 7:05:00 PM  
Anonymous Anonymous said...

Turns out that not even a brilliant Genius like the great Karagjozi can stall for time forever. He stretched his line of bullshit as far as it could possibly go. But now he's almost done & so are his remaining believers. No more free money, no more house flipping deals, no more doing whatever the hell they feel like doing. Time to find real jobs. Welcome to the real world. Time to find another Great Genius to fawn over because now, the brilliant Doubler is just another lousy businessman, all mouth & no balls.

Friday, April 06, 2007 12:09:00 PM  
Anonymous Anonymous said...

and just what were the results of that forensic audit? Does zudi have to explain where the millions went? What about the year he wrote a million dollar check to his wife for christmas?

Saturday, April 07, 2007 10:15:00 AM  
Anonymous Anonymous said...

Question for any remaining members of the Swingin' Singles Club aka Kara Homes. Where's the brilliance? What does the Great Genius have up his wrinkly sleeve this time? Is it almost time for him to show us that incomparable business wizardry yet? According to everything I've heard, it should be any time now.

Saturday, April 07, 2007 1:04:00 PM  
Anonymous Anonymous said...

Performers in todays performance of "An Albanian Passion Play"

Christ Z. Karagjozi (he thinks he god, let him play god)
Mary R. Schult-(she's the closest thing to a virgin Kara has)
Women weeping at Christs feet S Grab ow ski,D carrol,J Kelly
Judas T Jablow ski
Pilot Perry M
Disciples (aka jobless hangers on)G. brandt, T russel, P macaroni,

Sunday, April 08, 2007 11:25:00 AM  
Anonymous Anonymous said...

Q: What's the difference between Kara Homes & Christianity?

A: Christianity has carpenters, three wise men, a virgin and a savior.

Monday, April 09, 2007 12:30:00 AM  
Anonymous Anonymous said...

I do not think S Grabowski can reach Zudi's feet with those big ass tits she had Zudi buy for her. She really thinks people would not have noticed, what a dumb bitch.

T Jablonski as Judas is really fitting. I think Tom would sell out Zudi for less than a few pieces of silver (and he has with those deals he made with Fry and Barbosa behind Zudi's back)

Actually doesn't George Brandt speak in tonges?? Or is that just a stutter?

I would put T Russel in the part as Mary Magdilin since she is a slut.

I think Pat Turner could play the rock placed in front of Zudi's tomb with that big ass head of his and Sandy and Betsy could play a pair grazing cows (look at their asses they could feed a nation with their rump roasts)

You forgot Tom Gough, I can see him playing the role of a begger since he begs Zudi to keep his job while he is ripping him off with his Little Egg Harbor house.

Than there is Rose Karajozi she could play a palm tree since she is as dumb as a stump.

And for the last act Zudi's kids can walk homeless asking for donations door to door in Rumson.

I think I have an Academy Award winning cast, can I get this financed?? Send money to zudiisanass@karahomes.com

Monday, April 09, 2007 12:40:00 AM  
Anonymous Anonymous said...

Pipe down, big ugly.

Monday, April 09, 2007 4:18:00 PM  
Anonymous Anonymous said...

Posted by the Asbury Park Press on 04/9/07
BY DAVID P. WILLIS
BUSINESS WRITER

Post Comment
TRENTON — A federal bankruptcy court judge today approved the sale of six Kara Homes developments, canceling the contracts of home buyers who had hundreds of thousands of dollars in deposits.

Two weeks ago, Kara sold six developments for about $19 million at an auction that failed to generate much interest from developers. The projects were: Prospect Ridge Estates at Stafford; Hartley Estates in Little Egg Harbor; Sterling Acres in Monroe; Dayna Estates in Toms River; and Woodland Estates and Park Meadow, both in Edison.

At Woodland Estates, four out of five home buyers have signed agreements with the new owner of the property, Fenix Investment & Development, a Morristown home builder. The fifth is expected to strike a deal as well.

Other home buyers who have contracts will now have to try to recoup their deposits through the bankruptcy proceedings as unsecured creditors, said Barry Frost, a lawyer for a handful of the home buyers.

Monday, April 09, 2007 7:36:00 PM  
Anonymous Anonymous said...

HOW CAN IT BE LEGAL TO CANCEL CONTRACTS? JUST BECAUSE THE PIECE OF SHIT ZUDI SQUANDERED EVERYONE'S MONEY!!!! IT IS TIME TO GET THE STATE AND FEDERAL GOVERNMENT INVOLVED!!!!

AT THIS POINT THIS IS A CONSUMER RIGHTS ISSUE

Monday, April 09, 2007 7:46:00 PM  
Anonymous Anonymous said...

Anonymous, Monday, April 09, 2007 12:40:57 AM

I am laughing my ass off!!!! That is one of the funniest things I have read on this blog. I would pay a fortune to see that movie. Keep up the funny posts you make getting over this Kara debacle so much easier.
Being a former employee I can really relate to your descriptions!!

You da man!!!!

Monday, April 09, 2007 11:38:00 PM  
Anonymous rbyzell said...

man, that is some funny stuff. god bless nj and its people. there is some more kara stuff on the 4/9 thread titled "nice deal for carla k. corzine." the blogger didn't know to put it here. i hope you guys continue this there, i really love reading what everyone has to say. it's like a soap opera.

Tuesday, April 10, 2007 8:44:00 PM  
Anonymous Anonymous said...

I thought Zudi WAS the Great Solution! What happened there?

Tuesday, April 10, 2007 10:39:00 PM  
Anonymous Anonymous said...

