More news! THP holding press conference at 4 today! A Whole Lot Of Nothing!

[Tim Cf]

Chosen? They do not choose only go with the lowest bidder.
I was approached from THP back when there headquarters were across from Bergeys. Than again last year when they asked me to bid on flooring work.
I said no both times.
BUT, I have done rework on those properties and made a bundle from fixing bad workmanship.
I do feel sorry for those homeowners left in the lurch.
But again, how obvious was it!
taking money from one development to invest in the next.
Easy when they take 90 day's to pay there subs....

[Flux]

In the latter part of the 90's my father was approached to bid the Plumbing work for THP, as my father was already doing big developments for another builder.

My father declined, and I'm glad he did.

We have been approached by most of the big builders in the area, and we find most have "stuck" someone for money at one point in time.

**A piece of advice for those who will seek "New construction" again in their lives. Go to ANY Plumbing,Electrical or Building supply house, and ask those people at the counter, about the potential builder you wish to buy from. They will be able to tell you better than anyone else.**

The week before THP came out with this announcement, Weinstein supply told me THP stuck one Plumber so bad, that he was "cut off" from buying any more material from them.

I actually knew "THP was sticking contractors for money" but brushed it off, cause I know all builders do it. I didn't know the extent of it, until it was too late. I blame myself because I know better, and this is what you get when you try to "trust" someone.

[Mike F.]

Originally Posted by Tim Cf

Common sense. Or lack of it is what the subs and homeowners have if they looked at THP's fancy cars and thought nothing is wrong.
I was asked to sub for THP over 10 years ago and did not because something just did not look right with that company.
Think it was a feel good thing to see your builders name splashed all over the place. LOL, did it occur to anyone to think of where that money was coming from?
GEESE wake up and smell the coffee.
Bunch of sheep.............
Contractor of 26 years in the building industry, and yes, I will be doing business as usual tomorrow.............

"The subs".....I almost agree with you, but it was pretty complicated. Recently, we received a bid package from THP and the terms were as follows: "THP shall make every reasonable effort to pay subcontractor 120 days after acceptance of invoice." Even if we weren't aware of their reputation, we would have said no thanks.

However, some of those subs (for whatever reason) agreed to THP's terms and before they knew it, they were in deep. They continued doing work with the hope that they would get paid....and they did get some money in return for continuing to provide services. I think many of those contractors knew that if they stopped providing services, the payments would stop as well.

Tomorrow, we will be doing business as usual like you, but I still feel for the guys that got burned. Could of, should of, would of, but the bottom line is these guys did what they agreed to do and they got burned. Obviously, they could have/should have done their homework and made better decisions, but as a human being, I can't help but feel for them. Many folks have been effected by this, but some of those contractors will potentially lose their business', homes, etc.

As far as the homeowners....I couldn't disagree more. Not that it's a bad idea (and I'm sure many will in the future), but who do you know that checks the financial position of their prospective homebuilder? If the company isn't publicly traded, how much audited info. is available? Let's say I did look into THP...what would I have learned? What was public information prior to last week? Easy to be a Monday morning quarterback, but I don't think it's that simple.

[Flux]

Originally Posted by Mike F.

"As far as the homeowners....I couldn't disagree more. Not that it's a bad idea (and I'm sure many will in the future), but who do you know that checks the financial position of their prospective homebuilder? If the company isn't publicly traded, how much audited info. is available? Let's say I did look into THP...what would I have learned? What was public information prior to last week? Easy to be a Monday morning quarterback, but I don't think it's that simple.

Disagree 100% with this statement. Has nothing to do with THP being traded on the NSE. There are tools (County website/supply house/internet) at our finger tips to find out these types of things. Who do you know who gives LARGE amounts of money to a company or anyone, and doesn't do their homework on them? It's the consumers fault for not doing their homework, and to say " I don't think it's that simple" is furthest from the truth. That's a person talking who has no experience with the tools we as consumers have at our finger tips.
I would hate to make any investments with you.

But..

Gambone - Stewart Conti - Cutler etc. all have negative marks against their companies regarding bad pay and lawsuits. You won't find a BIG builder in S.E. Pennsylvania who hasn't stuck someone along the way. The problem is the system..not the people.

So who really is the Monday morning QB here? It is easy to throw stones at glass houses isn't it?

[Stacey Faux]

Originally Posted by Mike F.

"The subs".....I almost agree with you, but it was pretty complicated. Recently, we received a bid package from THP and the terms were as follows: "THP shall make every reasonable effort to pay subcontractor 120 days after acceptance of invoice." Even if we weren't aware of their reputation, we would have said no thanks.

However, some of those subs (for whatever reason) agreed to THP's terms and before they knew it, they were in deep. They continued doing work with the hope that they would get paid....and they did get some money in return for continuing to provide services. I think many of those contractors knew that if they stopped providing services, the payments would stop as well.

Tomorrow, we will be doing business as usual like you, but I still feel for the guys that got burned. Could of, should of, would of, but the bottom line is these guys did what they agreed to do and they got burned. Obviously, they could have/should have done their homework and made better decisions, but as a human being, I can't help but feel for them. Many folks have been effected by this, but some of those contractors will potentially lose their business', homes, etc.

As far as the homeowners....I couldn't disagree more. Not that it's a bad idea (and I'm sure many will in the future), but who do you know that checks the financial position of their prospective homebuilder? If the company isn't publicly traded, how much audited info. is available? Let's say I did look into THP...what would I have learned? What was public information prior to last week? Easy to be a Monday morning quarterback, but I don't think it's that simple.

I heard a horrible rumor, and I hope to god it isn't true. My husband "heard" through a co-worker (I believe that persons relative or friend) that someone signed their deed over to THP for a new home. Not only do they not have that new home, but THP then signed the deed over to a sub who they owed money too. Bad, bad, bad...

[Brian]

The worst part in all of this from what someone told me is that legally, these idiots have done nothing wrong. All the have done is act unethically and I hope that your info is wrong...Anyone going to call the I-team for CBS News or the Fox Investigators?

Don't know about you but I'm sick of the coverage of swine flu and would rather this situation be the leading story tonight if they are claiming bankruptcy.

[Disappointed]

THP has put hundreds of people in a state of disarray -- how can they not have done anything legally wrong? They've spent people's deposits - which I'll be very surprised to see if any of these deposits are ever given back tot the people they are owed to. Dave Wertz was supposed to call us back too ... never heard from him. But that doesn't surprise me in the least -- he didn't seem very honest when we met him. Even if they restructure, what bank is going to loan them money with all they owe to everyone? Look at what they've done to the to be homeowners left in the lurch, people who are living with temporary U&O's, and their employees.

[B_robert]

I haven't been an avid supporter of THP's business practices in the last week, but in reality, they have done nothing overtly wrong. Like many business, they got caught up in an overextension of what they thought they could versus the reality of economics.

That being said, however, I do believe that they could have handled this better....a least from the perspective of morality. You just don't smile and tell everyone that everythign is going according to plan one day, and the next, tell everyone that their future, livelihoods, and savings are on the line. There could have been a better way to do this. At the very least, maintaining radio silence has been maddening and unnecessary in my view.