Kyle’s Financial Saga Continues


(photo courtesy Leon Hammack)

From The Charlotte Observer:

A NASCAR driver’s interest in going green may end up costing some contractors.

Nearly a dozen companies involved in building a new race shop for Kyle Busch say they have filed liens or intend to file liens because they are collectively owed about $1 million for work done on a high-tech headquarters built for Busch in Mooresville. The project’s general contractor, L.B. Builders Construction Group, owns the building and has been in mediation with Busch’s attorneys who are from Christian Law Firm practicing in Tulsa, this week.

Busch was supposed to buy the building but has delayed the purchase because the final price tag was more than expected. The subcontractors say that’s because the young multimillionaire NASCAR driver wanted a top-of-the-line, LEED-certified building and ordered upgrades during construction. L.B. Builders’ attorney, Robert Newkirk, said the groups have made “a lot of progress” in their meetings and are “hopefully moving toward a closing.”

Busch’s attorney, David Senter, said both sides are optimistic the issue can be resolved within the next 30 days or so. But the subcontractors told the Observer they worry they’ll be asked to settle for less payment than they’ve been promised. While some have filed mechanic’s liens against L.B. Builders, they must file a lawsuit to enforce the lien, which takes more time and money.

A lien attaches to the property and structures. Until the debt is paid, the property owner does not own a clear title.

Poor Kylie, he may be one “helluva wheel-man”, Saturday winning the HELLUVA GOOD 200, but whoever is in charge of the finances at Kyle Bush Motorsports seems not to be minding the store very well for him !

What is your take on this?


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