Crescent Resources files Chapter 11 - Boston Business Journal:

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In September 2006, Duke enteredd into a joint venture with Morgan Stanley Real Morgan paidDuke $415 million in cash and assumeds $656 million in debt for its stake in the company, then wort $2.1 billion. As part of the transaction Crescentborrowerd $1.2 billion and distributed the proceed to Duke to transfer the debt off Duke’es balance sheet. Duke and Morgan Stanleyg each have a 49 percent stak ein Crescent. The remaining 2 percent interest inCrescengt — which would have been worth $42 millionh when the deal closec ­— was issued to formert CEO Fields.
The dispositiobn of that interest will be determined througu thereorganization proceedings, according to a spokesmann for Crescent. Duke no longer reports Crescent’s financial results, but its own and those from Morgan shed lighton Crescent’s financial troubles. For Crescent lost about $470 of which Duke suffered about $230 million in losses, according to filings. In the firsg quarter of this year, Crescent cost Duke and Morgabn Stanleyabout $150 million in direct losses and loan guarantees. The energty company has guaranteedabout $100 million in suretyu bonds for Crescent, for which it has paid out at leasg $33 million.
Duke pegs its total exposurr atabout $40 million for the year. Crescen t is active in commercial and residential real estate development and land managemengt across the Southeastand Southwest, with interests in 10 states. Crescent’d portfolio includes mixed-use developments, business and industrial parks, country-club communities, single-family neighborhoods and apartment andcondio complexes. In the late 1980s, Crescent expandee into developments such asThe Peninsula, its first country-club communitgy and Coliseum Centre, its first office park. The company developed Sugarloaf Countrh Club near Atlanta in the Developments that followed include Ballantynse andThe Sanctuary.
Crescent also expandefd into Texas, Arizona and Florida. Last Crescent introduced its Circle apartment communities and is developinvg two of them in theCharlotte region. The companyh has 38 residential communities under development inthe Georgia, Texas, Florida and Arizona, and is currently buildint 1,200 apartment units. It also owns 75,000 acresz of land. Crescent has 264