Time for Kara's swingin' singles to pick their underwear off the floor and get back to work. The free money & easy sex party can't last forever. Note to Kara: when they mentioned "reorganizing" they didn't mean you could simply swap sex partners, they meant the COMPANY. When Kara finally sells off all the model home furniture, DO NOT buy any sofas or beds, as they've seen some heavy use through the years.

Wednesday, April 11, 2007 2:21:00 PM  
Anonymous Anonymous said...

What ever you do, please do not buy John Kelly's desk, I hear that is were he and Tracy R use to have sex!!!!!!

I would also stay away from Pat Turner and Sandy's area, you know those fat asses probably blew out the chairs!!

Anything from G Brandt will smell like smoke, so if you are a nonsmoker stay away.

You could buy T Jablonski's chair since he spent most of his time at home doing nothing his chair was never used!!

I would stay away from anything Kara, it is bad Karma!!!

Wednesday, April 11, 2007 7:22:00 PM  
Anonymous Anonymous said...

Perotti was seen working at the WAWa on rt 130 in Princeton

Thursday, April 12, 2007 2:58:00 PM  
Anonymous Anonymous said...

Isn't that the one that seratelli manages?

Thursday, April 12, 2007 5:15:00 PM  
Anonymous Anonymous said...

Quick geography check, 130 doesn't go through Princeton at any point. If your going to be a Jack ass, do a better job.

Thursday, April 12, 2007 6:49:00 PM  
Anonymous Anonymous said...

Why are Toni and King writing so many postings? Don't they have anything better to do? Like they really did anything at Kara. Oh, she don't have cash to get banged in Florida anymore so she sits at home and does this. And Kingdon? Why, he is still in trouble with Mrs. W over Ambrosia. So he surfs all night, winding up here because he's a loser.

Thursday, April 12, 2007 11:39:00 PM  
Anonymous Anonymous said...

he has good taste in women, though, cause jen is HOT

Friday, April 13, 2007 1:29:00 PM  
Anonymous Anonymous said...

Who is king/Kingdon?

Friday, April 13, 2007 5:17:00 PM  
Anonymous Anonymous said...

Ha ha ha! The big "plan" is to sell off the company to someone who CAN get the jobs finished. Anyone but Zudi, the Great Genius. I'm sure the new owners will keep Zudi's precious staff on hand, of course.

Friday, April 13, 2007 5:45:00 PM  
Anonymous Anonymous said...

Regardless of whether "Zudi survives" or not, he & his posse of nitwits will have to live the rest of their lives knowing that at any given time, they might bump into one of the many victims of their scam. They'll forever have to look over their shoulders, knowing that somewhere, there's someone that will beat the shit out of them as soon as they're recognized. Or worse.

Friday, April 13, 2007 6:16:00 PM  
Anonymous Anonymous said...

I don't agree, they're too stupid to be scared

Friday, April 13, 2007 7:13:00 PM  
Anonymous Anonymous said...

Robbie can protect them all with her fencing sword

Friday, April 13, 2007 7:42:00 PM  
Anonymous Anonymous said...

What are the chances Zudi shows up at the Builders Show next week?

Friday, April 13, 2007 7:43:00 PM  
Anonymous Anonymous said...

Posted by the Asbury Park Press on 04/13/07

Bankrupt Kara Homes Inc. would be acquired by investors for $98 million in cash and debt, according to a reorganization plan filed with U.S. Bankruptcy Court.

The new investors would complete construction of 21 of Kara's existing developments and either sell or hand over to lenders 11 developments, according to the plan.

The reorganization plan is a strategy that details how Kara will emerge from bankruptcy and how creditors will be reimbursed. East Brunswick-based Kara filed for Chapter 11 bankruptcy in early October. It reported $227 million in liabilities and $350 million in assets.

The reorganization plan must be approved by a judge. And it shows Kara still is negotiating with lenders to finish its projects.

So far, the plan calls for Kara to complete:
• Country Meadow Estates in Toms River.
• Tradewinds in Sea Bright.
• Crine West Estates in Marlboro.
• Cottage Gate in Middletown.
• Horizons at Woods Landing in Hamilton.
• Landings at Manahawkin in Stafford.
• Winding Run Estates in Little Egg Harbor.
• Hawkins Ridge in Jackson.
• Horizons at Mount Arlington.
• Bergen Mills Estates in Monroe.
• Horizons at Shrewsbury.
• Horizons at Woodlake Green in Lakewood.
• Buckley Estates in Marlboro.
• Forest Edge Estates in Stafford.
• Orchard Meadows in Manalapan.
• Limerick Estates in South Amboy.
• Horizons at Ridgeview in Mount Arlington.
• Farrington Ridge in Old Bridge.
• Glen Eyre Palette I in Hamilton.
• Saxon Estates in Freehold Township.
• Water's Edge in Little Egg Harbor.

The plan calls for Kara to sell or abandon:
• Property in Franklin Lakes.
• Hidden Lakes in Lacey.
• Summerfield Estates in Stafford.
• Woodland Estates in Edison.
• Park Meadow in Edison.
• Dayna Court in Toms River.
• Hartley Estates in Little Egg Harbor.
• Prospect Ridge Estates in Stafford.
• Sterling Acres in Edison.
• Glen Eyre Palette 2 in Hamilton.
• Estates at Galloway.

Kara said it has yet to determine what will happen with Horizons at Birch Hill in Old
Bridge.

------------------------------------

Saturday, April 14, 2007 2:51:00 AM  
Anonymous Anonymous said...

it's amazing that Madarino was able to pull his pants up long enough to file his plan, he's been balls deep in Kara ass since the day he showed up there.

Saturday, April 14, 2007 2:23:00 PM  
Anonymous Anonymous said...

