Local Lennar Corp. executive Emile Haddad could be tapped to run a new company that would oversee the assets of LandSource Communities Development LLC if they are acquired out of bankruptcy by the Miami-based homebuilder and others, the Wall Street Journal reports.
Lennar is said to be negotiating with creditors of Miami-based LandSource to create a company that would acquire much of the LandSource’s assets out of bankruptcy, including the 12,000-acre Newhall Ranch north of Los Angeles, the Wall Street Journal reported Thursday night on its Web site.
Haddad, Lennar’s chief investment officer, would reportedly serve as chief executive of the new LandSource venture under the plan.
Haddad and Jon Jaffe, Lennar’s chief operating officer, run much of Lennar’s operations out of the company’s Aliso Viejo office.
The two are credited with masterminding many of Lennar’s big Orange County acquisitions earlier this decade, including the 2005 purchase of the former El Toro Marine base in Irvine.
Haddad would likely remain involved overseeing the development of the El Toro land and other big West Coast projects of Lennar, even with his new position, which could include a ownership stake in LandSource.
Lennar sold much of its interest in LandSource in early 2007 for about $700 million. Now it is proposing buying back the assets at a big discount, in a partnership with creditors owed close to $1 billion.
Restructuring of LandSource is now being overseen by two other OC locals, Lawrence “Larry” Webb and Timothy Hogan, who are operating under the Costa Mesa-based HoganWebb LLC name.
