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A year ago, the company recorded $49.5 million in asset impairment and land option contract abandonment charges.
Mrs. Clinton threw out the files just as her old clients, Mr. Ward and Mr. McDougal, were about to wage a legal battle over the spoils of Castle Grande in which the land option she had drafted was a central issue.
The losses in the second quarter included pretax, non-cash charges of $176.5 million for inventory and joint venture impairments and the abandonment of certain land option contracts, and $24.6 million for goodwill impairment.
The Tasty Baking land option reportedly would not include a nearby facility for its Tastykake brand, but some fear the real-estate deal might be the harbinger of the bakery firm fleeing the city — and taking hundreds of jobs with it.
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The company expects to take $150 million to $300 million in first-quarter pretax write-downs of land and land options.
(Mr. Singleton said the company had no new projects planned beyond those three that meet the criteria of having secured both financing and land options).
Toll Brothers, based in Horsham, Pa., said it was taking pretax write-downs of $125 million to $175 million in the quarter on homes it could not sell for a profit, as well as on land options that the company was abandoning.
And their book values will fall as they write off land options and suffer operating losses.
"We should adopt a whole Swansea approach and consider all land options".
Short of abolishing dozens of divisions, overhead is sticky, and closing down subdivisions triggers write-offs on land options and lots in subdivision.
While Hyperion was quietly buying up land options, he stopped by Elk Point's county building and, without identifying himself, picked up meetings minutes and maps.
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