Complaint Review: Jim Walter Homes / Jim Walter Industries

My father purchased a home from Jim Walter Homes in December 2004. He is in Port Charlotte, Florida, and like many others, his home was destroyed in Hurricane Charlie. We've been following the postings on this website off and on for the past year, but this is my first posting. My dad's story is pretty much the same as many of the others I've been reading about and hearing about on the news -- lots of money given to Jim Walter Homes (downpayment in Dec 04), but not much more than footings in the ground.

A January 27, 2006, ValueLine report [available at most public libraries] for Jim Walter Industries indicates Jim Walter Industries plans to spin-off their Home Division early this year. This would in fact SHIELD Jim Walter Industries and their stock holders from any losses if/when Jim Walter Homes declares bankruptcy. It's March 19th, and I'm not sure if this spinoff has happened yet -- but you can be sure this won't be good for my father or any of the rest of you in the same boat.

My father predicted this would happen several months ago (even before that January 27th ValueLine Report) and he contacted the SEC about the situation -- hoping they would PREVENT Jim Walter Industries from allowing the spinoff of the Home Division. Unfortunately, the SEC did not respond. My dad has also been in contact with the Florida Department of Business & Professional Regulation. He has a case # with them, but again, not much going on.

All this to say, it's no wonder Jim Walter Homes hasn't been working on homes, nor paying their contractors, nor returning phone calls. (We just came across this Value Line Report this weekend -- hence, I wanted to share with all.) Once Jim Walter Homes declares bankruptcy [no doubt in the cards], the contractors will come after us to get their money and leins will be placed on our properties.

Peggy
Port Charlotte, Florida
U.S.A.