Kennedy Homes has pulled out of Coal City where it was building Richard's Crossing subdivision. The home builder which ran billboards and signs boasting "Big Homes- Less Money" for nearly two years in the Coal City area has left....hardly to be heard from.
Kennedy Homes, which generated $214 million in sales in 2006 and was the area's 11th largest home builder, according to Crain's Chicago Business, would join Warrenville-based Neumann Homes on the bankruptcy circuit but has filed suit against some of the Chicago-area's top banks. It seeks $100 million in damages and the rest in punitive compensation. The suit contends the banks made credit deals with Kennedy Homes that gave it more than it should have received. The banks then called in the loans during the current U.S. housing downturn and credit crunch, the suit alleges, which "resulted in its insolvency." Kennedy Homes last month laid off a majority of its employees.