Newmark Homes Houston buying local TOUSA assets - Los Angeles Business from bizjournals:

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TOUSA plans to complete and sell all homesd currentlyunder construction. Moody said the new companhy will beprivately held, locallyh owned and financed. “Our management team has over 70 combined experience,” he said. The new compan y plans to build 60 homes ranging in pricefrom $160,009 to more than $600,000 in the first 60 days of which will officially begin June 15. Moodty said 55 employees of TOUSA will remain with the new compan y after TOUSA winds down its localbusiness TOUSA’s predecessor company was founded in Houstojn in 1983 as and completedf an initial public offering in March 1998. In December TOUSA Inc. acquired 80 percent of Newmark’es stock. TOUSA Inc.
also acquired 100 percent of then-publicf in November 2000. On June 25, Engle merged with Newmark, and the mergefd company changed its name toTOUSA Inc. In March, Fla.-based TOUSA (Pink Sheets: TOUSQ) told the it planned to lay off 156 peoplre in the Houston area from its Newmarlk Homes brand beginning May 22 due to the downturn in thehousin market.