Teemco

[Lauri101]

What a shock those employees will have when they try to draw SS in their golden years!

[Mel]

I had been reading all the info reported on this forum. Like a lot of others we are happy to see local companies do well. Then their shenanigans short getting noticed and now this. I feel for the employees who thought their SS fund was being paid into. What a load of corruption.

[Easy180]

Pros and cons working for small businesses....This would be one of the cons

[BBatesokc]

Pros and cons working for small businesses....This would be one of the cons

Literally and figuratively!

[Chadanth]

What a shock those employees will have when they try to draw SS in their golden years!

Not just that, they're liable for those taxes if the business doesn't have the assets (which seems likely here) to make it right.

[Snowman]

It is shocking they might be deluded enough to think they could keep that up for long, the IRS is has a history of finding even sole proprietors and partnerships malfeasance, how can you even contemplate get away with it with dozens of staff.

[bluedogok]

Pros and cons working for small businesses....This would be one of the cons

It can happen to large companies as well, any place where corrupt people are in control.

[OKCDrummer77]

I work for a local payroll service provider, so this article was of particular interest to me. As was mentioned above, it's surprising that they got away with it for so long. The IRS, OTC, OESC, etc., are usually pretty quick to bring the hammer down on companies that try to pull stuff like this.

[MadMonk]

Man, that stinks for their employees. I hope most of them are informed enough to know to bail out before the big crash.

[bombermwc]

Good reason never to work for someone that does their own payroll. There are a lot of layers of protection by letting another firm handle that type of thing. It keeps people from doing things they are supposed to (unknowingly or not) and makes them do things they're supposed to. It also keeps leadership from being able to do underhanded bullpoop like this.

This guy needs his butt thrown in jail, he personally should be found liable for all the back taxes, and the company should close and be liquidated. Yes, that means some people will be out of the job. And they're getting messed with from all sides. If the company files chapter 11, perhaps those employees can be absorb by someone that could take the company over. But if the buyer has to assume the debt, it won't happen. My last employer purchased another company under similar circumstances and the CEO of the bankrupt company did go to jail. Unfortunately, he had made some many bad decisions and messed things up so badly with his clients that we ended up making very little off of the deal and only by absorbing their IT hardware. In terms of client base, there were so few left that they eventually all left from a decision to in-house their billing. At that point, the few remaining employees did lose their jobs, but all were able to get a new one. Not a small thing to do in California just a few years ago. They were great people and I felt badly for them, and was lucky enough to visit with them in person as I downsized and then closed their offices. But it's a good example of how even a buyer with the best intentions, can end up getting no where with this kind of mess.

[soonerguru]

How is this company still open?

[FighttheGoodFight]

As an employee would you know this was going on? I mean if you didn't work in HR or something how would you protect yourself from this?

Just trying to get some positive information out of this.

[Spartan]

So who owns the mortgage to the Gold Dome? Do we know anything about how it was backed?

I guess we'll be dealing wi whomever it is pretty soon...

[Pete]

As an employee would you know this was going on? I mean if you didn't work in HR or something how would you protect yourself from this?

Just trying to get some positive information out of this.

As an employee you would not know, apart from checking your Social Security account on-line.

However, as this story continues to play out I think most will see that there were tons of things about this company that would put anyone on alert, especially the employees who worked there every day.

However, often in cases like this employees don't report the issues to authorities for various reasons, such as fear of getting in trouble themselves, not wanting to risk their job, etc.

Much, much more to come on this. I may end up writing a book -- and I'm not kidding.

[Pete]

So who owns the mortgage to the Gold Dome? Do we know anything about how it was backed?

I guess we'll be dealing wi whomever it is pretty soon...

David Box still owns the property.

Despite the deal with TEEMCO being characterized as a "purchase" by all involved, it clearly was some sort of lease-to-own deal that seems to have completely fallen apart.

Even though Box had pretty much thrown up his hands before TEEMCO came along, I've heard that Box is now committed to saving the structure and with the rise of 23rd and the surrounding areas, there is reason to be hopeful about the building's future.

[Spartan]

Well that's a surprise. Good for Box.

[kbsooner]

Saw TEEMCO advertising still on the scoreboard at the OU game this weekend...

[BillyOcean]

Much, much more to come on this. I may end up writing a book -- and I'm not kidding.

why?

[Pete]

Gold Dome still completely empty with no signs of work. Also, unlike like year, no Christmas decorations. (photo credit catch22)

[catch22]

It's very interesting. Weren't they saying to the Oklahoman they are still on track?

[Plutonic Panda]

Wow.

Pete, any idea how much the article has been viewed? I frequently view 'who's online' when I'm bored and I almost always see multiple people reading this article.

[Bellaboo]

Last year at the Thunder games TEEMCO was advertising heavy on the video ring in the arena. This year, not at all.

[Pete]

This is from that Oklahoman article:

Lorson said that while renovation has taken longer and cost more than originally anticipated, the company still plans to move into the building in November.

Yet another broken promise, which was pretty obvious when he made it in that article.

[bombermwc]

I was at an OU basketball game last week and noticed some pretty heavy Teemco sponsorship there too.

I believe it's in the UK where there's a list of names of corporate blokes that sort of puts them on a sanctioned list for businesses. You get your name on this list because you're been convicted of naughty business practices like this fellow. Then you're prevented from being able to do certain things in the future. The whole Wall Street/Banker crisis seems like it would have been a good place to start this list, and put this guy on it.

[Pete]

It seems TEEMCO paid for at least one year (of a five-year deal) for the OU/OSU/Tulsa sponsorships.