And now there are even questions about whether the developer is in default on the contract by subcontracting to another developer with political connections.
Blackwater officials instructed its employees to "string these guys along and run this... thing into the ground" because "if we stalled long enough they (Regency) would have no choice but to buy us armored cars, or they would default on the contract," in which case the contractor who hired Regency "might go directly to Blackwater for security".
In the lawsuit, J. P. Morgan is seeking to collect roughly $1 billion because Enron defaulted on the contracts after filing for bankruptcy protection in December.
The catch is that the Dolphins can get back the prorated portion of the $5 million if Madison defaults on the contract.
The State Office for Technology said the company hired to do the work, M/A-COM, a subsidiary of Tyco Electronics, had defaulted on the contract because the first installation of the system, near Buffalo, had failed three tests since last September.
The Army is in negotiations with Enron Energy Services over its default on the Fort Hamilton contract.
"There is a coordinated default on the long-term contracts which explains why the miners are having so many spot tenders on a daily basis," said a trader in Hong Kong, who estimated that the volume of defaults had reached two to three million tons.
Yesterday, Bovis announced that it had declared Galt in default on the bank building contract, saying the outfit Bovis had selected had failed "to live up to terms of its contract with respect to site supervision, maintenance and project safety".
Defaulting on the Mistral contract could, at the most extreme, be such a severe blow that it would sink the entire French shipbuilding industrial base.
A large number default on their contracts, forcing Bally to sign up still more sweating newcomers.
