Copper Lounge Collapse; A Tragic Mess

I guess we saw the writing on the wall (no pun intended). Hultgren Construction is filing for bankruptcy after insurance companies paid out millions in claims. The sad part about this is that the insurance companies should have paid the victims first, which has included a myriad of people and businesses.

Of course all of this hinges on whether or not the insurance companies and victims can also pin this on Legacy Development. In a perfect justice world, since the insurance companies decided to pay off damaged property instead of victims first, if more money can be garnered from Legacy, the lion’s share should go to the victims first.

Secondly, if Legacy is found liable, what will that mean for them? They have millions tied up in projects across the city and region, including a dubious Public/Private partnership with the city. Could this also bankrupt them?

At the end of the day, NO ONE is a winner. Someone is dead, others have suffered emotionally, physically and financially and even others have had their businesses uprooted.

As I said to a friend the other day, “It amazes me that some of the players in this tragedy still show their face in this town. It’s despicable and disgusting!”



3 comments ↓

#1 JKC on 07.20.18 at 1:20 pm

Okay, I will give our City leaders a pass on the fact that they might have not known that OSHA was going to submit their findings over for possible criminal investigation, and thus, they felt comfortable to initially engage in a contract with Hultgren over the ramp/hotel project. But wasn’t this bankruptcy inevitable? So how were our City leaders planning to handle the bankruptcy in light of their business relationship with Hultgren over the ramp/hotel project, however?….. And was Lamont Sanford, I mean Lamont, always in the wings?….. And who and what?

#HaveNotAClue

#2 D@ily Spin on 07.20.18 at 1:36 pm

Bankruptcy is best for a discredited business with no new contracts. Generally, the officers award themselves a cash liquidation services bonus. I’m sure there was time to auction or sell other assets. Likely, after litigation cost, they’ll be nothing left for victims and lien holders. Often, the same management starts a new LLC company name and occupies the same offices. In about six months they’ll be ready for more rigged insider deals. About all that can be done is to expose and prevent them from bidding on private projects. Projects not susceptible to Strong mayor approval and council corruption.

#3 anominous on 07.21.18 at 9:12 am

I sure hope the private investors get their promised rate of returns.

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