Home builder WCI Communities files for bankruptcy

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Breaking news from the Associated Press: ‘Carl Icahn’s WCI Communities became the latest casualty of the housing market crisis Monday, filing for Chapter 11 bankruptcy protection after the home builder failed to get additional financing in the face of massive losses.’

More: ‘Icahn, 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.’

More to come...

-- Peter Viles