What a surprise, a "plan" that mostly involves letting the crooked Zudi Karagjozi keep almost everything while throwing a few pennies at his victims, cooked up by a guy who's banging one of Zudi's longtime loyalists. Not much of a conflict of interest there, right? The big easy sex & free cash party never ends up there, six months of raises for nothing and big, fat paychecks for lounging around doing zero. Everyone is supposed to believe that the very same bunch of arrogant crooks and oversexed incompetents will all of a sudden know how to run a building company after they've already proven that they can't. There's a sound investment.

Saturday, April 14, 2007 4:08:00 PM  
Anonymous Anonymous said...

Hey anon 4:08,
Slow your roll big boy and let us know you Perry M is banging. Don't just say one of the zealots, thats all thats left. My guess is Phil M.

Saturday, April 14, 2007 8:14:00 PM  
Anonymous Anonymous said...

I hear Perry is banging either Suzzane Grabowski or Sand Imetateo possibly both of them.

I guess since Zudi payed for SG's boob job and now Perry is in charge they are Perry's tits and not Zudi's.

Maybe Zudi should not spend so much making SG look good and maybe pay for some liposuction for Betsy, she needs it.

Lets take a pole, who is the fatter pig, Betsy Z or Sandy Imedteo? Lets not forget that Sandy has a bigger mustace than G Brandt. But Betsy is just a fat and scanky pig.

Also is it true that Zudi couldn;t get Betsy pregnant so they stole the kids from Albania. Betsy, here is some advice, loose your weight and get a job..

Saturday, April 14, 2007 11:37:00 PM  
Anonymous Anonymous said...

Your Wawa
140 UNIVERSITY PLACE
PRINCETON, NJ 08540
609-921-3677
24 hours

Sunday, April 15, 2007 9:06:00 AM  
Anonymous Anonymous said...

While this has nothing to do with this thread I shall continue on my geography of Princeton area for Annon. While you are correct, there is a WaWa in Princeton. On the other hand I never said there wasn't. I stated that Princeton is no where near Rt. 130. Which my directionally challenged friend is the case. To get to 130 from the WaWa you mentioned it is roughly a 12-15 mile and 25 minute trip. Please, lets focus on the important issues at hand-Who's sleeping with who-Butt sizes of employees-how much $$$$ is in an Albanian account-has Phil finished the roof on the out house yet and finally when will Tradewinds float away in todays storm?

Sunday, April 15, 2007 11:31:00 AM  
Anonymous Anonymous said...

It is Denise that is sleeping with Perry

Tuesday, April 17, 2007 9:25:00 AM  
Anonymous Anonymous said...

Good try Tracy.

Tuesday, April 17, 2007 10:42:00 AM  
Anonymous Anonymous said...

Any word on the Birch Hill Clubhouse and Swimming Pool? I can't wait to go for a mud bath. Project's looking mighty fine.

Alla

Tuesday, April 17, 2007 5:21:00 PM  
Anonymous Anonymous said...

Can we just stop with the soap opera postings? Nobody cares about who is sleeping with who. People just want the money that was stolen from them by these crooks.

Tuesday, April 17, 2007 5:22:00 PM  
Anonymous Anonymous said...

WOW Denise is sleeping with Perry, YOU GO PERRY, nothing like Rob Perotti Sloppy Seconds to make you want to take an aids test!!!!!!

Tuesday, April 17, 2007 6:20:00 PM  
Anonymous Anonymous said...

No NO Tracy is sleeping with John Kelly get your facts straight.

Does anyone else think she is one of the ugliest women at Kara????

Tuesday, April 17, 2007 6:22:00 PM  
Anonymous Anonymous said...

Don't forget to stop by and say hi to Zudi & company at the Builders Show today through Friday.

Wednesday, April 18, 2007 8:06:00 AM  
Anonymous Anonymous said...

No - No - No - Tracy is Sleeping with Denise & John K is sleeping with Zudi & Perry

Wednesday, April 18, 2007 8:26:00 AM  
Anonymous Anonymous said...

Is the Great Genius at the builder's show this week? Oops, that's right, he's not "doubling" every six months anymore, almost forgot.

Wednesday, April 18, 2007 11:29:00 AM  
Anonymous Anonymous said...

Zudi belongs in jail, so do his accomplices in the office & the CLOSING dept.

Wednesday, April 18, 2007 11:42:00 AM  
Anonymous Anonymous said...

Maybe people don't want to hear about all of this gossip, however, it is a true reflection of how Kara operates & how they prioritize things.

Wednesday, April 18, 2007 12:38:00 PM  
Anonymous Anonymous said...

TRENTON — A federal bankruptcy court judge put off a decision today on whether Amboy National Bank could foreclose on three uncompleted Kara Homes projects.

Instead U.S. Bankruptcy Court Judge Michael B. Kaplan set a May 17 hearing. Kara Homes, its financial backers and Amboy representatives must meet on May 2 to try to settle the issue, Kaplan said.

Amboy is trying to foreclose on uncompleted properties that it financed at Kara at the Tradewinds in Sea Bright, Cottage Gate in Middletown and Crine West in Marlboro. The bank says it is owed $26.2 million on those three projects, according to court papers.

But Perry Mandarino, Kara Homes chief restructuring officer, said in court papers that the three Amboy projects are "necessary, essential and in fact critical" to the company's proposed reorganization.

Wednesday, April 18, 2007 4:18:00 PM  
Anonymous Anonymous said...

