Posts Tagged ‘Skyline Homes’

Skyline – Champion Merger Suit, Real ‘Class Action,’ or “Ambulance Chaser” Legal Shakedown?

March 10th, 2018 Comments off



Monteverde & Associates PC are headquartered in the Empire State Building in New York City, NY. Their press release and  engagement letter says they have thoroughly investigated the Skyline Homes (SKY) and Champion Homes merger/acquisition.


Per Monteverde press release, they are investigating “potential securities laws violations and/or breaches of fiduciary duties in connection with the Share Contribution & Exchange Agreement with Champion Enterprises Holdings, LLC for its factory-built housing company (the “Exchange Agreement”).”


Skyline Stockholder Reacts

Kevin Sowers with Aplomb Capital is a Skyline stockholder.

He is also a fierce critic of Skyline’s management. In that light, it’s worth noting that Sowers is dismissive of this legal action.

To understand Sowers’ deep interest in the issue, he researched and published information provided to MHProNews in 2017 about his concerns over Skyline. He’s also, per sources, engaged others – including fellow Skyline shareholders – in an effort to get Skyline Corporation to do a turnaround and/or merge with anyone that, in Sowers’ view, could advance Skyline.


Sample pages from Aplomb’s presentation of concerns over Skyline Corp’s management and BOD.


As Sowers described his desire to MHProNews last year as, an institutional shareholder trying to force the company to make some changes. Presumably, the competitors, dealers, community operators would have some interest,” in his research and views as a SKY stock holder.

That research by Sowers’ Aplomb, is linked here as a download.  It’s interesting to note that Sowers’ 49 page presentation opens with a Warren Buffett quote.

A Skyline management reacted off-the-record to the Apolmb concerns at that time with, I understand his frustration if he bought in as the stock was raising dramatically last year.  He also knows that I can only tell him things that are already in the public domain and the things he wants to know I can’t tell him for risk of violating SEC Reg FD.”

That Skyline source added, “Is he asking you to publish this in your newsletter?  I am available to these guys whenever they call, there just isn’t much we can tell them that we haven’t publicly disclose[d].”

MHProNews did not publish Sowers research at that time, and takes no editorial position on the issues raised in this report.


All told, Kevin Sowers power point contains some 49 pages, including references to their source materials for his research. To download the entire presentation, click here.


“Ambulance Chaser”

Sowers tells the Daily Business News that Monteverde’s announcement “is nothing but an ambulance chaser looking for some money.”

Sowers says you can pull up any merger/buyout between two companies and you’ll “see a handful of lawsuits filed.”

Sowers says “the hope [of the suit] is that the companies will pay off the law firms to go away.”  He cites examples outside of manufactured housing. “BBRG…it’s a restaurant, was bought this morning, already a few law firms have filed suit “the company wronged shareholders by selling too cheaply.” “ESRX…same thing…lawsuits…par for the course.”

Perhaps due to non-disclosure agreements, Skyline and Champion management which were contacted for this report, have not yet commented on the allegations being raised by Monteverde.


The NYC “Super Lawyers”

In their release, the Empire State based firm touts its credentials in the following fashion.

Monteverde & Associates PC is a national class action securities and consumer litigation law firm that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing.  Monteverde & Associates PC lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct.  Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field.  He has also been selected by Martindale-Hubbell as a 2017 Top Rated Lawyer.”

Their standard engagement letter was provided to MHProNews, and is available as a download, linked here.

Per their engagement letter, the handle such cases on contingency, which suggests both confidence and expertise, in many situations.


Shareholder View

I’m very bulled up on the merger,” Sowers’ said in a recent email to MHProNews. “Skyline management was garbage and company was too small to compete. Now the employees and shareholders win as you get a legitimate #2 player. [T]he cost savings are going to be better than they have laid out…plus all the inflation in lumber and labor act as a price umbrella since it hurts site built more than MH.”

Industry readers and investors should note that Skyline and Champion both have solid Better Business Bureau (BBB) ratings.

The announcement of the class action investigation appeared to have no noteworthy impact on Skyline stocks, which ticked up both Thursday and Friday.  Yesterday’s closing numbers, are linked as part of the broader markets report, linked here.

Cases such as this often disappear from the news, because a settlement is reached, and non-discloses are signed, according to guidance from legal experts tell MHProNews. But if more hits the wires or added insights are learned, this story may be updated. Stay tuned.

