Contractors To Get Money Owed After Bank
Carpenter Says He's Owed $10,000
POSTED: 3:57 pm CDT July 2,
2009
UPDATED: 6:47 pm CDT July 2,
2009
NASHVILLE, Tenn. -- It was a nightmare for a lot of homeowners, and now it's extending to the people who helped build their homes.
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A Channel 4 I-Team investigation raised questions about how a company of builders and Realtors continued to grow while subcontractors weren't being paid and homeowners were saddled with liens.Following the investigation, the owner of the company went bankrupt. One by one, subcontractors left a bankruptcy hearing frustrated, learning they may never get the money they say Mark Clark owes them.Jason Richardson, a trim carpenter, said he thinks he's owed about $10,000. He said he's been out of work since Christmas.Richardson joins a crowd of laborers and homeowners who say while Clark continued to build his empire, he neglected to pay his subcontractors, prompting them to put liens on homes of unsuspecting buyers.The I-Team investigation exposed the liens, and a Realtor assured the I-Team's hidden camera the homes were clean."In J.O. Clark properties, you won't find liens," the Realtor said.The Realtor worked for Clark and had Clark's name on his business card, but Clark said he doesn't have any Realtors that work for him.In the bankruptcy hearing Thursday, Clark testified he does have a realty company and a Realtor who still works for him. He's trying to sell 55 houses now, hoping that will help him pay off his debt.Clark's attorney, Larry Edmonson, said Clark may not have enough money to pay off all of his debtors, even if he sells all of the houses he has on the market.Contractors also learned banks will get paid first, and his bankruptcy filing shows he owes millions.Once the banks get paid, that may mean there's nothing left for subcontractors."I don't like finding out that some of the people who were owed much larger sums than I was may be getting all the money at the top and the trickle-down theory doesn't apply here," said Richardson. "There won't be anything left."Clark has said he didn't deceive homeowners or subcontractors; he said he's just a victim of a lousy housing market.
Previous Stories:
- May 29, 2009: Building Group Files For Bankruptcy
- May 5, 2009: Title Insurance Doesn't Prevent Liens
- May 4, 2009: I-Team: Dream Homes Come With Surprise Liens
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