Sure they are, Perry. That lot at Sea Bright is absolutely necessary to turn Kara around? Those unfinished houses at Crime West (intentional misspell) are weatherbeaten and rotting but all of a sudden they're critical? This guy fits in perfectly at Kara, he is a master bullshit-flinger & he can't keep his pants on either. Hopefully Amboy won't budge & Zudi's bailout scheme gets shot down in flames.

Wednesday, April 18, 2007 4:26:00 PM  
Anonymous Anonymous said...

Getting real tired of reading "&&&&&&&&&&'s" posts.

Wednesday, April 18, 2007 4:34:00 PM  
Anonymous Anonymous said...

Hey Anon 4:34 - Tired of reading these posts?? Then log onto another blog site you moron. No one is forcing you to log onto this site. Ever think they rest of us find daily amusement on this blog?

Wednesday, April 18, 2007 4:54:00 PM  
Anonymous Anonymous said...

I do not think I'm a moron & I think I should be allowed to read these blogs & I am a former employee of Kara & I am interested in seeing what happens next in the bankruptcy & I have a lot to more to say&&&&&&&&&&&

Wednesday, April 18, 2007 4:59:00 PM  
Anonymous Anonymous said...

Hmmm. Must be Rose.

Wednesday, April 18, 2007 10:22:00 PM  
Anonymous Anonymous said...

Ya this is a very important part of my day.
Heh. Type 'Kara Homes' on Limewire. You get 'Fun workplace time waster'. That moron's reputation is everywhere now. He'll never live it down and he can't hide.

Wednesday, April 18, 2007 10:29:00 PM  
Anonymous Anonymous said...

Nor can he hide the evidence of his incompetence. His falling-apart incomplete projects are right there for anyone to see. They didn't get that way by accident, it took many, many months of total neglect. Zudi & his stooges always have tons of excuses at the ready, but never any answers. They're all scum & not even the most out of touch, dumb person would be stupid enough to purchase one of Zudi's termite-eaten crap shacks.

Thursday, April 19, 2007 12:26:00 PM  
Anonymous Anonymous said...

Termite remediation $3K, mold remediation $125K, seeing Biocleans new fleet of Hummers...priceless

Thursday, April 19, 2007 1:37:00 PM  
Anonymous Anonymous said...

Do a Google search for "zudi karagjozi duh" & presto, the NYT interview is number one.

"DOO duh duh doo doo." These are the actual first five words in the article. Doo-doo & duh. No two other words sum up Zud's management style as well as those two do.

Of course, during the actual interview, Zud was merely trying to impress the writer with his musical background to imply that he was awesomely talented in more than just business. If you ever worked for him, you know what I mean. If you didn't, let's just say that he mentioned it "often" & leave it at that. I'm sure the author was even more impressed by his musical talent than any of his employees were & never even once thought to himself "God I wish he'd shut the f*ck up already".

If only we'd known he was in fact predicting his own future. Doo-doo & duh. Just like Zudi used to say, it the right rhythm & he stayed right on that beat.

Friday, April 20, 2007 2:29:00 PM  
Anonymous Anonymous said...

When I finally can afford to buy my very first Kara home, I definitely plan on going with that cool gray lumber they use. It gives the house such an authentically "colonial" look, like it really was built in the 1700's. I'm also leaning towards the "standing water" option for the basement, although the "raccoon nesting" closets are an attractive option, especially for the kids. Also impressed by that newfangled moldish looking insulation they're using now, what is that stuff called? Man, they spare no expense at that place.

As far as the landscaping options go, I've seen the "dust bowl" & the "incorrectly sloped drainage issue-laden" ones, but that new "illegal dumping site" option they're showing really caught my eye. Whatever they pay those designers isn't enough because this stuff is just so cutting edge and avant-garde, totally po-mo. Somehow they take a broken toilet, some lumber scraps, spackle buckets and mud puddles & just make it WORK, ya know? Plus there's no annoying lawn to mow! Kara Homes is taking the concept of design to some really exciting new places.

Hope they still offer the "on the house" mortgage plan, I bet they'll be eager to sell to anyone with a $1200 deposit check ready to go. Anyone know what time they're open? No one ever answers the phone there. I figure that by the time they sort out the market slowdown, those horrible building codes and their current corporate streamlining process, the market will be soaring upward again & I can flip the thing for an even bigger & better Kara Home at a bigger & better Kara community.

Friday, April 20, 2007 2:59:00 PM  
Anonymous Anonymous said...

fljalfjl;

Sunday, April 22, 2007 8:32:00 AM  
Anonymous Anonymous said...

That Plan is crap. Whoever drew that thing up was huffing magic marker fumes. Back to the ol' drawing board, nice try Zudi, you scumbag.

Monday, April 23, 2007 12:50:00 AM  
Anonymous Anonymous said...

Kara Homes to resume construction at two developments
Posted by the Asbury Park Press on 04/23/07

BY MICHAEL L. DIAMOND
BUSINESS WRITER

Kara Homes Inc. plans to resume construction at two of its developments
-- Buckley Estates in Marlboro and Country Club Estates in Little Egg Harbor -- after a bankruptcy judge approved new financing today.

The decision gives hope to several home buyers who have waited for their homes to be built while Kara has tried to reorganize in U.S. Bankruptcy Court.

"It means their homes are going to get built,'' Kara attorney David Bruck said.

East Brunswick-based Kara filed for Chapter 11 bankruptcy last October after the real estate market began to slow down. It reported that it had liabilities of $227 million and assets of $350 million.

Since then, Kara has tried to restructure by selling unprofitable developments and negotiating with investors and banks to finance completion of its remaining developments. It filed a reorganization plan April 12 that has yet to be approved.

