Quote:
Originally Posted by Barry-xlovecam
When I was a building contractor I leined jobs I was not paid on within the statutory limit: 90 days of the last furnishing of labor to the contract.
I never had to foreclose --they always paid me with one exception; one builder went bankrupt and I had to write off 42K in contract damages and a small <5K actual loss.
When a developer or general contractor goes bankrupt your lein right is not so clear, the lein needs to be perfected, the Bankruptcy Court's Automatic Stay would apply and you would have a lot of legal costs with no guarantee of ever collecting as a secured (by real property) creditor.
Bankruptcy proceedings are a nice way to fuck over your contractors, employee unions, pension fund obligations, bondholders and wipe out the common stock holders' equity. In other words -- fuck everyone over ...
Donald J. Trump has a lot of experience with this  |
Trump has a thirty year history of this. Why pay full price when you don't have to? What he seems to do is wait until the work is done, and then they try to renegotiate or just not pay. A small firm with ten employees cannot afford an attorney at $500 an hour.
This is just an insane way of doing business:
USA TODAY exclusive: Hundreds allege Donald Trump doesn?t pay his bills
I hope Trump understands you cannot run a government like this.