Ty Masterson’s Run for Kansas Governor Amid Past Business Bankruptcy
Ty Masterson, a Republican candidate vying for the position of Kansas governor, emphasizes financial accountability as a cornerstone of his campaign. This comes despite Masterson’s past experience with a business bankruptcy.
In the early 2000s, Masterson co-founded MasterBuilt Homes, a residential construction company located in Andover, Kansas. He served as CEO and maintained a role in the company even after his election to the Kansas House of Representatives in 2004.
MasterBuilt Homes faced financial difficulties, ceasing operations in 2006 and subsequently filing for Chapter 7 bankruptcy in late 2010. Chapter 7 bankruptcy, often termed “liquidation bankruptcy,” assists in discharging debts that are unlikely to be repaid.
At the time of filing, MasterBuilt reported assets amounting to approximately $300,000, contrasted with debts totaling $1.13 million. Notable debts included $209,000 owed to Corner Bank, $53,890 to Emprise Bank, and $85,000 to Fisher Lumber of Garden Plain, alongside over $160,000 in credit card liabilities.
The bankruptcy case concluded in 2012, with most creditors remaining unpaid in full.
Despite his business setbacks, Masterson was elected to the Kansas Senate in 2009. In 2012, he was appointed by Republican legislators to lead the Senate Ways and Means Committee, tasked with evaluating state agency budgets and spending proposals.
Ed Nazar, representing creditors in the MasterBuilt case, expressed his hopes through the Wichita Eagle, stating, “Masterson is a better steward of the people’s money than he is his own.”
Masterson attributed the company’s bankruptcy to an employee, noting his limited oversight during that period due to his burgeoning interest in politics.
On June 1, Masterson announced Jeff Kemp as his running mate for lieutenant governor. Kemp has led Century Van Lines since 2010, a company that recently faced a $21,429.18 delinquent corporate income tax warrant from the Kansas Department of Revenue, which was resolved in 42 days.
Masterson’s Democratic contender for the gubernatorial race is state Sen. Cindy Holscher. A survey conducted by Global Strategic Group last month reflected a narrow lead for Holscher over Masterson by a single percentage point.
The post Ty Masterson ran a business that filed for bankruptcy appeared first on American Journal News.
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