Leading Local tonight in our top story,
one of the largest real estate and investing firms in
North Dakota has now filed for bankruptcy.
According to court documents, Epic companies filed for Chapter 11
yesterday,
declaring assets and liabilities between 10 and $50 million.
And in addition, the company owes money to up to
around 99 creditors.
This comes after employees of Epic were reportedly laid off
or fired and the companies in progress projects came to
a halt.
And at that time, Epic employees stopped answering phone calls,
locked the West Fargo headquarters doors and put up a
sign reading that they were only taking appointments.
The Norris Husk Fest board also announced they were moving
forward with their festival without Epic,
who was previously in charge of managing it.
The bankruptcy petition with several companies Epic owes money to,
along with individual investors from more than 10 states,
according to US courts Chapter 11 of the Bankruptcy Code.
Provides reorganization, which allows a company to keep its business
alive and pay creditors over time.
One of the largest companies listed is the Twin Cities
based landscape landscaping company Auden Brothers.
The company says it's owed more than $1,000,000 by Epic.
There were five cases filed with the bankruptcy court.
Some names included employees and contractors who say they were
never paid for the work that they already completed.
In June, Attorney General Drew Wrigley said Epic was under
investigation.
According to the Bankruptcy Court Caseworker,
Epic has an initial hearing for first motion and joint
administration for these cases scheduled for July 16th in Fargo.