Yet Another Economic Blow to Emerald City

Gadi Leshem's California company files for Chapter 11 Bankruptcy protection

By: What Will It Costs Us

Well now another blow to the city... Ogden River Project developer Gadi Leshem is bankrupt. According to the Salt Lake Tribune, Cover-All Inc., the California based carpet installation company owned by Gadi Leshem, filed for Chapter 11 bankruptcy this month, claiming it has just $1 million in assets and $46 million in debts. When will the Standard print this story? The Trib is always ahead of Ogden.

And his property in Ogden is in default in taxes. Will it take years to move through the courts and a tax sale?

Maybe the city should be better at buying property for developers that don't have any money.

And what will be the ultimate repercussions for Gadi's stalled River Project?

So many questions... so few answers.

Update 1/15/09 3:oo p.m. MT: We're reminded that we posted a fine Scott Adams (Dilbert) cartoon, referencing Godfrey administration incompetence and hubris about three years ago. We believe it remains apropos.

Continuing comments are invited.