Subcontractors working on the Obama Presidential Center in Chicago are claiming millions of dollars in unpaid bills and unresolved invoices. These unpaid invoices have disproportionately affected local and minority-owned firms, with some contractors reporting losses ranging from hundreds of thousands to tens of millions of dollars.
The primary entities involved in the dispute and their respective stances include:The Subcontractors: Several contractors - most notably Adamson Plumbing - claim they are owed large sums for labor and "price-and-proceed" change orders that were authorized during construction but ultimately denied by ownership, leading to severe financial strain and even bankruptcy.
The Obama Foundation organization overseeing the museum maintains that it has paid its general contractor, Lakeside Alliance - a company newly formed for the specific purpose of bilding that hellish-looking cement outhouse - on time and has no outstanding debts.
The primary construction manager and general contractor responsible for hiring and paying subcontractors stated that contractual closeouts - including the review of outstanding invoices and change orders - are standard for a mega-project like this abomination and 'take time to resolve'.
The Obama Foundation reported over $1.1 billion in total assets as of its latest audited financial filings. However, the vast majority of this capital is tied up in construction and restricted funds for the Obama Presidential Center rather than a traditional cash endowment.
It has been reported that the Obama Foundation does not have the money to forward to the contractor and may actually have to declare bankruptcy itself. Wouldn't that be fun?
...
Are you ready for July 4th?
Show 'em how proud you are...
...
No comments:
Post a Comment