Home buyers who put thousands of dollars down in deposits have wondered if Kara would complete their projects and honor their contracts, or if lenders would foreclose on the properties, putting their contracts and deposits in jeopardy.

Today, Bankruptcy Judge Michael B. Kaplan approved two agreements:

Credit Suisse Loan Funding LLC. will loan Kara $2.1 million at an interest rate of at least 13 percent to complete Buckley Estates in Marlboro. That development consists of 21 single-family homes, seven of which are under contract and have yet to be completed.

Credit Suisse also will loan Kara $600,000 at an interest rate of at least 13 percent, to complete Country Club Estates in Little Egg. That development, also called Waters Edge, consists of 14 single-family homes, three of which are under contract and have yet to be completed.

Credit Suisse originally loaned Kara $1.4 million to build Country Club Estates, and it purchased the debt of Yardville National Bank, which had loaned Kara about $4 million to build Buckley Estates.

Bruck said he didn't know when construction would resume. And he said Credit Suisse would be repaid from the sales' proceeds.

"It's significant for the debtor to be able to resume business activities, and it bodes well for the future,'' Bruck said. "It's part of our emergence plan, to get funding from the existing lenders (and for them) to work with us again.''

One home buyer viewed the news with caution. Janak Goyal, 57, of Old Bridge, put down more than $200,000 to buy a home at Buckley Estates that was nearly complete before Kara filed for bankruptcy.

He said a creek has eroded some of the property, a fence needs to be replaced, and some light switches are in the wrong locations. Although the new financing is promising, Goyal said he still had concerns.

"I don't know whether they will just do the bare minimum to get the (certificate of occupancy) and close the house with all the deficiencies,'' he said.

Tuesday, April 24, 2007 12:29:00 AM  
Anonymous Anonymous said...

Of course they'll only do the bare minimum.

Thursday, April 26, 2007 10:52:00 AM  
Anonymous Anonymous said...

The Big Genius wants to sell his shit-shacks in Marlboro & Little Egg, they even updated their pitiful website. I'd love to meet the brainless nitwits who'd be interested in one of those termite traps.

Saturday, April 28, 2007 10:51:00 PM  
Anonymous Anonymous said...

Shit shacks!! That's a good one!!

Sunday, April 29, 2007 8:31:00 PM  
Anonymous Anonymous said...

Just what in the hell are these clowns DOING? Seven months of getting paid a ton of money for absolutely nothing. WHEN will Kaplan stop pretending Kara has a future? REAL homebuilding companies are struggling right now, much less bogus ones.

Friday, May 04, 2007 1:58:00 PM  
Anonymous Anonymous said...

kaplan is doing the right thing, trying as best he could to allow both parties to work out a deal to get amboy out of the picture and resume building. zudi would be out too, for all intensive purposes. the new owners would bring in a legitimate businessman to run it from here. so yes, zudi screwed us but it does not have to end there.

Friday, May 04, 2007 9:55:00 PM  
Anonymous Anonymous said...

What has that company done to merit all these second chances? Nothing. Everyone keeps pretending that they'll "come back", but to what? It's all just an excuse to keep "funtime" rolling up there & everyone knows it. It's a disgrace.

Sunday, May 06, 2007 1:25:00 PM  
Anonymous Anonymous said...

Neither Kapan, the homebuyers, the creditors nor the contractor could care less about Zhudi or his executive team. As a result of their recklessness in managing a major corporation they have negatively affected the lives of hundreds of families and businesses. What Kaplan is trying to do is minimize the loss for those who fell victim to what has to be considered the WORST CEO in the homebuilding industry. Even is Zhudi is let off without punishment, he is finished in this bsuiness.

Tuesday, May 08, 2007 10:20:00 AM  
Anonymous Anonymous said...

No argument here re: Zudi & his pals. The unfortunate part is how they're able to continue collecting their huge salaries for these many months while the creditors are given the short shrift.

Tuesday, May 08, 2007 2:50:00 PM  
Anonymous Anonymous said...

No one's forgotten about that fucking Zudi. He'd better be very careful & avoid visiting any dark, isolated spots, lest he has an unfortunate accident. Grudges die hard, Zudi, don't forget that. 20 Riverside Dr., Rumson.

Saturday, May 12, 2007 12:10:00 PM  
Anonymous Anonymous said...

Sounds like someones mouth is writing checks thier ass can't cash.
In other words, just another tough guy with nothing but noise!
Just give it up. He's never gonna pay and simply ass raped us all when we let our guards down. Your just gonna have to learn to live with it like the rest of us tough guy.

Sunday, May 13, 2007 9:28:00 PM  
Anonymous Anonymous said...

Fuck off, shit-stain. Lick my balls.

Monday, May 14, 2007 11:59:00 AM  
Anonymous Anonymous said...

Well thought out and mature response sugar mouth. Thinking that anon 9:28 was on to something. Just to let you in on a little secret... if you really had any balls you wouldn't be telling the whole world about hypothetical unfortunate accidents. Just shut your mouth or "Man Up"!

Monday, May 14, 2007 10:14:00 PM  
Anonymous Anonymous said...

Zudi's a pathetic cockbag, not even worth getting angry about. I'll live just fine knowing he hosed me over, but he has to live with being known as the least competent businessman who ever lived, a walking joke. Anyway, kicking his ass wouldn't be much of a feat, he's a scrawny nothing. Many times I watched him scoot away and hide when "trouble" was near. Gutless sniveling punk. Enjoy your new boss, Big Shot.

Tuesday, May 15, 2007 12:38:00 AM  
Anonymous Anonymous said...

First thing the new boss does is to kick the goyim out the door, just watch & see....

