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MAY CEO REACHES SETTLEMENT page 2
May case settled for pennies on the dollar

Date published: 10/22/2010

continued

The subcontractors said they would have to accept May's settlement and move on.

"It's still a bad deal for us, we're still in the hole quite a bit," said Greg Henderson of Henderson Construction. "We still have a civil claim, but it doesn't appear it's very collectible. It's something, in a bad situation. We're still looking at losing a pretty good chunk of money here."

Pacheco said it's painful to take just part of what he's owed.

"It's one of those things where a little money is better than [none] of it, but still it's a hurting to take," he said.

Henderson and Pacheco said the subcontractors have asked Lowe's to also contribute money to the pot that will be distributed to subcontractors. Henderson said Lowe's saved about $78,000 by not bonding the project, and Henderson suggested Lowe's contribute that amount to the money for subcontractors.

If all goes according to plan, once May pays the $200,000 and pleads guilty to a misdemeanor charge the court will then enter civil orders for all of the affected subcontractors.

That means they can pursue further payment in civil court, if they choose to do so, Lustig said.

Chelyen Davis: 540/368-5028
Email: cdavis@freelancestar.com


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