A small North Texas custom homebuilder is trying to recover from runaway costs during the Covid-19 pandemic and a judgment of more than half a million dollars that it's struggling to pay, the Dallas Business Journal reported. Argyle, Texas-based Noble Classic Homes Inc. filed on Feb. 26 for chapter 11 protection in the Eastern District of Texas. The company listed almost $632,000 in assets and about $630,000 in debt tied to a judgment for a 2022 construction-leak lawsuit in Denton County court. "We have constructed an estimated 800 custom homes over the past 23 years and never once experienced something like this," Noble President John Michaels wrote in a letter attached to the bankruptcy filing. The same couple who filed the 2022 lawsuit also sued Noble for allegedly making fraudulent transfers to other entities, according to court documents. In the bankruptcy filing, Noble reported $16.7 million in revenue from home sales in 2023 through affiliate company Noble Classic Management LLC but only about $94,000 in profit.