Thursday, May 17, 2007 2:46:00 PM  
Anonymous Anonymous said...

Does anyone know anything about the Kara Townhouse community of Limerick Estates in South Amboy? I bought a place there and I am going to be moving in two weeks. The seller doesnt have any info on the homeowners association, big surprise because I think it is defunct. I drove by yesterday and the grass is 3 feet high! I dont think anyone is taking care of the place. Does anyone have any information regarding that development? Are the homeowners planning on organizing themselves and taking over? What happens to the association when the builder goes under?

Sunday, May 20, 2007 11:28:00 AM  
Anonymous Anonymous said...

As soon as they close on the final home, Kara is DONE with a community, regardless of whatever promises were made before. Check out any of them and observe the follow-up work that was never done and never will be.

Monday, May 21, 2007 10:46:00 AM  
Anonymous Anonymous said...

Kara works on changes in its plan

Creditors balk at statement
Posted by the Asbury Park Press on 05/25/07
DOW JONES NEWS SERVICE
AND THE ASSOCIATED PRESS

WASHINGTON — Home builder Kara Homes Inc. is working on making changes to its Chapter 11 plan as a result of "ongoing extensive negotiations" with its creditors and lenders.

Dozens of creditors, as well as the U.S. trustee, have voiced opposition to the East Brunswick, N.J.-based company's disclosure statement, the document describing the terms of Kara Homes' Chapter 11 plan in nonlegal language.

In a court filing Wednesday, the company said that it's in the process of amending its plan, as well as the disclosure statement, to reflect its talks with different classes of creditors. Those creditors include the Connecticut-based hedge fund, Plainfield Specialty Holdings II — that provided the company with $5 million in bankruptcy funding — the unsecured creditor committee and senior lenders.

While making "significant progress" in its attempt to win the approval and support of each creditor class, the company said that the process has been "protracted" due to the complexity of the case, the multitude of creditors and the sometimes divergent interests among creditors within the same classes.

As a result, Kara Homes is asking the U.S. Bankruptcy Court in Newark, N.J., to extend by 60 days its exclusive right to solicit creditor votes for its Chapter 11 plan.

Extending the exclusive plan voting period, currently set to expire June 11, will allow it to finish negotiating with creditors, Kara Homes said.

Exclusive periods prevent other parties from filing competing plans, enabling the company to retain control of its reorganization process.

The court will consider the company's request at a June 5 hearing. A hearing on the adequacy of the company's plan-disclosure statement is set for June 13.

Kara Homes filed for Chapter 11 protection in October because of slowing sales, loss of liquidity and delays in the field that put off closings.

Saturday, May 26, 2007 11:33:00 AM  
Anonymous Anonymous said...

The Grand Wizard Of Real Estate is more stubborn than any mule. The brilliant Genius won't step aside & allow anyone with any business sense help run his company because he knows all. Despite being the ONLY bankrupt NJ builder, his special brand of company-doubling wizardry will right the Kara ship and everyone (well, at least his family and his friends & their mistresses) will sail onward to vast riches.

Will Kaplan stop counting his money long enough to at least pretend to be paying any attention? Is Zudi moving him into one of his lovely Buckinghams or Carlyles? Or is he just a moron?

Saturday, May 26, 2007 6:11:00 PM  
Anonymous Anonymous said...

Justice Department Objects to Kara Plan

WASHINGTON (AP) - The Justice Department has joined a slew of creditors criticizing Kara Homes Inc.'s Chapter 11 plan-disclosure statement, labeling the proposal "inadequate."

U.S. Trustee Kelly Beaudin Stapleton, a Justice Department official, filed an objection to the New Jersey builder's disclosure statement Wednesday with the U.S. Bankruptcy Court in Trenton, N.J.

Stapleton noted that a disclosure statement must contain adequate information that would enable creditors to determine whether they can support the plan.

Kara Homes' statement, however, contains a number of "broad injunction, release and exculpation provisions which extend to various parties and professionals in this case."

Stapleton also said that one of the provisions appears to release from liability all attorneys who have been retained by Kara Homes for work they performed in the case.

"It is inappropriate for an attorney to seek or accept any type of waiver or exculpation which would relieve that attorney of the duty to exercise reasonable care in rendering services to that client or limit the liability for failure to do so," Stapleton said.

She recommended that the court not approve the disclosure statement, which describes Kara Homes' Chapter 11 plan in nonlegal language. The document must be approved by the court before creditors can vote on the plan.

The court will hold a hearing on the disclosure statement's adequacy on June 13.

The U.S. trustee isn't the only party that has objected to Kara Homes' disclosure statement for lacking information. A number of the company's creditors have filed objections as well.

One creditor, National City Bank, said Kara Homes failed to disclose the amount of equity the new shareholders will contribute to the reorganized company or list the new company's officers and directors.

Provident Bank of New Jersey took issue with the disclosure statement for failing to include appraisals of the properties, a liquidation analysis or listings of other creditors who have an interest in the distribution of property.

According to the disclosure statement, equity interests of Kara Homes and founder Zuhdi Karagjozi will be "extinguished" and a holding company formed.

Karagjozi, Connecticut-based hedge fund Plainfield Specialty Holdings II, Glen Fishman, Delmar Associates and others will pony up $8 million, which will be used to cover administrative, priority and tax claims.

The parties will each get a percentage of the holding company based on how much they contribute.

Plainfield, which lent Kara Homes about $5 million under a debtor-in-possession loan, will be repaid "from all available resources on a first-in, first-out basis," the disclosure statement said.

The disclosure statement also notes that money received from avoidance actions, causes of action and liquidating Kara Homes' assets will be placed in a trust and a trustee will determine the allocation of the money.

