REAL ESTATE

Bond Report: In the wake of the legal proceedings at Baldwin, Amin Arjomand, a distressed real estate analyst with Dabney Resnick Inc. in Beverly Hills, a securities firm that specializes in junk bonds, is preparing a report for its clients on the quality of the $155-million bonds that Baldwin sold.

He has found the company is more leveraged than other regional home builders, and said that at current trading levels the Baldwin notes are trading at higher levels than might be expected.

“There appears to be a significant downside risk for new buyers,” he said in the report. “In addition, on a qualitative basis, the loss of key senior management, current legal proceedings and potential conflicts of interest at the affiliate level, pose hidden risks to current bondholders.”