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Examples
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He reaped high double-digit returns during the last round of bankruptcies with investments in Tousa Inc. and LyondellBasell Industries AF, among others, but has struggled more recently with big bets on Tribune Co. and MBIA .
Aurelius Wages Legal Attack on Energy Future Holdings Naureen Malik 2011
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Tousa believed it was insulated from that debt, but was forced to take much of it onto its books.
Builders Face a Desert Reckoning Robbie Whelan 2011
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The auction for the Tousa lots likely will begin in August.
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Tousa has been operating under bankruptcy protection.
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Tousa Chief Executive Antonio Mon said the Hollywood, Fla., company has already reached a restructuring pact with more than half of its senior bondholders that would trade their debt for the reorganized company's new common stock.
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Mr. Mon said Tousa hopes to complete its Chapter 11 case in about seven months under the restructuring agreement it has inked with more than half of its senior bondholders.
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Tousa argued it wasn't liable for much of the debt.
'Savvy' Ventures 2008
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Tousa plans to remain in business and complete a restructuring with little impact on customers and vendors.
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Tousa, which has secured a $150 million debtor-in-possession loan from Citigroup Global Markets Inc., will seek approval from the bankruptcy court to sell homes in the ordinary course of business and to honor customer programs, including an insured warranty program.
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Tousa, which operates in Florida, the mid-Atlantic, Texas and the West, markets homes under the Engle Homes, Newmark Homes, Fedrick, Harris Estate Homes and Trophy Homes brands.
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