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Ladenburg: Cascadia “too big to fail”

Post by David Wickert on Nov. 25, 2009 at 1:52 pm |
November 25, 2009 1:52 pm

In case you missed it, former Pierce County Executive John Ladenburg was in court Tuesday in his new capacity as chief operating officer for Cascadia, the troubled Bonney Lake housing development.

The company is fighting in bankruptcy court to prevent the liquidation of its assets. Cascadia has defaulted on a $75.6 million loan from the bank.

According to today’s story by reporter Mike Archbold, Ladenburg told the court that Cascadia is “too big and too important to Pierce County to be allowed to fail.” County economic development director Denise Dyer offered similar testimony.

Read Mike’s story here.

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