General unsecured creditors will receive a so-called development note. For each house sold, up to $5,000 per house will be designated as paying the development note.

According to the disclosure statement, if all 784 homes in the housing developments are completed and sold, the return to unsecured creditors could be about $3.9 million on top of the money they could get from the trust.

Kara Homes filed for Chapter 11 protection in October amid slowing sales, loss of liquidity and delays on the ground that put off closings. The company is based in East Brunswick, N.J.

Sunday, May 27, 2007 4:31:00 AM  
Anonymous Anonymous said...

Turns out that the big-talking hotshot doesn't appreciate visitors in his neighborhood. So keep away from 20 Riverside Dr. in Rumson, you wouldn't want to interrupt the Genius while he's enjoying the fruits of his "hard work".

Sunday, May 27, 2007 3:10:00 PM  
Anonymous Anonymous said...

I wonder how the blogs former expert the SCprof feels that Kara is still going 7 months later. The expert gave it no more than 2 months than chapter 7. Now that there still up and running and actually building houses I wonder how he feels. Kara has even put 4 new foundations in the ground at Mt. Arlington, so it's not just finishing what was almost done.

I guess the great and wise prof was as full of crap as some thought.

Wednesday, May 30, 2007 6:31:00 PM  
Anonymous Anonymous said...

WOW! That Kara Homes sure is one dynamic and productive company. I guess that's why they have to auction off the model furniture this week. That'll haul in a cool hundred bucks. That "Plan" is a real work of genius too. Kara LOVES to toot its horn whenever they do ANYTHING, like it's such an accomplishment. Golly, Kara built a whole foundation, eh? All at once? Wow, on the mighty comeback trail. With those "super priority" loans there's nothing to stop them now.

Wednesday, May 30, 2007 6:37:00 PM  
Anonymous Anonymous said...

So where and when is this "auction" oh that's right, there isn't one because you made it up. Sad when the best you can do is make up lame rumors, troll. By the way it's 4 foundations with more to come and 3 frames are up and running. Baby steps, moron.

Wednesday, May 30, 2007 8:51:00 PM  
Anonymous Anonymous said...

http://www.auctionlistservices.com
/index.html

Wowee, three whole frames? No way. So since last May, that makes...three. Give me all that money Kara's plowed through & Uncle Hek's wheelbarrow & I could have done the foundations in a year too.

So which Kara employee is doing Kaplan on the sly?

Wednesday, May 30, 2007 11:46:00 PM  
Anonymous Anonymous said...

There's still a Kara Homes??? Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha!

Thursday, May 31, 2007 12:57:00 AM  
Anonymous Anonymous said...

Dedicated to you wonderful (albeit somewhat delusional) Kara folk...

Just a small town girl, livin in a lonely world
She took the midnight train goin anywhere
Just a city boy, born and raised in south detroit
He took the midnight train goin anywhere

A singer in a smokey room
A smell of wine and cheap perfume
For a smile they can share the night
It goes on and on and on and on

Strangers waiting, up and down the boulevard
Their shadows searching in the night
Streetlight people, living just to find emotion
Hiding, somewhere in the night

Working hard to get my fill,
Everybody wants a thrill
Payin anything to roll the dice,
Just one more time
Some will win, some will lose
Some were born to sing the blues
Oh, the movie never ends
It goes on and on and on and on

(chorus)

Dont stop believin
Hold on to the feelin
Streetlight people

Thursday, May 31, 2007 12:26:00 PM  
Anonymous Anonymous said...

RE: Limerick Estates

There is an HOA, made up of some of the residents. A mgmt company was recently retained.

Thursday, May 31, 2007 1:03:00 PM  
Anonymous Anonymous said...

Anyone ever buy those units along the street at Limerick? I know they're not Kara's problem anymore, but last time I saw them they were still up for sale. Wonder who got caught holding the bag on that flip?

Thursday, May 31, 2007 2:44:00 PM  
Anonymous Anonymous said...

Hey, good luck to all the Kara people, except for one. I hope the bum Karagjozi experiences nothing but bad luck & hardship forever. He had numerous chances to right some of his many wrongs, but he has elected to ignore those obligations and to only look out for himself. He's a spineless, worthless coward without even a shred of credibility as a businessman or as a person. I sincerely hope that his outrageous hubris and ego doesn't cost anyone else their money or their job again. His few remaining supporters might not want to hear it, but the consequences of his incompetence are still being felt by many, many people who did nothing to deserve it.

Friday, June 01, 2007 1:24:00 PM  
Anonymous Anonymous said...

Kara reaches deal with major creditor

Construction may resume at three Monmouth County sites
Posted by the Asbury Park Press on 06/2/07
BY MICHAEL L. DIAMOND
BUSINESS WRITER

Kara Homes Inc., trying to emerge from bankruptcy, has reached a settlement with one of its largest creditors, Amboy National Bank, in an agreement that, if approved, would set the stage for construction to resume at three Monmouth County developments.

The deal would save the deposits of home buyers who put thousands of dollars down and have been left in limbo since last fall.

Amboy has agreed to sell its debt at Kara at Crine West in Marlboro, Cottage Gate at Navesink in Middletown and Kara at Tradewinds in Sea Bright, according to papers filed late Friday in U.S. Bankruptcy Court.

"This was very important," said Kara attorney David Bruck. "It means all of the . . . lenders are on board with the case going forward."

East Brunswick-based Kara filed for Chapter 11 bankruptcy when the real-estate market began to slow down last October. It reported $350 million in assets and $227 million in liabilities.

