City's Cottonwood Development Corp "insolvent"
HUTTO – With no income and $9.4 million in debt, city officials say bankruptcy is not a viable option for lawsuit riddled Cottonwood Development Corp.
“In my mind Cottonwood is insolvent and therefore bankrupt, and therefore it should just be dissolved, but, (city litigation attorney) George Hyde said there’s ongoing litigation and so you cannot dissolve a corporation that currently has active litigation in it,” Interim Finance Director Anne LaMere told the CDC board at a special meeting June 15.
06/27/2023 10:44 PM