Word: lennar
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Dates: during 1990-1999
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...suggesting that Miller's home building company, Lennar Corp., builds substandard housing, Ms. Carrier mentions the damage suffered by some Lennar homes in the wake of Hurricane Andrew's destruction in 1992. But although Ms. Carrier mentions lawsuits filed against the company as an indicator of some new-found public distrust of Lennar, she conveniently leaves out the fact that prosecutors who investigated Lennar exonerated the company of all criminal wrongdoing. In fact, investigators concluded that Lennar's homes were all built up to code, and that most of the weaknesses exposed by Andrew were the result of practices sanctioned...
Buying from the RTC has allowed Lennar to pickup assets at bargain-basement prices...
Along with the investment firm Morgan Stanley,which raised an $800 million "vulture" realtyfund, Lennar acquired the assets of Ameri-FirstBank, appraised at $900 million, for about halftheir actual value...
...partnership with Westinghouse Electric Corp.and Lehman Brothers put Lennar in control of $3billion worth of assets for about half of theirvalue, as well...
These, as well as other investments, haveenabled Lennar to profit while other firms havesuffered, and have earned Miller admiration fromindustry onlookers...