On July 17, a week before it asked the courts to liquidate its assets through Chapter 7 bankruptcy, the owners of defunct Smith Family Homes set up a new company called Monarch Homebuilders.
But some customers of Smith Family aren't happy about the hasty return to the market of businessmen who left their former company $10-million to $50-million in the hole. Officers in the new venture include former Smith Family chief Ronald G. Smith and his sons Scott and Marcus.
Smith Family's demise left dozens of contractors and suppliers unpaid. Home buying customers have received some of the bills. The company has also struggled to pay more than $1-million in property taxes on unsold homes and lots.