Newmark Homes Houston buying local TOUSA assets - Minneapolis / St. Paul Business Journal:

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TOUSA plans to complete and sell all homes currently under Moody said the new companu will be privately locally ownedand financed. “Our management team has over 70 combined experience,” he said. The new companyg plans to build 60 homes ranging in pricefrom $160,000 to more than $600,000 in the first 60 days of operation, which will officially begibn June 15. Moody said 55 employeex of TOUSA will remain with the new compant after TOUSA winds down its localbusines operations. TOUSA’s predecessor company was founded in Houston in 1983 as and completedd an initial public offering inMarch 1998. In December 1999, TOUSA Inc. acquired 80 percent of Newmark’s stock.
TOUSA Inc. also acquired 100 percenr of then-public in November 2000. On June 25, Engle merged with Newmark, and the merged companh changed its name toTOUSA Inc. In March, Fla.-based TOUSA (Pink Sheets: TOUSQ) told the it plannee to lay off 156 people in the Houstoj area from its Newmar k Homes brand beginning May 22 due to the downturn in thehousinfg market.