OTHER NEWS - May 18, 1995

Bramalea of California Goes Bankrupt: The Newport Beach builder said it will liquidate its assets and go out of business, in one of the largest home builder bankruptcies in California history. The company’s demise came after its financial lifeline was cut by the collapse of its Canadian parent two weeks ago. Bramalea of California claimed $112 million in assets and $179 million in liabilities. Company officials said they hope to sell to current partners or lenders a total of 12 active developments and seven parcels of vacant land in Los Angeles, Orange and San Diego counties. The company has been profitable but lost its source of operating cash. Its bankruptcy attorney said its bankruptcy is not linked to either the weak Southern California housing market or the bankruptcy of the Orange County government.