So what's the inside story on Lamar C...

So what's the inside story on Lamar Construction?

Posted in the Grand Rapids Forum

axelrod

Okemos, MI

#1 Jul 16, 2014
I'm sure there's more to it than simply "the economy." What have you heard?
Really

Wyoming, MI

#2 Jul 16, 2014
axelrod wrote:
I'm sure there's more to it than simply "the economy." What have you heard?
The bank pulled their line of credit leaving them to hang out to dry? Nothing new with 5/3 Bank by the way.
axelrod

Wayland, MI

#3 Jul 17, 2014
Really wrote:
<quoted text>The bank pulled their line of credit leaving them to hang out to dry? Nothing new with 5/3 Bank by the way.


That's not the "inside story" you dope. That's what all the news outlets posted.
looking for work

Hudsonville, MI

#4 Jul 18, 2014
The owners milked the company dry. They bought expensive cars, boats, spent 200,000 on a custom motorcycle from Paul jr. formerly of OCC. All bought on company credit and then transferred into the owners names. Expect the creditors to go after them personally but it will be tough the way corporate law protects the assets in the owners name.
False

Independence, OH

#5 Jul 18, 2014
That bike was auctioned off for charity for the March of dimes! They did not keep it. The owners of that company are good people who did everything they could to keep it going.
insider

Dowagiac, MI

#6 Jul 26, 2014
looking for work wrote:
The owners milked the company dry. They bought expensive cars, boats, spent 200,000 on a custom motorcycle from Paul jr. formerly of OCC. All bought on company credit and then transferred into the owners names. Expect the creditors to go after them personally but it will be tough the way corporate law protects the assets in the owners name.
to correct comments-the bike cost $640k and raffled it off for $80k. Another smart decision by the owners.
Disaster

Holland, MI

#7 Jul 26, 2014
I heard that rval drove it into bankruptcy

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