Congressional candidate Hardy says business bankruptcy not an election issue

Republican Assemblyman Cresent Hardy is running for Congress as a small business owner who “knows what it takes to create jobs, make payroll, and meet a budget,” according to his campaign website.

But after 20 years in business, in January 2012, his Mesquite-based construction company, Legacy Construction & Development, Inc., declared Chapter 11 bankruptcy with 73 creditors owed more than $8.1 million.

Hardy on Tuesday blamed the recession, which knee-capped the construction industry, shrinking his workforce from more than 300 in 2006 to 70 in 2010. He said the company is paying all its debts while under reorganization. Last year he sold the business to his partner to focus on his campaign to unseat U.S. Rep. Steven Horsford, D-Nev.

“All the vendors have been paid back ahead of schedule,” Hardy said in an interview, although he added that a handful of vendors have yet to be paid in full. “The key thing for me is the jobs we saved.”

Hardy, a two-term assemblyman, represents District 19 in Mesquite, a small city in Clark County where he grew up near the Arizona border and about 80 miles northeast of Las Vegas.

Hardy was the assistant minority leader during the 2013 legislative session. He also sat on four key committees: commerce and labor, taxation, transportation and ways and means, which doles out money for programs. He’s one of the more conservative Assembly members, with a 75 percent rating from the American Conservative Union.

Over the years, Hardy, 56, has served on everything from the Mesquite City Council to the local water board.

This year, he’s running for Congress, proclaiming that out-of-control government and regulations are hurting business development and job growth. He’s been endorsed by GOP Gov. Brian Sandoval.

Congressional District 4 covers nearly half the state, from urban North Las Vegas and rural Clark County to parts of Lyon County and all of Esmeralda, Lincoln, Mineral, Nye and White Pine counties.

Hardy faces a GOP primary against Niger Innis, a civil rights advocate and tea party member. The winner of the June 10 primary will face Horsford on Nov. 4.

Both Innis and Horsford have had past debt problems. Innis has said he’s taking care of various tax liens dating back a decade in New York. Horsford long ago took care of his unpaid bills that date back one to two decades, when he was in his 20s. The debt issue came up during Horsford’s 2012 campaign for Congress.

Hardy, a fifth-generation Nevadan, said it’s no secret his company declared Chapter 11 bankruptcy, which allows a firm to stay in business, reorganize and pay its bills over time under the watchful eye of a trustee. In contrast, he said he never would have filed for Chapter 7, which allows for liquidation of a company, leaving workers unemployed and debtors lucky if they get paid partial settlements.

“We could have taken the route of Chapter 7, but I just couldn’t do that,” Hardy said, explaining that he believed it would be irresponsible to leave hanging vendors he knew and workers he counted on. “That’s family.”

He said his bank wouldn’t work with him to restructure his loans, so he had no choice but to reorganize. Legacy filed its reorganization plan in October, 2012, and it was accepted in February 2013, he said.

The company did a range of construction work, including building roads, dams and bridges as well as residential housing.

On Jan. 31, 2012, Legacy had liabilities totaling $8,127,862, according to Hardy’s campaign. Money was owed to 70 vendors, two secured creditors and a bonding company.

As of Dec. 31, 2013, Legacy had paid off $3,053,520 owed 63 vendors and had liabilities left of $5,074,342. Seven vendors still need to be paid, including Applied Geotechnical Engineering Consultants, Apco Equipment Co., Crossroads Equipment, Little Trucking, Mesco, Mountainland Supply Co., and the U.S. Forest Service, the campaign said.

Hardy said the company’s goal is to pay the remaining debt by the end of 2014.

For now, he’s out of the construction business. He still owns two limited liability companies: Panguitch Lake Properties, LLC, and the Mesquite Magnificent 7, which are both recreation real estate investment companies.

Asked if the bankruptcy might hurt his campaign, Hardy brushed off the idea, saying it’s old news and not uncommon in Nevada during the recent economic downturn.

“It came up the last election,” Hardy said. “It’s the same individuals stirring up the past. You know how it works in politics.”

He said people understand that he’s worked hard and knows how businesses can succeed.

“I’ve signed both sides of a paycheck,” he said. “I know how to create jobs.”

He said there’s so much economic uncertainty and over regulation these days that investors are afraid to put their money behind small businesses, which he called “the backbone of the economy.”

“It’s the small-business guy who makes the economy work,” Hardy said. “While big business gets all the breaks because they’re ‘too big to fail.’”

