Desert Sun Burns Employees
From the Oregonian:
As central Oregon’s long real estate gold rush gives way to a grim new era of falling prices and foreclosures, few companies have crashed to earth harder than Bend-based Desert Sun Development.The upstart operation, led by its intense 29-year-old founder, Tyler Fitzsimons, is under siege from lenders, suppliers and contractors who say they’ve been stiffed for millions of dollars.At its peak, Desert Sun employed more than 110 people. The company’s success enabled Fitzsimons to buy expensive toys, including a 2006 Ferrari 430 Spider, boasting a base ticket price in excess of $200,000.Desert Sun had no retirement plan, but it did offer the employee homeownership program, which its Web site likened to a 401(k).The plan seemed straightforward enough: Desert Sun would build a home for employees, taking care of design, materials and construction. Employees could buy the completed home from Desert Sun at cost and assume monthly mortgage payments, […]
Original post by noreply@blogger.com (Clint8200)