We Provide, You Decide.” © ## (News, analysis, and commentary.)


Skyline Corp, Champion Homebuilders Conference Call Presentation Facts, Figures, Forward-Looking Statements, Planned Merger Detail$

What’s Happened Since the Skyline (SKY) Champion Homes Deal Was Announced? Plus MH Market Update$

Skyline and Champion 30 Day Snapshot, Plus Manufactured Housing Market UPdate$

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State Association Tips Heat Up Ducker Worldwide Controversies, Manufactured Housing Industry Report

February 19th, 2018 Comments off

Photo credits, Ducker Worldwide, and AHA.

Christopher C. Fisher, managing principal of Ducker Worldwide, spoke at length…about marketing possibilities for the manufactured housing industry. His company has undertaken an extensive study of what millennials and baby boomers need and how the industry can attract those customers,” according to a state association source to MHProNews.


He [Fisher] went through an extensive array of finding and statistics, saying our industry is in line to attract 2.7 millennials and nearly 1 million baby boomers. The boomers want to downsize to a smaller home with a single floor and a reduced payment,” per that source to the Daily Business News.

Both groups [millennials, boomers] want homes that includes garages, energy efficiency and have pitched roofs. Upgraded exteriors also are important. “They would find value and pay for an attached garage,” Fisher said. “The current product does not close the gap on what we want to do.”


Thewe” from Fisher here refers to the Manufactured Housing Institute (MHI), who funded the research.  Those top lines are rather similar to what Barry Noffsinger said in a 16 minute video seminar, shown below.

But Credit Human’s Noffsinger – an MHI member company – did not make Fisher’s final caveat,  “The current product does not close the gap on what we want to do,” why?  Perhaps because Noffsinger and others know manufactured home retailers and communities that are already closing sales using HUD Code manufactured homes sold prior to the MHI paid for research.



What the industry needs to do is secure better regulatory standards; establish and improve financial alternatives; translate new exterior and other change concepts being proposed by industry leaders into common industry offers; and find a way to get this new product to market,” said Fisher to MHI meeting attendees.

It’s a problematic close to a presentation, according to another now-former MHI member who still does business with MHI companies. Per that source, there was no stunning new revelation, much of the material the Ducker presentation was covered by other third party research. And for them to essential sa there was no plan i.e.: Fisher’s “and find a way to get this new product to market,” was revealing.

A MHEC member has blasted the plan and raised red flags for independent producers and others, see that, linked below.

Secretive “NEW” Class of Manufactured Housing Raises Serious Concerns

Louisville Show attendees recall that Jennison cancelled that presentation “at the last minute” per a source with Show Ways, after MHProNews encouraged industry members at Louisville to ask Jennison 12 questions.  The photo below revealed that Jennison was on the show floor at the time his scheduled presentation was supposed to take place.


As another association executive said, if they wanted to publicize their Ducker plan, why doesn’t MHI take every opportunity – including engagement with MHProNews to – do so?

The AHA take On MHI Ducker Plan

Suzanne Felber

Suzanne Felber, AHA.

American Housing Advocates (AHA) was founded by Suzanne Felber and Bruce Savage, according to their own website.

Felber is well known as an “MHI surrogate,” who happily promotes whatever’s the MHI party line is. Felber and her partner reportedly do contrast work for MHI, and for some MHI member producers too.


AHA said that the Ducker initiative, “will research underserved areas that can be vital to the growth of the industry: millennials, immigrants, and step-down baby boomers.

MHI stated that the initiative would be led by the following industry leaders:


Keith Anderson, President of Champion Home Builders”

Kevin Clayton, President and CEO of Clayton Homes

Jayar Daily, Chief Operations Officer of American Homestar Corporation

Richard Florea, CEO and President of Skyline Corporation

Joe Stegmayer, Chairman & CEO of Cavco Industries

Dick Jennison, President & CEO of MHI

Christopher C. Fisher, Managing Principal of Ducker Worldwide


Private “Club” within MHI?

According to a source at Skyline Homes, Florea had to ask if he could “join their club” meaning the producers who are part of this MHI-Ducker Worldwide so-called  “initiative,” which apparently leaves most other industry producers out in the cold, if this plan is advanced with regulators at HUD, or with the GSEs. Thus the concerns by the Manufactured Housing Association for Regulatory Reform (MHARR).


Marty Lavin, JD.

