Construction Magnate James Lomma Files Bankruptcy after Jury Awards $48M to Families of Crane Collapse Victims

by San Antonio Attorney

James Lomma, a construction magnate, declared bankruptcy on Jan. 6.  Lomma.  He is the owner of a New York crane that collapsed in 2008 and crushed to death two workers.

The filing occurred after he was ordered by a Manhattan judge to pay $96 million in damages to the families of the two victims.

Lomma stated that he has 129 employees and also owns equipment that were used in the largest construction projects such as Hudson Yards and the newly built World Trade Center, according to the bankruptcy filing.

The 70-year-old businessman filed for Chapter 11 bankruptcy to cover for his other three companies.

Kevin Nash, Lomma’s legal representative, stated that the case was filed when the contractor appealed the verdict.

Lomma was accused of using a faulty bearing on his Kodiak crane, which resulted into collapse on the Upper East Side last 2008.  The businessman’s assets include: a $1 million home on Staten Island, a $300,000 villa in the U.S. Virgin Islands, and a $500,000 private jet.

The ‘King of Cranes’ gives himself a salary worth $147,000.

Aside from the $96 million jury verdict demanded by the families of the deceased employees Ramadan Kurtaj and Donald Leo Jr, Lomma bears debt worth $300,000 in state and federal taxes.

Kurtaj and Leo’s families have filed liens on Lomma’s two construction equipments, bank account and a brokerage account.

The victims’ lawyers claim that Lomma has been moving his financial assets to another ‘dummy’ construction company named after his daughter, who was a former employee in cosmetic sales, according to The Post.

Susan Karten, the legal representative of the victim’s families, revealed that the businessman is trying his best to evade the justice system by depriving the victim’s families of the proper compensation that they deserve.  Lomma also prohibited the families from gaining closure in the death of the two workers, Karten said.

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