Judge Gives Possession to IPS Steel in Hennepin

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A judge has ordered IPS Steel of Michigan can take possession of the former Hennepin steel mill site, and collect profits from it. The current owner, Hennepin Industrial, is responsible for paying back its liens.

IPS Steel is a former owner of the steel mill who sold the property to Hennepin Industrial last year. IPS Steel filed for a motion of possession for the site, which isn’t the same as ownership. After a judge makes the order, the body given possession of the property will have possession of the mill until this case ends.

Judge Stephen Kouri filed the order Friday, giving possession of the site to IPS Steel.

“This ruling is based on the filing of numerous liens against the property and not based on any other alleged defaults,” the order says.

In court last week, Andrew Bossory, attorney for IPS Steel, said Hennepin Industrial hired multiple subcontractors to do work and hasn’t paid them. Hennepin Industrial has multiple liens against it, Bossory said, which is usually a document signed by someone to whom money is owed.

Bossory said these liens include about $92,400 to Tiger Demolition, $330,000 to R&M Metals, $98,000 to Dykon, $395,900 to American State Equipment, $16,500 to United Rentals and $86,000 to another group.

Source: News Tribune