176,446 New Listings - March 2010 - Last update March 19, 2010 6:15 AM ESTForeclosures Compel C.C. Myers To File Bankruptcy
Foreclosures seem to have no respect for the bigwigs and have compelled C.C. Myers to file for personal bankruptcy. Anybody in the building and developing world of Sacramento has heard about the famous building contractor C.C. Myers. His investment in a residential project in Auburn has turned sour. With mounting losses he had no alternative but to file for bankruptcy.
Myers filed Chapter 7 bankruptcy in the US Bankruptcy Court of Sacramento. Nine months ago Wachovia Bank foreclosed upon Myers for financial difficulties related to Winchester Country Club. The latter was a resort type of residential project that Auburn had been building for many years.
Wachovia Bank alleges in the foreclosure suit filed in December 2007 that Myers had failed to repay a personal loan of $65 million that he had taken for this project. Myers said that in his life he had tackled many emergency projects by coming up with solutions. He added, “the clock is ticking, and we will find an answer here too.” In a recent statement speaking about the bankruptcy filing he said that it was not a choice he liked. It was a difficult decision that pained him and his family. Bankruptcy is not an easy matter to face up to. But this was the last alternative he had before him because of the colossal losses he was facing due to Winchester Country Club.
As per court records Wachovia took over a major portion of Winchester property in May 2008. This included the golf course, country club and 137 residential plots that had not been sold. Despite this the bank was still haranguing Myers for unpaid debts amounting to $40 million. In a press release Myers blamed the unprecedented condition of the market. He admitted to having failed in convincing the lender to allow refinancing of the mortgage contract. They continued with the foreclosure leaving Myers no other option but to file bankruptcy. It has left him devastated.
William Pahland Jr. the lawyer representing Wachovia declined to make any comments.
Myers who owns and runs Myers Rancho Cordova has just completed successfully a jumbo road project in downtown Sacramento. Myers has become a fable as regards speed and quality of work.
The matter of the bankruptcy filing was personal and had nothing to do with the construction company. Myers started the Winchester project in 1989. Of the 409 lots, 272 had been sold off.
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