Opus development bankruptcy

opus development bankruptcy

Jun 29,  · Opus said its development activity has fallen to just million square feet in , down from 34 million square feet in and 35 million square feet in By Jul 2, , am PDT. May 25,  · The settlement comes as the liquidation of Opus West winds down in bankruptcy court in Dallas. Most of the projects it was left holding -- strip Author: Jennifer Bjorhus. IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re: OPUS EAST, LLC et al., Debtor. _____ JEOFFREY L. BURTCH, CHAPTER 7 TRUSTEE FOR THE ESTATE OF OPUS EAST, LLC, Plaintiff, v. OPUS, LLC, a Minnesota limited liability company; OPUS CORPORATION, A Minnesota Corporation; GERALD RAUENHORST IRREVOCABLE TRUST . opus development bankruptcy

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But that does not prove that anybody did anything wrong. Campaigns and Elections Taxes. Opus East, once one of five Opus Corp. But construction disputes prompted Opus to sue the Federal government and helped land the division into one of several bankruptcies that tore the company apart. Still in court five years after its filing, the Opus East bankruptcy now features creditors sparring over about half that amount, the Washington Post reported in February.

O pus Corp. Fraud charges followed, as large creditors accused the company of unlawfully transferring tens of millions of dollars into private trusts of the Rauenhorst family, whose patriarch, Gerald Rauenhorst , started Opus in as Rauenhorst Construction. Rauenhorst pioneered the "design-build" concept , implementing it through Opus, a single entity that delivered ar chitectural, engineering, and construction services.

But the company's good fortunes -- and ethical reputation -- turned down with the economy. The two sides settled the suit that same year.

Opus West settled with Opus Corp. Creditors, however, maintained Opus Corp. Electrical contractor Kelly Anderson "had crews working on Opus jobs in Arizona when Opus West filed for bankruptcy and he had to lay off workers. They know that," Anderson told the Minneapolis Star Tribune in T he litigation didn't stop with the bankruptcy proceedings.

Sixteen former Opus employees accused the company of embezzling their pensions, again for the Rauenhorst family trust funds.

Opus and its former employees settled that suit in , reportedly for pennies on the dollar. Ryan, Opus' lawyer, called the lawsuit "absolutely frivolous. It is set for mediation on June 2 in Los Angeles, with a trial set for the fall. She was a business reporter for much of her career but in recent years focused on criminal justice issues, including police use of force and responses to sexual assault. Home All Sections Search. Log In Welcome, User. Coronavirus Minneapolis St. Trump threatens to cut federal aid if schools don't reopen in fall.

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Mural raises concerns about representation in art after George Floyd's killing. Ryder Cup, to be held in Wisconsin, is postponed. Commercial Opus settles claim it bled subsidiary It's the second such suit the firm has settled, though it still faces another in California. Plaintiffs took aim at Rauenhorst family trusts. By Jennifer Bjorhus Star Tribune. Other lawsuits It's the second settlement the fallen Opus has struck since involving claims it fraudulently transferred millions in profits to the two controlling trusts that Rauenhorst set up for his children and grandchildren.

More from Star Tribune. West Metro Officer Lane seeks dismissal in Floyd killing 16 minutes ago. Coronavirus Tracking coronavirus in Minnesota July 7. National Trump threatens to cut federal aid if schools don't reopen in fall 22 minutes ago. Local Mural raises concerns about representation in art after George Floyd's killing am. More From Star Tribune. More From Housing. Housing market heats up, cruise industry in murky waters The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed.

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With revenue rising, they planned to hire more servers. Sunday brunch service was coming soon. National July 2. Minnesota banks, credit unions, offer COVID mortgage help State officials said Thursday that 31 Minnesota financial institutions have committed themselves to provide additional mortgage-relief options to homeowners facing financial hardship caused by the coronavirus pandemic who don't have federally backed mortgages.

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