May Disputes Talk of Change in Ownership
by June 15, 2009 12:00 am 72 views
Did you hear a change of ownership is in the works at May Construction Co.?
Lewis May, president of the Little Rock general contracting firm, has. And he said that it is untrue.
“It did not happen,” May said. “I heard that this morning [June 2].”
He isn’t sure how the talk started. Talk of a sale was also linked with financial troubles at the firm, which May also discounted.
We wondered if the talk grew out of a money dispute over construction work at the $30 million Welspun Plant in Little Rock.
Naylor Concrete Construction Co. of Oklahoma City has filed a lien claim of $4.1 million on the pipe plant. That total includes more than $1.3 million for retainage, $881,863 in change orders, $294,560 from November 2008 billing and $173,162 from December billing.
From May’s perspective there is no bad blood in the dispute, which is moving from mediation to arbitration. “They had to protect their position,” he said.
Southern Star Concrete Inc. also has a $299,879 lien claim, which is tied to Naylor’s claim. CMC Rebar of Dallas had a $52,362 lien claim, also related to material supplied to Naylor, which is now released.