Contact reporter Laura Myers at lmyers@reviewjournal.com or 702-387-2919. Follow her on Twitter @lmyerslvrj.

ad-high_impact_4
News
UNLV Surgeon Performs Successful Rare Pancreas Surgery
Las Vegas resident Mary Duda underwent a pancreatoduodenectomy, or Whipple procedure, for her pancreatic cancer. While the grandmother of 19 recovered, her doctors say she's one of the lucky ones. Pancreatic surgery can be risky and has a high morbidity rate. (Madelyn Reese/ Las Vegas Review-Journal)
Former Las Vegas police explorer sentenced to 25 years to life in prison
Former Las Vegas police explorer Joshua Honea sentenced to 25 years to life in prison for sexual assault of a minor, but was allowed to remain free on bail pending appeal. (K.M. Cannon/Las Vegas Review-Journal)
Golden Knights Fans Line Up to Grab Their Conference Champions Gear
Golden Knights fans lined up at City National Arena Monday to snap up Conference Champions gear and other memorabilia the day after the Golden Knights won the Stanley Cup Conference Finals. (Madelyn Reese/ Las Vegas-Review Journal)
Las Vegas shooting survivor has surprise reunion
Oct. 1 mass shooting survivors Taylor Stovall and Parker Gabel meet for the first time since Gabel helped the injured Stovall to an ambulance the night of the shooting. Stovall, then 17, was shot in the arm. They met Friday at the Tropicana.
Hawaii volcano presser
Talmadge Magno of Hawaii Civil Defense gives an update on the Kilauea volcano
Same-Sex Weddings on the Rise in Las Vegas
Allie and Tara Shima finally tied the knot. They've been together for five years and have both been married before. This time, they wanted something simple, quick and cheap, but it still had to feel special. The couple chose Las Vegas. (Madelyn Reese/ Las Vegas Review-Journal)
Courtyard Homeless Resource Center begins building in Las Vegas
Las Vegas Mayor Carolyn Goodman and Ward 3 Councilman Bob Coffin kicked off the demolition of buildings where the Courtyard Homeless Resource Center will be built. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
"Yanny" or "Laurel" hearing test has gone viral
'Yanny' or 'Laurel?' This Hearing Test Has Gone Viral This hearing test has gone viral on social media with some hearing "Yanny" while others swear hearing "Laurel." The voice is actually saying "Laurel," but the pitch was changed, causing some to hear "Yanny."
LVMPD Briefs on Year's Sixth Officer-Involved Shooting
Las Vegas police have identified the officer who shot a shovel-wielding woman on Saturday as 23-year-old Ondre Wills.
Police release body camera footage of shovel-wielding woman
Las Vegas police identified the woman they said threatened neighbors with a skillet Saturday night. Officer Ondre Wills, 23, shot at Sommer Richards, 34, multiple times on Big Sur Drive, near Nellis Boulevard and Desert Inn Road. Police responded to the area after receiving reports that the woman was armed with a shovel. Police said the woman chased neighbors and a security guard. Wills got between Richards and the others and repeatedly told her to drop the shovel. The woman instead turned and moved toward a person who was standing nearby before the officer fired shots. Police said she bit another officer as he attempted to render aid. Richards remains in serious but stable condition.
College of Southern Nevada Graduates 2017-18 Class
The College of Southern Nevada's graduation ceremony was held at the Thomas & Mack Center Monday. The 2017-18 class was the institution's largest in history. (Madelyn Reese/ Las Vegas Review-Journal)
Metro looking for suspect in bank robbery.
On Jan. 22, a man robbed a bank in the 8700 block of West Sahara Avenue.
Former Gov. Mike Huckabee at opening of U.S. Embassy in Jerusalem
Former Arkansas Gov. Mike Huckabee, at opening ceremony of U.S. Embassy in Jerusalem, speaks about the violence in Gaza. (Debra J. Saunders/Las Vegas Review-Journal)
Supreme Court strikes down law banning sports betting outside Nevada
The Supreme Court has overturned a federal ban on sports gambling. States other than Nevada will be allowed to provide bookmaking and betting at casinos and race tracks. Justice Samuel Alito said Congress can regulate sports gambling directly, but if it elects not to do so, “each State is free to act on its own.” The vote was 6-3. One research firm estimates that 32 states will likely offer sports betting within five years.
Westcare Clinic Crucial to Las Vegan's Addiction Recovery
Christian Hunt, 21, was sent to Westcare in September after he ended up on drugs and in the hospital. If it weren't for the nonprofit's Community Triage Center, Hunt said he would still be using drugs. Instead, he's been sober for six months, and stopped using methamphetamines seven months ago. (Madelyn Reese/ Las Vegas Review-Journal)
Foundation Provides Full Rides for Clark County Students
