Rumson resident Zuhdi Karagjozi, founder of Kara Homes, has been bounced from the company as part of a reorganization plan, the Asbury Park Press reports today.

The name of the company has also been de-Kara-ed. It will now be called Maplewood Homebuilders LLC.

Stepping into the lead role at the attered homebuilder is Glen Fishman of Lakewood, who with his brother, Larry, is up to his rafters in overseeing the redevelopment of the ocean district in Asbury Park, the Press reports, citing documents filed in federal bankruptcy court.

Also involved with an ownership stake is Plainfield Specialty Holdings II, a Greenwich, Conn.-based hedge fund, the Press says.

Kara sought bankruptcy protection from creditors last October, a victim of the slumping real estate market, sticking dozens if not hundreds of homebuyers with unfinished new homes or frozen deposits.

From the story:

If approved, the plan could turn into a bitter end of the story for Karagjozi, a Rumson
resident who started Kara in 1999 and turned it into the nation’s fastest-growing home builder within three years.

The emerging company would consist of 11 developments with 471 homes. But the plan’s success depends on lenders to provide $115 million over two to four years to complete the developments, the documents said.

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