J.P. Morgan Chase (JPM) filed an involuntary bankruptcy petition against South Edge LLC, likely related to Inspirada, a massive Las Vegas housing development.

Inspirada, a 2,000-acre project announced during the housing heyday, was supposed to give rise to as many as 13,500 homes. But given the housing downturn, sales didn't meet expectations.

The project involves several builders including KB Home (KBH) Beazer (BZH), Toll Bros. (TOL), Meritage (MTH) and other private builders that had expected to work together on the project, according to Dan Oppenheim, a home builder analyst with Credit Suisse.

"We think the filing is likely an attempt by the lenders to start renewed negotiations and reach a solution. We doubt the lenders ultimately want to take the land back and find new developers," he wrote in a client note.

-By Dawn Wotapka, Dow Jones Newswires; 212-416-2193; dawn.wotapka@dowjones.com
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