Daily Business News readers recall how MHI award winner, Marty Lavin torched the MHI initiative, as it failed to address underlying issues that caused the industry’s relatively low production levels.

The Question for Industry Professionals?

The question for Industry professionals is this. What has MHI accomplished since Richard “Dick” Jennison become president and CEO that merits confidence? Where are other successes, that back up the reason to be confident in this project?

Or is this another dead-end/head fake which would lead to more companies. Including rival producers, to be put out of business?

Another state association source said, ‘We’ve hired outside [of the industry] consultants like them [Ducker Worldwide] before too,’ said that source to the Daily Business News. And ‘we learned the hard way it was costly, and they always told you what those paying for the study wanted to hear.’

As one source said, so those that failed to:

  • head of the SAFE Act,
  • or modify Dodd-Frank,
  • or stop Pam Danner’s overreaches at HUD,
  • or who routinely fail to address bad news when it hits the media,

are now to be trusted to fix the industry’s relatively low production levels with a plan led by the same people who allowed these challenges to occur in the first place?

We Provide, You Decide.” © ## (News, analysis, and commentary.)


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SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for

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“I’m tired…” – Terry Decio, Skyline Homes, on Manufactured Housing

January 2nd, 2018 Comments off

TerryDecioVicePresidentSalesMarketingSkylineHomesDailyBuisnessNewsMHProNewsI’m tired of being the best kept secret. I’m ready to help house America.” – Terry Decio, Skyline Homes, to MHLivingNews.

Terry Decio’s energetic video comment is a statement that leads to questions.

Why is manufactured housing the best kept secret in America?

The answer to that question isn’t an easy one.  

That ‘it’s not easy’ is just fine for those who want “the secret” about manufactured homes to be kept.

There are – for now – reasons why some want that secret, kept secret, who may in the foreseeable future be willing to unleash manufactured homes.  

The answer to this pivotal issue is worth millions in local hundreds of local markets, and multiple-billions nationally.

A range of professionals are cited, and linked documents provided, in examining the implied question, including more thoughts from Skyline’s Decio.

Terry Decio, Skyline Homes, “The Secret” – The Rest of the Story

A new, in-depth report examines that issue.  It’s found at the link above. ## (News, analysis, commentary.)

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Sunday Morning Weekly Recap Manufactured Housing Industry News August 20th to August 27th, 2017

August 27th, 2017 Comments off

Week of Aug 13 to Aug 20, 2017.

Our new August issueOur theme for this month: Awful, Awesome August 2017 in MHVille

featured articles will be available on the home page. Our May theme will be available mid-week this week.

 To see the line-up of over 2-dozen featured articles for this month, along with the headline commentary, please click the link above.

Manufactured, modular and prefabricated home professionals know that how a home got to its location should not define a person or their dwelling.

What the Daily Business News spotlights day-by-day are the tragedies, triumphs and struggles for acceptance of the obvious solution for millions for the growing affordable housing crisis in the U.S. and beyond.


When you read the lineup for the month found on the home page, you can reflect on another motto as you chart your own professional path ahead: “We Provide, You Decide.”  ©


What’s New On MHLivingNews

Plastic Housing? The Amazing Story of Futuristic Micro-PreFab Homes, Video

$2 Million Houses – How do they stack up to buying a new Manufactured Home?

August 26th, 2017


Featured image credits, MHProNews/Pixabay.


August 25th, 2017


Original photo credit, Pixabay, text and collage credit,

August 24th, 2017


August 23rd, 2017

WhyCavcoBought LexingtonHomesPerJoeStegmayerManufacturedHousingIndustryResearchReportsDataStocksMarketsDailyBusinessNewsMHProNews

August 22nd, 2017


Still from Inside MH video, credits, ManufacturedHomes,

August 21st, 2017


August 21st, 2017


Leading by Example in Digital Home Shopping Experience

January 17th, 2017 Comments off

Skyline Homes logo and images are shown here under fair use guidelines. Text and collage credits,

A new report notes that Skyline Homes is joining the ranks of those leading-the-charge in manufactured housing by providing a rich, multi-media shopping experience for new home seekers.

The report on MHLivingNews cites research by Contactually and the National Association of Realtors – underscoring how Sunshine Homes, Clayton Homes and now Skyline Homes are listening to the marketplace – by providing what today’s savvy home buyers demand.

To see the new Leading by Example in the Digital Home Shopping Experience report, please click here. ##

(Image credits are as shown above.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News on

(Editor’s Note: MHProNews/MHLivingNews and the Kovach family will be at Booth #221 at the Louisville Show.)

