Defense Contractors File For Bankruptcy

by Ben Hoffman

A Belcamp defense contractor has filed for bankruptcy protection about a month after a Harford County judge ordered it to pay $2 million to a subcontractor in a legal dispute over a pair of lucrative military deals.
Stem International Inc. filed for Chapter 11 protection in U.S. Bankruptcy Court in Baltimore on April 28, listing assets of between $1 million and $10 million and liabilities of between $1 million and $10 million.

The contracts with the Defense Threat Reduction Agency at Fort Belvoir in Virginia and with the Environmental Chemical and Biological Center are potentially worth as much as $110 million.
Source

Advanced Solutions for Tomorrow, the Georgia-based firm whose president has been charged in an alleged $10-million kickback scheme, filed for bankruptcy Tuesday.

The defense contractor, which also operated in Middletown, filed for voluntary Chapter 7 liquidation in U.S. Bankruptcy Court in Georgia one month after laying off all its employees.

The company’s founder and president, Anjan Dutta-Gupta, of Gerogia, and Ralph M. Mariano, a civilian program manager with the Naval Sea Systems Command who has residences in Warwick and Virginia, were arrested in early February and face federal bribery charges.
Source

You’ll never see a Republican complaining about war profiteering or other abuse, though. They only express “outrage” when clean energy companies fail so they can use it for political gain. And the military industrial complex is a big source for their campaign funding.

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2 Comments to “Defense Contractors File For Bankruptcy”

  1. You really are mixing apples and bananas comparing defense contractors to green energy. But lets look at your premise. If Military contractors were getting favored treatment from the President’s party to produce a worthless product, yes the GOP would go after them .

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