How is this company still open?

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.

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...

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.

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.

Well that's a surprise. Good for Box.

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

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

why?

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

http://www.okctalk.com/images/pete/golddome120114.jpg

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

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.

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

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.

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.

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

FWIW, workers have been scurrying all over the roof of the dome all day today. I think they are putting up Christmas lights.

Explains why they still have stuff at football games too. At least OU is smart and made them pay upfront for at least part of it....but they wont' get another year out of it.

How is the IRS not on them so hard that they're not closed already!?

I've talked to people at the IRS and the FBI about this situation.

Obviously, neither will comment if there is an on-going investigation or what the status may be.

However, my contact at the FBI told me that in the case of white collar crime, they move very slowly, taking time to observe and collect as much information as possible. He said such matters often take a year or more to move to the prosecution phase

In case of the IRS, I was told the only time they shut down a business is when the business activity itself is illegal. Otherwise, they actually want the business to continue to operate as it's the only hope of them receiving any part of the money they are owed.

I would not assume that since their doors are still open that everything is fine.

Whatever happened to this story and the theft of social security funds by this criminal enterprise?

I know they have been reported to the proper authorities but the government will not comment on any investigation or if there is even one underway.

You usually don't hear about these things until charges are filed and that can take time.

They introduced the CEO on-field at the football game this past weekend in Norman, for their 'sponsorship' of the game.

I boo'ed in his general direction. :kicking:

I did notice the Christmas lights are on the dome.

And they somehow sponsored the Bedlam trophy.

Yeah saw their sponsorship everywhere for Bedlam, kind of weird considering......

They had a crew of Teemco employees out there yesterday putting up Christmas decorations like nothing has ever happened. They looked like they were going all out.

Has anyone notice TEEMCO advertising at Thunder games this year?

I know there was a bunch last year and they signed a multi-year sponsorship deal.

Has anyone notice TEEMCO advertising at Thunder games this year?

I know there was a bunch last year and they signed a multi-year sponsorship deal.

I have not noticed them at Thunder games but I have seen their advertising at the LNC for OU basketball games.

Yes, their OU / Bedlam sponsorship has been running since the fall.

Seems like the Thunder stuff may have stopped at the end of last season.

Has anyone notice TEEMCO advertising at Thunder games this year?

I know there was a bunch last year and they signed a multi-year sponsorship deal.

Not at all.

I saw a TEEMCO ad at a thunder game very early in the season. Remember explaining to my wife how they were a sketchy establishment

more interesting news to come soon

More trouble for the embattled company:

OKCTalk - TEEMCO being sued for Channel 9 debt; facing evictions (http://www.okctalk.com/content/109-teemco-being-sued-channel-9-debt-facing-evictions.html)

It seems that, as per Brianna's article, they are still insisting they will be OK and they are continuing with their plans.

http://www.oklahoman.com/article/5392098&headline=Gold%20Dome%20tenant%20company%20TEEMCO%2 0is%20hit%20hard%20by%20crude%20price%20decline


Despite a new round of financial problems, Edmond-environmental engineering firm TEEMCO said it still plans to move into Oklahoma City’s Gold Dome building later this month.

TEEMCO CEO Greg Lorson said that although lower crude prices have hit the company hard, the company still plans to move about 40 employees into the Gold Dome at the end of February.

“When times are tough financially, it’s not usual for us to be behind on some bills, but we plan to pay them,” Lorson said.

Tommy Garrison, a property manager for Gold Dome owner David Box, said the building is still under contract to TEEMCO.

“TEEMCO is still communicating with us and we’re still working with them,” Garrison said. “They have worked on the interior of the building and they are very close to having it ready to move in.”

I have to laugh at the title of that article. I doubt there was much of Teemco before oil prices even decline.

Are they even doing these days besides shifting debt around?

They have unpaid bills that are almost a year past due and have been bouncing checks (including payroll) for years -- has absolutely nothing to do with the price of oil.

All the debt mentioned in my last article (and previous ones) started to pile up before oil prices dropped.

Remember, the CEO previously blamed the old CFO for their "financial stress" but now that he's no longer a scapegoat (he left last year) they have to come up with a new excuse.

Also, just last month their top salesperson -- sold the huge majority of their new accounts -- left for a competitor.