MMHA “Show Within a Show” Delivers Results

November 2nd, 2016 Comments off

Novi Home Show. Credit: MMHA.

The Novi Home Show took place October 14th-16th in Novi, Michigan and featured six different manufactured home models, courtesy of the Michigan Manufactured Housing Association (MMHA) as a part of the Suburban Collection Showplace.

Billed as “a show within a show,” nearly 5000 people had a chance to tour models from Skyline Homes, Champion Home Builders and Clayton Homes over a three-day period.

The success experienced at the MMHA Home Showcase demonstrates the increasing awareness and interest of manufactured homes,” said MMHA director Darren Ing. “While it has been a while since the association coordinated such an event as the MMHA Home Showcase, it won’t be the last.

According to the MMHA, the association worked closely with manufacturers, retailers and communities to coordinate the arrival and setup of the home showcase.

Skyline, Champion and Clayton had a variety of homes on display, including Champion’s Athens Park model home, coming in at 400 square feet.


Champion Homebuilders Tiny Park Model. Credit: Champion Homebuilders, Marketwire.

The Novi Home Show is an excellent venue to showcase the beauty and affordability of the homes,” said MMHA member Jerry Ruggirello, of AJR Development. “Team members and representatives from manufacturers, communities and retailers were on site to answer questions and give tours.

The MMHA is dedicated to sharing the benefits of manufactured and modular home living with the pubic and improving the image of manufactured housing.

MHLivingNews featured the Novi Home Show last month. That story is here. ##

(Image credits are as shown above.)


RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Skyline Announces Q1 2017 Results

October 15th, 2016 Comments off

Image collage and text by MHProNews, individual image credits are those of Skyline Homes, and are used here under fair use guidelines.

Skyline Corporation (NYSE:SKY), one of the larger and oldest independent producers of HUD Code manufactured homes, announced its results for Quarter 1 2017 this week.

The company reported net sales from continuing operations of $61,176,000, states their official report. That includes an increase of approximately 26% over net sales of $48,742,000 from continuing operations over the same quarter one year ago.

Additionally, they reported income from continuing operations of $744,000, as compared to a loss of $895,000 from continuing operations in the first quarter of fiscal 2016 – over a $1.5-million-dollar positive swing.


Skyline Homes produces park model, modular homes and manufactured homes that are built to the federally preemptive standards of the HUD Code for manufactured housing. This stands in stark contrast to the mobile homes of yesteryear, to learn more, click here.

Skyline reported no income or loss from discontinued operations as compared to income of $61,000 from discontinued operations in the first quarter of fiscal 2016, and net income of $744,000 or $0.09 per share as compared to a net loss of $834,000 or $0.10 per share in the first quarter of fiscal 2016.



A park model home by Skyline Homes. Park models are being used by some retailers and producers to target the ‘tiny house’ movement. These homes – depending on their size and configuration – may be built to the ANSI or HUD Code, so have advantages over tiny houses, which may be built to no code at all.



Photo collage by MHProNews, original Rich Florea photo credit, LinkedIn. Skyline logo is their intellectual property, and is used here under fair use guidelines.

Our continued focus on growing sales and improving margins through disciplined operations generated favorable year-over-year results in the quarter,” commented President and Chief Executive Officer, Richard Florea.

While we are pleased with the progress we are making, we are committed to capitalizing on the opportunities we have.

Seeking Alpha and others have tracked their results, as has the Daily Business News.  MHProNews manufactured housing market report readers are already aware from our Daily Business News coverage that Skyline’s activity has yielded a 278% stock price increase YTD and the company’s stock price hitting a 52-week high.

That performance has drawn positive interest from hedge funds and private equity investors, see the links above.


Skyline modular home, photo credit Skyline.  As factory-built housing industry professionals know, modular homes are built to state or local conventional housing building codes. A report contrasting modular and manufactured homes is linked here.

Skyline is one of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews.  For yesterday’s closing numbers on all MH industry-connected tracked stocks, please click here. ##

(Editor’s Note: for our interview with Skyline’s Terry Decio, please click here.)

Skyline’s recent report – as a downloadable resource:

(Image credits are as shown above.)


RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News, MHProNews.

Why are Equities Impressed by Skyline Homes?

