Are you the business owner of Taylor & Murphy Construction Co., Inc.? Claim your listing. Business Details. Location of This Business Brevard Rd., Asheville, NC BBB File Opened. Mar 25, · Filing 15 CONSENT JUDGMENT in favor of Plaintiff, The Lane Construction Corporation, and against Defendant, Taylor and Murphy Construction Company, Inc. as set forth more fully herein. Signed by District Judge Karen K Caldwell on November 20, Dec 11, · The embattled Ballenger Construction Co. on Monday made its first appearance in a bankruptcy court in Corpus Christi, where one bonding company received approval to take financial control over
The Chapter 11 bankruptcy filing, made in a Nevada federal court, included the parent company and 22 subsidiaries, which together employ around 17, people. As many as 70 other subsidiaries, joint ventures and partnerships, employing another 18, people, are not involved in the bankruptcy, the company said. The company, formerly known as Morrison Knudsen, said that its stockholders could expect to recover nothing and that its secured creditors would own the equity assets of the reassembled company.
Unsecured creditors, the company said, would be paid either through the normal course of business or upon confirmation of the plan. Washington said it sought bankruptcy protection because of a cash-flow crisis resulting from cost overruns on some contracts and lower-than-expected profits on other contracts from the unit it acquired from Raytheon. The company has sued Raytheon, accusing it of fraud and is seeking to unwind its purchase of the unit. The deal did not include a breakup fee.
Hanks, the company's president, said in a telephone interview. Hanks said that he expected that the reorganization would take four to six months to complete. In about two months, the company will disclose the specific conditions of the terms of the bankruptcy for unsecured creditors, who will most likely object, he said.
Dennis R. Washington, the company's chairman and chief executive, is one of the stockholders likely to lose out in the reorganization. Washington, who built his fortune acquiring troubled concerns, owned about 40 percent of the Washington Group's stock.
The company's statement made no mention of Mr. Washington, though a person who answered the phone in the company's executive offices said he remained the company's chairman. He did not return a call seeking comment. Chapter 11 allows companies to reorganize or liquidate their assets. In Liberty's filing, the company said it knew of Ballenger's financial troubles as recently as this summer. Mike Frisbie , director of the city's office of Capital Improvements Management Services , said there has been no activity at any of the construction sites since Dec.
He said city inspectors have been monitoring the construction sites daily. He and the city engineer also went to the sites after Ballenger ceased working to ensure that they were safe. This story as originally published contained an error.
The Ballengers did speak at the hearing. Comal County reports 6 nursing home residents have died. Photo: Harry Thomas. Caption Close. Image 1 of 5. Back to Gallery. Related Links: Highway projects in S.