“Currently, we don't have any impairment and I think we're in full compliance both on Technical Olympic USA's credit facilities and public debt and in all our joint venture borrowings. … Presently, we're in full compliance. So, it's hard to anticipate what the future will hold.”

–Tony Mon, August 8

“Our Transeastern joint venture … transaction was structured to generate deliveries between 3,000 and 4,000 homes on an annual basis. Clearly, in today's world that's not going to happen so we are actively engaged with out banks to renegotiate the capital structure to restructure it to match it to the market. … That is something I have to resolve in the next couple months. We have not had any capital holds or any requests for additional equity.” –Tony Mon, September 11

“Currently the [joint] venture's revised sales and delivery projections are not adequate to support the existing capital structure. The joint venture is exploring options to provide sufficient liquidity, including requesting waivers from its lenders regarding potential defaults and permitting future advances under the revolving credit facility, and restructuring land bank obligations. At this time, the joint venture partners do not intend to contribute capital under the existing capital structure.”

–Tommy McAden, September 27