Monday, August 4, 2008

WCI Communities Bankruptcy

chairman of WCI's board, said the filing was necessary because the Bonita Springs, Fla.-based developer's entire $1.8 billion debt may soon be in default. Icahn said this was confirmed when some holders of $125 million convertible notes insisted on being paid in cash in full on Tuesday.

WCI also dismissed Chief Executive Jerry L. Starkey and replaced him on an interim basis with David L. Fry.

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