Newmark Homes Houston buying local TOUSA assets - Atlanta Business Chronicle:

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TOUSA plans to complete and sell all homes currentlytunder construction. Moody said the new company will beprivateluy held, locally owned and financed. “Oufr management team has over 70 combined experience,” he said. The new company plans to build 60 homexs ranging in pricefrom $160,00p0 to more than $600,000 in the firsrt 60 days of which will officially begin June 15. Moodu said 55 employees of TOUSA will remainh with the new company after TOUSA winds down its locakbusiness operations. TOUSA’s predecessor company was foundefd in Houston in 1983 as and completerd an initial public offering inMarch 1998. In Decembee 1999, TOUSA Inc.
acquired 80 percent of Newmark’s stock. TOUSzA Inc. also acquired 100 percent of then-public in Novembee 2000. On June 25, 2002, Engl merged with Newmark, and the merged company changedx its name toTOUSA Inc. In March, Fla.-based TOUSA (Pink Sheets: TOUSQ) told the it planned to lay off 156 peoplwe in the Houston area from its Newmark Homesz brand beginning May 22 due to the downturn in the housing market.