Amboy was owed more than $50 million for loans it made to Kara to purchase land for six developments. The bank already had reached an agreement for three of the developments. For example, it may foreclose on one of the projects — Horizons at Birch Hill in Old Bridge — for which it loaned Kara $26 million.

And it had threatened to foreclose on the others, which would have cost home buyers in those developments thousands of dollars in deposits that couldn't be recouped. But an agreement detailed Friday said the two sides avoided that outcome.

Under the terms of the agreement:

Plainfield Specialty Holdings II Inc., a Greenwich, Conn.-based hedge fund and an investor in a newly reorganized Kara, would pay Amboy $7.2 million for 15 homes at Crine West that are under contract but not complete.

Plainfield also has an option to buy 32 empty lots on the property.

Plainfield would pay Amboy $2.5 million to build five unfinished homes that are under contract at Cottage Gate.

Amboy will sell its interest in Kara at Tradewinds for at least $1.6 million. That project has just one home under contract, which Kara would build.

A hearing on the settlement is scheduled for June 13.

Saturday, June 02, 2007 1:15:00 PM  
Anonymous Anonymous said...

Kara Homes??? Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha!

Saturday, June 02, 2007 3:24:00 PM  
Anonymous Anonymous said...

Looks like everyone is tired of Zudi's act, it doesn't even play at home anymore. All that worry & effort to save a company that won't even really be "his" anymore. Wouldn't it be ironic if Kara became profitable again while someone else was steering the ship?

Maybe he can crash in one of his empty sales trailers until things cool down on the home front. I'll bet it's awfully nerve wracking to know everything's in the wife's name. Pity, hope it doesn't affect his investment plans in any way.

You know what they say, better to have owned and run a business into the ground than to have never run a business into the ground at all. Ciao!

Sunday, June 03, 2007 12:55:00 AM  
Anonymous Anonymous said...

"Baby steps", oh how precious! Is that another clever & insightful "Zudi-ism"? Let's all give Kara a round of polite applause as a sign of respect for managing to do a few of the things a building company is supposed to be doing, like, for example, building & selling houses. At Kara Homes, merely doing your job is cause for great celebration and self-congratulation. It's so incredible that Kara Homes has overcome all the negativity from all those mean, nasty creditors. How can one little company be so brave?

Monday, June 04, 2007 3:11:00 PM  
Anonymous Anonymous said...

Bottom line. If Kara builds the houses people don't lose their deposits. Them building anything is a good thing. Stop slamming them and deal with the fact that every house that closes does two things. It puts more money in the fund for the creditors. It also, save another homeowners deposit.

Monday, June 04, 2007 5:35:00 PM  
Anonymous Anonymous said...

My oh my, such a benevolent (it means "nice") company. Always acting in the best interest of the buyers and creditors. Why, I bet that fund will be worth tens of dollars by the end of the year.

I'll quit bashing Zudi the day after the monument company delivers his headstone. He's a gutless bum & a crook. Too bad if his worshippers don't like hearing it. They guy cratered a lot of people financially & when you do that you can expect to make enemies.

Monday, June 04, 2007 7:00:00 PM  
Anonymous Anonymous said...

More shit shacks!! Can't wait!!

Monday, June 04, 2007 7:42:00 PM  
Anonymous Anonymous said...

The only thing you can use shit for is fertilizer. You bury it, out of sight, and only then is it useful for anything. Otherwise, it's just shit. It has to be disposed of properly, otherwise it's just a problem.

The analogy here is obvious. You can put makeup on a pig, but in the end it's still just a pig.

Wednesday, June 06, 2007 9:20:00 PM  
Anonymous Anonymous said...

First it was "every six months, we double". Now, it's "baby-steps". Apparently the philosophy changes based on how much or how little money is available to steal. The bum Karagjozi clearly has zero clue, but he is good at keeping himself surrounded by a gaggle of ass-kissers who keep convincing him that he knows what he's doing.

Saturday, June 09, 2007 1:38:00 PM  
Anonymous Anonymous said...

Why don't you guys get it... Zudi is out! He cannot fool the professional investors involved with this settlement (like he did all of us). They would not invest millions into this project if it required Zudi to continue to make decisions. He is a bumbling fool and it is obvious to everyone. So while I am happy to continue bashing Zudi, let's stop associating the new owners of Kara homes with Zudi, who owns just a minority interest. Anon 5:35 has it right. Fact is this is a reasonable profit opportunity for the investors, a reasonable out for the secured creditors and the best we unsecured creditors could hope for.

Monday, June 11, 2007 7:41:00 AM  
Anonymous Dude Manbro said...

I'm an unsecured creditor too, & what would have been best for me would have been to get the fucking money that Kara Homes owes me. Instead of that, I was given a sheet of paper by a person who is still very much employed by Kara Homes. I can pay my bills with pieces of paper, but only with the kind of paper that has certain numbers printed upon it.

Saturday, June 16, 2007 1:20:00 PM  
Anonymous Anonymous said...

If Zudi is really out, why is he going to work every day? The money they pay him could definitely go to better use. What department will he be running, the bragging & gloating dept?

Saturday, June 16, 2007 2:16:00 PM  
Blogger Dude Manbro said...

It's so nice to know that the bum Karagjozi is out on his ass. Time for the deadbeat to find a real job, or at least a new scam. Here's hoping his partners in crime get the boot as well.

Saturday, June 30, 2007 2:18:00 PM  
Blogger Curious ind said...

Dude Manpro
What proof do you have that Denise slept with these men?

Tuesday, September 04, 2007 9:29:00 PM  
Blogger Rajesh said...

That was an informative post.
Boise real estate

Tuesday, June 30, 2009 12:51:00 AM  

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