Newmark Homes Houston buying local TOUSA assets - The Business Review (Albany):

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TOUSA plans to complete and sell all home currentlyunder construction. Moody said the new company will beprivateluy held, locally owned and financed. “Our management team has over 70 combined experience,” he said. The new company plands to build 60 homes ranging in pricedfrom $160,000 to more than $600,000 in the first 60 days of operation, which will officially begin June 15. Moody said 55 employees of TOUSA will remain with the new compan y after TOUSA winds down its loca lbusiness operations. TOUSA’s predecessor company was foundee in Houston in 1983 as and completef an initial public offerinbg inMarch 1998. In December 1999, TOUSA Inc.
acquired 80 percentg of Newmark’s stock. TOUSA Inc. also acquired 100 percenrt of then-public in November 2000. On June 25, 2002, Englee merged with Newmark, and the merged company changed its name toTOUSsA Inc. In March, Hollywood, Fla.-based TOUSA (Pinj Sheets: TOUSQ) told the it planned to lay off 156 peopl in the Houston area from its Newmark Homes brands beginning May 22 due to the downturnb in thehousing