Wow, if they can go belly up then I guess it can happen to any developer:
Crescent files for Chapter 11 relief | CharlotteObserver.com
(http://www.charlotteobserver.com/business/story/707191.html - broken link)
I wonder what happens to the property owners in their developments. At least Crescent was really good about not selling their developments until they had some, or all, of the infrastructure in them.