Homebuilder files for Chapter 11
Bankrupt companies affiliated with PCS Homes of Millersville
The struggling housing market appears to have claimed another victim, a Millersville homebuilder who has filed for Chapter 11 bankruptcy protection on behalf of seven affiliated businesses.
James W. Thomasson Jr. is listed as president of the companies that filed the documents Friday in the Maryland district of U.S. Bankruptcy Court. Thomasson also is listed as president of PCS Homes of Millersville, according to that company's website. The family-owned company has built thousands of homes in Maryland, Delaware and North Carolina, according to company information.
The filing entities are MD Homes, Tidewater Land, Acorn Land and First Development Group, all of Millersville; FPD of Prince Frederick; and NC Homes and Breezewood Homes, both of Raleigh, N.C. The companies list from 100 to 199 creditors, with six listing both estimated assets and debts of $1 million to $10 million. First Development Group reports debts and assets of $10 million to $50 million.
Acorn Land and First Development Group are listed as participants in the Builder/Developer Incentive Program with the Maryland Mortgage Program. The program is designed to help expand affordable home ownership opportunities through a match program with the state, according to the program's website.
Among the largest creditors listed in the filings is Rocker's, a building contractor in Sparrows Point, with a claim of $414,479. Other creditors include plumbing, electrical and carpeting companies.
The creditors are in Maryland, North Carolina, Pennsylvania, New York, Georgia, Michigan and Illinois, according to court documents.
Thomasson did not immediately return a phone message and e-mail seeking comment on Tuesday. He is being represented by Irving E. Walker of Baltimore law firm Cole, Schotz, Meisel, Forman & Leonard, who also did not immediately return requests for comment.