TEEMCO still had advertising at Lloyd Noble last night for the game.

They've been advertising at OU all year.

I believe they pre-paid one year of their sponsorship deal. But they are gone from Channel 9, Remington Park, the Zoo Amphiteater, and seemingly The Thunder.

They had signed multi-year sponsorships with all.

Back in September, I found out my neighbor worked for them. He mentioned their old CFO ran off with a lot of their money or something. If I see him around, I will ask about them.

Back in September, I found out my neighbor worked for them. He mentioned their old CFO ran off with a lot of their money or something. If I see him around, I will ask about them.

The "CFO stole money" line has been used by their CEO many times yet no charges have ever been filed.

They have unpaid bills that are almost a year past due and have been bouncing checks (including payroll) for years -- has absolutely nothing to do with the price of oil.

...

How do they still have anybody left working for them if they keep bouncing payroll checks? I would leave as soon as I could after the first one bounced!

The number of employees has been steadily dwindling for some time.

That Oklahoman article....it's such a shame, but not surprising, that in the end it's all spin control for TEEMCO. It's just the oil prices after all.

I think deep down, there may be some attempt at trying to "prove" you're wrong. I don't know, it just strikes me that way.

The "CFO stole money" line has been used by their CEO many times yet no charges have ever been filed.

I'm not refuting that. That is what the employees know/telling people.

I'm not refuting that. That is what the employees know/telling people.

Understood.

Didn't mean to contradict you, just was elaborating.

From that Oklahoman article:


“When times are tough financially, it’s not usual for us to be behind on some bills, but we plan to pay them,” Lorson said.

TEEMCO was evicted today from the warehouse property on N. Santa Fe, which they have been renting for several years and is the storage facility for all the materials they need to conduct their business.

And as previously mentioned, most their financial problems started well before the oil price drop and they owe many creditors debts which they haven't paid on for 9 months or more.

TEEMCO was evicted on Friday from the water bottling operation in El Reno. They still owe tons of back rent and will owe the remainder of their lease amount as long as the property sits vacant.

That's three evictions in the last few weeks.

There was just a large ($200K+) judgement made against TEEMCO related to a recent eviction from a local warehouse.

The landlord had already won default judgment (meaning TEEMCO didn't contest or even appear at the hearing) for eviction and past due rent, plus late fees and other costs.

But they had also filed a separate suit for the value of the remainder of the 5-year lease term, and once again won a default judgment.

And in this case, CEO Greg Lorson had recently signed a personal guarantee on the lease, no doubt due to the fact the company had been behind several times. They had staved off eviction at the last minute at least once before.


They don't even seem to be putting up a fight now.

Also, they told the Oklahoman they were moving into the Gold Dome in February, and that month has come and gone.

The latest excuse was a boiler, and I've yet to see a permit for a new one.

On Monday May 18th, representatives of the Oklahoma Tax Commission served Edmond-based TEEMCO with a cease and desist order in their offices, requiring the company to immediately close its doors and stop operating.

TEEMCO employees were asked to leave the premises and the offices are still closed at the time of this writing, 11:00AM on Thursday May 21st.


http://www.okctalk.com/images/pete/notice.jpg

Millions in unpaid taxes
At issue is years of unpaid taxes.

As OKCTalk had previously reported as part of our investigative series, TEEMCO has allegedly never paid any of the federal withholding taxes that had been collected from the paychecks of employees. Subsequently, we also learned the same was true for the state withholding taxes and social security, as well as state sales tax.



See our previous reports in this series:

Troubled Times at TEEMCO (http://www.okctalk.com/content/55-exclusive-report-troubling-times-teemco.html)
TEEMCO implicated in massive tax evasion scheme (http://www.okctalk.com/content/58-teemco-implicated-massive-tax-evasion-scheme.html)
TEEMCO being sued for Channel 9 debt; facing evictions (http://www.okctalk.com/content/109-teemco-being-sued-channel-9-debt-facing-evictions.html)

TEEMCO has been operating for five years and has amassed millions in back taxes, not including the inevitable and substantial penalties and interest.

At the same time, the company seems to have almost no assets.

Unpaid employees, lapsed medical coverage, substantial judgments and evictions
Current employees report being owed several weeks of back pay and that the TEEMCO internet service was recently disconnected. Currently, the TEEMCO company website is off-line.

