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DCM erectors goes "bankrupt" Options · View
Cat 966f
Posted: Wednesday, January 18, 2012 5:32:55 PM

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Location: Staten Island, New York
Check this out, found it out last week and just found sort of a article on it someone wrote. a Cornell Link-Belt TG(2300?) is being assembled on Tower 4 right now. As for Tower 1, if Cornell moves in, it will be very interesting to see the dis/assembly as I can view it from my home.




"DCM has been unable to fulfill its union benefits payments, thats the biggest issue. Local 40 will/may have already shut the job down. I think they are 12 weeks behind.

I also understand that they have not paid their subcontractors on site.

I know that they have several very large extra work/change order claims to both buildings which the PA has balked at or is taking their sweet time paying, thus exacerbating the issue. (Ive heard of an extra welding claim of around $75-100mm in value)

I also have heard from several sources that they have layed off virtually their entire fabrication shop, 300 people, because the mills will not satisfy any more orders for material.

I spoke with a few Tishman guys at another project yesterday and they said that the problems are very deep and very bad, and that DCM is 'closing the doors' so to speak. (DCM was disqualified as an erector for this project last month for unknown reasons)

I really cant speculate beyond what I have heard, but its obviously tragic news.


I mentioned this in my post in the Gem Tower thread. DCM was removed from that project already and Cornell has been contracted to complete that tower. I know that at the Gem Tower, extell has been good with paying their bills, so it looks like the work at the trade center has infected the entire company...."

-Vinny

http://www.heavytruckphotos.com/
JesseP
Posted: Wednesday, January 18, 2012 7:30:35 PM
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Location: New Jersey
I can tell you that, "MANY" of us who we're working at the WTC site have now stopped work. The Museum work I was to finish early next month has been halted since early November! The Port Authority/911 Memorial are fighting about money. I hate to say it's turning into just another job, but it really is... I don't want to discuss it anymore. It's a real shame....Silenced Sick
john suckoe
Posted: Thursday, January 19, 2012 7:56:04 AM
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Location: south plainfield n.j.
We are back at work at Harris and MRP !!! John
ConstructionSite
Posted: Thursday, January 19, 2012 12:57:06 PM

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Location: Minnesota
Later on in the thread where the above came from:

"Quote: The Port Authority of New York & New Jersey has been advancing money to DCM Erectors, the company that’s erecting the steel skeletons of two towers at the World Trade Center site and the agency’s $3.4 billion transportation hub, the Wall Street Journal reported, in an effort to keep the construction on track.

The agency has even been paying some of DCM’s subcontractors directly, the Journal said, since DCM, which has $700 million worth of steel contracts at the site, began to struggle financially as a result of the project’s complexity and unexpected extra costs.

A spokesperson for the Port Authority declined to comment on how much DCM had received in advanced payment.

“The Port Authority has and will continue to work closely with DCM in order to maintain its construction effort,” he said in a statement to the Journal.

DCM President Larry Davis added: “I’m sure we’re all going to work out the issues down the road."

So has all work stopped or are things mostly moving along even with the "issues". I understand the problem at the Memorial, but that sounds separate from this. Might DCM still come out of this?

- Chris Smile
screed4713
Posted: Sunday, January 22, 2012 9:17:50 PM

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Joined: 7/13/2003
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Location: Point lookout, NY
The Port Authority was making early payments and carried payroll for the original WTC erector too. Koch fell behind and the PA picked them up too. I read it in a book called Men of Steel by Karl Koch III. It was a pretty good read.


Todd
JesseP
Posted: Sunday, January 22, 2012 9:32:40 PM
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Location: New Jersey
Nobody is carrying the Museum.. That's another Bovis/Lend Lease mess.... I heard from one of my fellow workers, while at the U.N. on Friday, that nobody is touching the museum until 2013. It could be just a rumor, but i'll find out more this week...Whistle I'm starting to get tired of these high profile jobs. They just are way more aggravation, than it's worth...
john suckoe
Posted: Tuesday, January 24, 2012 7:48:02 AM
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Location: south plainfield n.j.
We are at work the figure on extra work and change orders is 160 million !! The Port and Tishman are here at the shop checking on progress weekly. The Subway is in our yard as we are at the top and the antenna is made at ADF and is to be barged down from Canada. All Port work on all sites is on a close payment schedule as I have talked to friends doing work in NJ too . John
JesseP
Posted: Tuesday, January 24, 2012 10:19:15 PM
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Location: New Jersey
It's a Hell of a mess...d'oh!
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