Charles Keating, the former CEO of Lincoln Savings and Loan, had a life-time dream of constructing the ultimate resort. Prior to his conviction for fraud charges in California, Keating had nearly completed his Phoenician resort. However, court records list 61 subcontractors as being owed money, including $120,000 for metal work, $303,000 for glass and windows, $2,400,000 for electrical work, $31,000 for painting, and $18.5 million to the general contractor. There was almost $10 million left to be distributed for payments. How would the distribution be handled?

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The Answer of Charles Keating, the former CEO of Lincoln Savings and Loan, had a life-time dream of constructing the ultimate resort. Prior to his conviction for fraud charges in California, Keating had nearly completed his Phoenician resort. However, court records list 61 subcontractors as being owed money, including $120,000 for metal work, $303,000 for glass and windows, $2,400,000 for electrical work, $31,000 for painting, and $18.5 million to the general contractor. There was almost $10 million left to be distributed for payments. How would the distribution be handled?

Charles Keating, the Former CEO of Lincoln Savings and Loan