Former employees tell OKCTalk that although deductions were made to their paycheck for health insurance, TEEMCO stopped paying the insurance invoices sometime around the first of the year resulting in a loss of coverage and unpaid medical bills.

TEEMCO has recently been hit with several lawsuits and judgments for unpaid debts. In most recent cases, the company or CEO Greg Lorson did not even respond to the filings or show for hearings; default judgment were merely rendered by the court.

Recently, TEEMCO faced eviction from a warehouse for the second time in just a few months. Employees tell us the company merely moved its inventory after one eviction, only to be sued for nonpayment at the new location.

Facing the second forced expulsion in early April, the company sold the majority of the warehouse contents, including the world's largest salt crystal lamp it had once promised as a feature of a flashy new headquarters.


http://www.okctalk.com/images/pete/teemco051915c.jpg

http://www.okctalk.com/images/pete/teemco051915d.jpg

Just a few weeks ago, the company announced it had scrapped its plans to move into the historic Gold Dome where the salt crystal lamp was to have been displayed.

Alleged embezzlement of charitable donations
OKCTalk has learned Lorson accepted at least $35,000 in donations for a kidney transplant patient.

In various press releases and local media stories, Lorson spoke at great length about the TEEMCO Foundation, a nonprofit that was to help this particular kidney patient and other noble community causes.

In fact, in 2014 the Journal Record gave Lorson and TEEMCO a Golden Beacon award for its charitable work and published this in their story: "The TEEMCO Foundation is raising funds to pay for a kidney transplant needed by an individual with terminal kidney failure. 'Except for the TEEMCO Foundation, this person has no financial resources, nor family, organizational or community support,' Lorson said."


9VPWjG7unXY

But there is no evidence the TEEMCO Foundation has never existed.

Former employees tell us that it was never created, and research through the Oklahoma Secretary of State has found no record of any TEEMCO Foundation or any other nonprofit formed by Lorson or anyone else at the company.

Employees also report that Lorson told them that the young woman no longer needed a transplant and thus no money would be issued to her.

We were able to confirm that one donation of $30,000 and another for $5,000 were never returned to the donors, nor were they notified of Lorson's intention not to forward the money to the intended recipient. Both the large donations were deposited in TEEMCO accounts in 2013.

Extravagant spending
Meanwhile, Lorson drove a new Jaguar, bought a stretch limousine and a large yacht on Lake Texoma and took lavish trips to Europe and Hawaii.


http://www.okctalk.com/images/pete/teemco051915b.jpg

The company also inked huge endorsement contracts with the Thunder of the NBA and the University of Oklahoma, then completely defaulted on those agreements at the very early stages, while Lorson continued to enjoy premium tickets to sporting events.

Lorson himself was on the field in Norman on December 6, 2014 to present the TEEMCO Bedlam trophy to the winner of the University of Oklahoma and Oklahoma State football game.


http://www.okctalk.com/images/pete/teemco051915e.jpg

Ironically, at that very moment Lorson was in the process of being evicted from his own residence.


OKCTalk's investigation of TEEMCO is on-going.

bumping this up as I just posted the article.

Great work once again, Pete!

I've passed by the gold dome twice in the past couple of days and noticed a homeless person with a shopping cart living up against the front door. Let's hope something good will happen to it now.

Hell of a job on this Pete. You uncovered this thing while local media sat around on their butts.

Edit: But to be fair to the Oklahoman, pictures of local celebrities don't just post themselves to the age-guessing website. I'm sure that took a lot of time.

I've passed by the gold dome twice in the past couple of days and noticed a homeless person with a shopping cart living up against the front door.

Same, even after the sale was finalized.

I guess TEEMCO is now unofficially no more. I don't see them paying their taxes and reopening.

Lorson needs to go to jail - what a fake.

fascinating

It's going to get a lot more fascinating in the very near future.

Lots more to come out on all of this.

Great job on this series, Pete. Just to echo hoyasooner, it's hard to believe that local media did little to nothing on this story. And when they did, it was almost excuse making on behalf of TEEMCO. Just an amazing story of corruption and media complicity.

Fantastic reporting, Pete! Bravo!

How could the paper of record miss such an important story?

Fantastic reporting, Pete! Still amazed that the local media has pretty much ignored this story.