Another Merry Christmas From Champion Enterprises
This entry was posted on 12/23/2008 2:04 PM and is filed under Modular Home Buyer's Guide.
The most recent comment, shown below, does not come as much of a surprise.
"i have heard over and over during my almost 3 yrs of fighting champion to make good on my home...that now they may be facing bankruptcy due to the economy.......they created their own demise primarily due to lack of quality and commitment to a product they recklessly put out on the market. we the consumer who's only mistake is that we just want a quality home for our children and believed their idle lies...i have been living a nighmare with electrical and water damage"
Champion's bankruptcy, should it occur, would be a fitting ending to a company that has done little right and a lot wrong. For those of us who purchased from Champion Genesis Redman Modular Homes and have spent years trying to get them to fix or repair the most obvious construction defects to no avail, it would bring some sort of closure. At least we would not be wasting time and expecting Champion to step up and do the right thing!
One look at where Champion's stock closed on Friday 12/19/2008 tells the whole story: $0.57/share
This is the nations largest modular and manufactured home builder and their stock is trading at $0.57 a share. Yes the economy plays a part, but not as much as bad management and bad home building! Champion's competitors who build quality modular homes and back them with customer service are not seeing their stock tumble to $0.57 a share.
Champion Enterprises, Inc. received notification from the New York Stock Exchange that the Company is not in compliance with the exchange's continued listing standard under section 802.01C of the NYSE Listed Company Manual because the average closing share price of Champion's common stock for a consecutive 30 trading-day period fell below $1.00. Champion has notified the NYSE that it intends to cure the deficiency.
The Company has a period of six months from the date it received the notification by the end of which it must attain a minimum share price and consecutive 30 trading-day average share price of $1.00. During the cure period, subject to compliance with other applicable NYSE continued listing requirements, the Company's common stock will continue to be listed on the NYSE under the symbol "CHB" with the addition of ".BC" to indicate that the Company is not currently in compliance with the exchange's continued listing standards.
It may well be too late for those of us who have purchased from Champion and still wait expecting them to do the right thing and fix our homes. However, for those of you who are just now starting to look at modular home manufacturers, it is not to late to cross Champion Genesis Redman Modular Homes off your list. For people shopping for a modular home, Champion's bankruptcy would be a blessing! 
