The downfall of the father-and-son team behind Perry Builders continues.
Don Perry, who along with his son, Ryan, once had a presence in more than a dozen Triangle subdivisions, has filed for Chapter 11 Bankruptcy.
The Perrys land development company, R & D Development, also filed for bankruptcy last month.
At the peak of the housing boom, Perry Builders was constructing hundreds of homes each year, many of them in eastern Wake County.
But when the housing market slumped the company--like a number of home builders--got caught owning lots of land and new homes it couldn't sell.
Lenders have been foreclosing on Perry Builder lots and houses over the last year.
Don Perry's bankruptcy filing lists assets of between $1 million and $10 million and liabilities of between $10 million and $50 million.
Listed among Don Perry's largest creditors are a host of different banks, including Wachovia, SunTrust, Crescent State Bank, BB&T, Bank of America, Cornerstone Bank and Paragon Commercial Bank.
The banks are owed nearly $30 million, according the filing.
Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or
Comments
Job Search Site
Tue, 06/15/2010 - 17:07 — jimmyg777http://www.job.com - here's the link to search for a job
Tough Times - Find Work
Tue, 06/15/2010 - 17:06 — jimmyg777Times are tough - sometimes the best thing to do is just get a job and keep the business stuff on low heat - when things improve, then quit the job and go back to the business - been there!
Good place to look for a job is <a href="http://www.job.com">Job.com</a>