October 11th, 2016 Comments off

Credits: Wikipedia, Binary Options,

Skyline Corporation (NYSE:SKY) has seen its stock price on the rise recently, hitting a 52-week high of $12.72 last month. Daily Business News readers will recall that we covered the rise of Skyline’s stock in a recent story, here.

According to a story from equities, Skyline’s stock is up 278 percent, year to date.

Shares of Skyline have more than tripled from the $3.50-$4.50 per share range. The company has an average daily volume of 31,395 shares.

Skyline has a market capitalization of $114.37 million and a 52-week range between $2.37 and $13.89 per share.


A park model home by Skyline Homes.

Equities also notes that in August, Skyline reported its financial results for the fourth quarter and fiscal year that ended May 31, 2016. Net sales from continuing operations for the fourth quarter were $56,651,000, an increase of 14 percent over net sales of $49,605,000 from the same quarter last year.


Skyline 1 year view. Credit: Bloomberg.

Net income for the fourth quarter was $1,326,000 or $0.16 per share, compared to a net loss of $200,000 or $0.02 per share in the final quarter of fiscal 2015.

Net sales from continuing operations for fiscal 2016 were $211,774,000, an increase of 13 percent over net sales of $186,985,000 the year before. Net income for fiscal 2016 was $1,678,000 or $0.20 per share, compared to a net loss of $10,414,000 or $1.24 per share in fiscal 2015.

We are pleased that our progress in the product development and our overall operational improvements have translated to increased revenue and profits for the fourth quarter and the fiscal year,” Skyline President and Chief Executive Officer Richard Florea said in a statement.


Skyline Homes logo, kitchen and CEO’s photo, credits – Skyline Homes.

The recent opening of our manufacturing facility in Elkhart, Indiana reflects the increased demand we are seeing for quality-built, value-laden products.

The next Skyline earnings call is scheduled for October 20th.

As previously reported by the Daily Business News, current SKY stakeholders include:

Skyline designs, produces and markets manufactured and modular housing models, as well as park models in the U.S. and Canada.  The company has been in the business since 1951. Another recent market report on Skyline is linked here. ##

(Image credits are as shown above.)


RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News, MHProNews.







A Show Within a Show at The Novi Home Show

October 7th, 2016 Comments off

Champion Homebuilders “tiny house” park model home. Credit: Champion Homebuilders, MarketWire.

The Novi Home Show takes place October 14-16 at the Suburban Collection Showplace in Novi, MI.

The show is a “one-stop destination” for home improvement products for every type of project, and will include landscaping exhibits and experienced businesses available to consult or for hire.

The Novi Home Show will also host the Michigan Manufactured Housing Association (MMHA) Home Showcase, which will feature six model homes from member manufacturers, including a “tiny house” park model, under 400 square feet. Industry builders include Champion Home Builders, Clayton Homes and Skyline Homes will be featured.


Credit: Novi Homes.

Each home will be completely decorated and furnished. Representatives from manufactured home communities and retailers will be on hand to answer questions about manufactured home living.

More information on the Novi Home Show including times and ticket prices, is available at the link here. ##


(Image credits are as shown.)


RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Puyallup RV Show will Include several Manufactured Homes

April 21st, 2016 Comments off

Washington__puyallup_RV_show__MHRV__creditWhile the emphasis is clearly on recreational vehicles at the 42nd annual Puyallup (Wash.) RV Show, April 28 thru May 1 at the Washington State Fair Event Center, several manufactured homes will also be on display, as pressreleaserocket informs MHProNews.

A product of the MHRV Show Association, opening day will be Manufactured Housing Day sponsored by DeTray’s , Lakeview Meadows, Palm Harbor Homes and Skyline Homes.

DeTray’s Custom Housing of Puyallup will exhibit Skyline Corp.’s “Ramada” home and Kit Homebuilders West’s “Cedar Canyon” home, two rustic homes very suitable for waterfront vacation property.

DeTray’s Manufactured Housing of Olympia, WA will display two Palm Harbor Homes: a 1473 square foot home with the latest cutting edge features, and a 586 square foot tiny home.

Lakeview Meadows is a 55+ manufactured home community in Lacey, WA with RV storage facilities.

Sixteen RV dealers will be displaying all the latest models in the RV world. A special area will display a smattering of pre-owned RVs for sale.

The MHRV Show Association was formed in 1966 for the express purpose of promoting the RV and manufactured home industries. ##

Photo credit: MHRV Show Association)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.