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Truland tells court of plan to abandon all contracts

By WTOP Staff

The bankruptcy court trustee overseeing Reston-based electrical contractor Truland Group Inc. is throwing in the proverbial towel on what electrical subcontracts the company was working on when it shut down last month and has asked the federal judge overseeing its liquidation effort for permission to abandon its claim to the tools it has been storing for work on those job sites.

Wiley Rein LLP attorney Jason Gold, in a phone interview, told me Truland’s trustee has concluded Truland’s estate cannot realistically complete work on virtually all of the subcontracts that were active when Truland filed for Chapter 7 liquidation July 23. Instead, Gold said, the company has concluded the best option is to turn those projects over to their general contractors, sureties or other interested parties.

“The vast majority are being abandoned by Truland so that the general contractors and the sureties and the bank can get those projects done as quickly as possible,” said Gold, who is representing Truland trustee Klinette Kindred. “At this point, the focus has been on seeing what assets might be available to liquidate to pay the creditors some money.”

Klinette previously indicated she was exploring whether Truland had any projects that were close enough to completion that could be finished in short order to allow Truland to collect its share of the subcontract for that work.

Kindred filed a motion with the court on Friday to abandon its interest in the property, including all the tools, material and furniture, it has been storing in various locations for use on its job sites across the Washington area. In making the motion, the trustee argued it intends to reject all of the debtors’ contracts to complete electrical work and, “therefore, the estates have no need or use for the property.”

Truland’s loss, it appears, is at least partially Clark Construction Group LLC’s gain. Clark filed a corresponding motion for all of those tools and supplies Truland affiliate Truland Walker Seal Transportation was storing for work on one subcontract, rehabilitating a portion of Metro’s Orange/Blue line from Stadium Armory to National Airport. Clark, in its motion, said it is on the hook for those things, which “are urgently required” to complete the work and that “it may suffer significant damages” and increased claims against Truland’s estate the longer it is not able to access that equipment.

Among the items: about 14,000 feet of Okonite 1000kCMIL cable, which cost about $354,000, and about $45,000 in MDS Power battery banks and chargers.

Gold said the property does not include about 100 Truland vehicles, valued at about $500,000, that the estate plans to sell to pay off its creditors. Truland has also filed a motion with the court to retain an auctioneer to help with those sales.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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