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Home builder says it is bankrupt


Triton Group LLC, a Clive company that built homes in Iowa, Arkansas, Missouri and Nebraska, filed last week to liquidate its assets under federal bankruptcy laws.

The limited liability company listed assets of $203,029 and debts of slightly more than $2.8 million in the filing in U.S. Bankruptcy Court for the Southern District of Iowa in Des Moines.

Among its debts is a monthly lease payment of $10,172 owed under a 10-year lease with a company operated by Daniel Stanbrough, another developer who has wound up in bankruptcy court because of the weak economy.

In court documents, Triton said that “all development inventory, production inventory, finished inventory, and model inventory (valued at cost of $13,608,590.38 on debtor’s 2009 tax return) was subject to claims of secured creditors, and has already been surrendered or repossessed by those secured creditors.”

According to the filing, Triton had $1 million in income on receipts from townhome construction of $38.1 million in 2007. It lost nearly $1.2 million on receipts of $19.3 million in 2008, and it lost $3.1 million in 2009.

The company earned rental income in Nebraska and Iowa of $80,288 in 2008 and $279,715 last year, with part of the year-to-year gain attributable to sales, according to court records.

Triton also owes an unknown amount of federal taxes in addition to taxes that are due in Iowa, Arkansas and Nebraska, according to the bankruptcy filing.

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