The day before breaking ground for the project on the former Central High School site, another property developed by Luzy Ostreicher filed for bankruptcy after its lender said it falsified financial statements and defaulted on a nearly $52 million loan.
The Minnesota Attorney General’s Office signed a consent agreement that would prohibit allegedly predatory lending practices by companies associated with the Lac du Flambeau Ojibwe band.
Mesabi Metallics lost critical state mineral leases last year, leaving an even bigger question mark over its half-built, controversial project in Nashwauk. But the company says it will finish the plant.
The Minnesota Attorney General’s Office signed a consent agreement that would prohibit allegedly predatory lending practices by companies associated with the Lac du Flambeau Ojibwe band.
Mesabi Metallics lost critical state mineral leases last year, leaving an even bigger question mark over its half-built, controversial project in Nashwauk. But the company says it will finish the plant.