<SEC-DOCUMENT>0000950123-11-057904.txt : 20110609
<SEC-HEADER>0000950123-11-057904.hdr.sgml : 20110609
<ACCEPTANCE-DATETIME>20110609164128
ACCESSION NUMBER:		0000950123-11-057904
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110606
ITEM INFORMATION:		Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
FILED AS OF DATE:		20110609
DATE AS OF CHANGE:		20110609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Meritage Homes CORP
		CENTRAL INDEX KEY:			0000833079
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				860611231
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09977
		FILM NUMBER:		11903540

	BUSINESS ADDRESS:	
		STREET 1:		17851 NORTH 85TH STREET
		STREET 2:		SUITE 300
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85255
		BUSINESS PHONE:		480-515-8100

	MAIL ADDRESS:	
		STREET 1:		17851 NORTH 85TH STREET
		STREET 2:		SUITE 300
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85255

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERITAGE CORP
		DATE OF NAME CHANGE:	19981009

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MONTEREY HOMES CORP
		DATE OF NAME CHANGE:	19970113

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HOMEPLEX MORTGAGE INVESTMENTS CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c18620e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>Form 8-K</TITLE>
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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): June 6, 2011</B>


<P style="font-size: 24pt" align="center"><B>MERITAGE HOMES
CORPORATION<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
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cellpadding="0" width="100%">

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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
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  <TD
style="border-bottom: #000000 1px solid"><B>Maryland</B></TD>
  <TD>&nbsp;</TD>
  <TD
style="border-bottom: #000000 1px solid"><B>1-9977</B></TD>
  <TD>&nbsp;</TD>
  <TD
style="border-bottom: #000000 1px solid"><B>86-0611231</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
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cellpadding="0" width="100%">

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
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  <TD nowrap style="border-bottom: #000000 1px solid"><B>17851 N. 85th Street, Suite
300, Scottsdale,
Arizona
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>85255</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(480) 515-8100</B>
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cellpadding="0" width="30%">

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  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
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    <TD nowrap align="left">ITEM 2.04</TD>
    <TD>&nbsp;</TD>
    <TD>TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As previously disclosed, we, along with our joint venture partners (and their respective
parent companies) in an unconsolidated joint venture, are defendants in lawsuits initiated by the
lender group regarding a large Nevada-based land acquisition and development joint venture in which
the lenders are seeking damages on the basis of enforcement of completion guarantees and other
related claims. While our interest in this joint venture is comparatively small, totaling
approximately 3.5%, we are vigorously defending and otherwise seeking resolution of these actions.
Also as previously disclosed, Meritage is the only builder joint venture partner to have fully
performed its obligations with respect to takedowns of lots from the joint venture, having
completed its first takedown in April&nbsp;2007 and having tendered full performance of its second and
final takedown in April&nbsp;2008. However, the joint venture and the lender group rejected Meritage&#146;s
tender of performance of its second and final takedown, and Meritage contends, among other things,
that the rejection by the joint venture and the lender group of Meritage&#146;s tender of full
performance was wrongful and should release Meritage of liability with respect to the takedown and
all guarantees. We have fully impaired our investment in this joint venture in a prior period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Certain lenders in the lender group filed a Chapter&nbsp;11 involuntary bankruptcy petition against
the joint venture in the United States Bankruptcy Court, District of Nevada. As previously
disclosed, we anticipated that the lender group may try to use the bankruptcy filing as a means to
trigger springing repayment guarantees of the members. On June&nbsp;6, 2011, Meritage received from the
lenders a demand for the immediate repayment of Meritage&#146;s share of the liabilities allegedly due
under the springing repayment guarantee. The amount demanded by the lenders from Meritage is $13.2
million. Meritage disputes the validity and amount of this demand and will vigorously contest it.
While all of the joint venture members believe they have potential offsets and defenses to prevent
or minimize enforcement of the springing repayment guarantees, Meritage has additional defenses
(that are not available to the other members) because Meritage is the only member that tendered
full performance to the lender group and believes this fact will operate to prevent enforcement of
the springing repayment guarantee against Meritage. While, for the reasons noted above, we do not
believe that it is probable that Meritage will be determined to have any obligations under the
repayment guaranty, we have recorded a legal reserve in an amount we believe represents the most
probable exposure for legal and settlement costs. Although the final disposition of these suits
and related actions, claims and demands remains uncertain, we do not, at this time, anticipate
outcomes that will have a material impact on our financial position or results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Because of the uncertainty of the validity of the lenders&#146; demand, Meritage&#146;s defenses to the
lenders&#146; claim/demand, and the uncertainty of the amount which could possibly be determined to be
due under the springing guarantee (if any), Meritage does not believe there is currently any impact
under its senior and senior note indentures. However, Meritage continues to evaluate the lenders&#146;
demand because such evaluation necessarily depends on the validity of
the lenders&#146; demand,
Meritage&#146;s defenses to the lenders&#146; claim/demand and the actual amount of Meritage&#146;s obligation, if any, which could possibly be determined to be due under the
springing guarantee.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dated: June&nbsp;9, 2011
</DIV>


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<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MERITAGE HOMES CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/      Larry W. Seay
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">By:      Larry W. Seay&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Executive Vice President and Chief<br>Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

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