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(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).
The company expects to take $150 million to $300 million in first-quarter pretax write-downs of land 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.
"We should adopt a whole Swansea approach and consider all land options".
And their book values will fall as they write off land options and suffer operating losses.
Short of abolishing dozens of divisions, overhead is sticky, and closing down subdivisions triggers write-offs on land options and lots in subdivision.
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A year ago, the company recorded $49.5 million in asset impairment and land option contract abandonment charges.
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.
At a hearing on aviation safety, Mr. Harten told the House Transportation and Infrastructure Committee how in the span of a little more than three minutes he had arranged for emergency landing options at La Guardia Airport, and then Teterboro Airport in New Jersey.
Depending on the landing options the final braking is achieved by thrusting engines or by parachutes.
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