Somewhere along the banks of the Ohio River in Owensboro, Kentucky, a group of students from Sin City are pursuing a higher education. Feature on the 38 Clark County students that the Rogers Foundation has given full rides to for Kentucky Wesleyan College. (Madelyn Reese/ Las Vegas Review-Journal)
Flames engulf house in Henderson
Clark County firefighters battled a house fire early Friday morning in Henderson. The house, located near Volunteer Boulevard and Executive Airport Drive, was fully engulfed in flames about 2 a.m. Shifting winds sent massive plumes of smoke across the southern Las Vegas Valley sky. As of 3 a.m. , the cause of the fire was not known and no injuries were reported.
Harvey Weinstein’s Estranged Wife Speaks Out for First Time
Harvey Weinstein’s Estranged Wife Speaks Out for First Time Georgina Chapman was profiled for 'Vogue’s' June issue, speaking on her estranged husband for the first time since he was accused of sexual assault in October. Georgina Chapman, to Vogue Georgina Chapman, to Vogue Chapman, who has two children with Weinstein, also said she has been seeing a therapist and that has helped her move forward. Georgina Chapman, to Vogue Georgina Chapman, to Vogue Read the full profile on Chapman in Vogue’s June issue or online at Vogue.com.
Bark-Andre Furry the dog is a Vegas Golden Knights hockey fan
The furriest fan of the NHL's Vegas Golden Knights is growing into a social media sensation. Bark-Andre Furry the Jack Russell terrier has thousands of followers on Twitter and Instagram. (K.M. Cannon/Las Vegas Review-Journal)
Suspect Sought In Robbery Attempt
Attorney Gloria Allred on case against Benjamin Sparks
Attorney Gloria Allred is representing the victim in a "sex slave" case against GOP political consultant Benjamin Sparks.
2018 Las Vegas Review-Journal High School Journalism Awards winners
Some winners of the 2018 Las Vegas Review-Journal High School Journalism Awards receive their awards.
Weather Balloon Collects Key Data
Meteorologist Chelsea Kryston discusses the Las Vegas National Weather Service's balloon carrying a radiosonde that collects temperature, humidity and pressure readings.
'Avengers: Infinity War' to Cross $1 Billion Mark
'Avengers: Infinity War' to Cross $1 Billion Mark And it will have done so faster than any other film in history. The Anthony and Joe Russo directed film has only been in theaters for eight days since its Apr. 27 release, and it’s already raked in $905.1 million at the worldwide box office, including $338.4 million in North America. It will reach the milestone faster than ‘Star Wars: The Force Awakens,’ which took 12 days to cross over the $1 billion threshold. ‘Infinity War’ is the 34th film to cross $1 billion at the global box office, not accounting for inflation.
Henderson Residents Fighting Their HOA
Sun City Anthem residents Tim Stebbins and Bob Frank were arrested by the Henderson Police Department for filing a false report of a crime after they claimed their HOA was hiding surplus assessments in a secret slush fund. Nearly a decade later, Frank is still trying to clear his name. (Madelyn Reese/ Las Vegas Review-Journal)
UNLV Professor Retiring After 50 Years
Professor Bernard Malamud reflects on his 50 years teaching economics at UNLV and what it's been like watching to school and the city grow.
Donald Trump recognizes Jon Ponder of Hope for Prisoners
Former bank robber Jon Ponder, now CEO of Hope for Prisoners, is recognized by President Donald Trump at the White House Rose Garden. Debra J. Saunders/ Las Vegas Review-Journal
Motorcyclist suffers severe head injury
A crash early Friday morning has left a motorcyclist hospitalized with a serious head injury, according to Las Vegas police. The crash occurred in the southwest valley at Durango Drive and the 215 Beltway, and was reported around 1:30 a.m. Police are investigating and one lane of the eastbound 215 offramp has been shut down.
Woman stabbed in the stomach
Las Vegas police are looking for the suspect who stabbed a woman in the stomach during a street robbery Friday morning in the central valley. The 37-year-old woman walked into the 7-Eleven at 531 E. Sahara Ave., around 1:30 a.m. with a wound to her abdomen, according to police. She was taken to a local hospital and is expected to survive her wound. The stabber remains at-large.
Trump Nominated for Nobel Peace Prize
Trump Nominated for Nobel Peace Prize Eighteen House members sent a letter to the Nobel Committee in Norway, recommending President Donald Trump for the 2019 Nobel Peace Prize. The letter was signed by Rep. Luke Messer and other GOP members, according to the New York Post. Letter to Nobel Committee This week, South Korean President Moon Jae-in said Trump deserved the nomination, as well, for his efforts to rid North Korea of nuclear weapons. Trump is set to meet with North Korean leader Kim Jong-Un soon.
TOP NEWS
News Headlines
ad-infeed_1
ads_infeed_2
Local Spotlight
Events
Home Front Page Footer Listing
Circular
You May Like

You May Like