Ty Masterson Leads Kansas Governor’s Race Despite Past Business Bankruptcy
Ty Masterson, a Republican candidate for Kansas governor, emphasizes fiscal responsibility in his campaign, though his own business history includes a bankruptcy filing.
Masterson co-founded MasterBuilt Homes, a residential construction firm located in Andover, Kansas, in the early 2000s. He remained involved in the business even after his 2004 election to the Kansas House of Representatives.
The company ceased operations in 2006 and entered Chapter 7 bankruptcy proceedings in late 2010. This type of bankruptcy, also known as “liquidation bankruptcy,” assists debtors in discharging debts they are unable to repay.
At the time of filing, MasterBuilt Homes reported $300,000 in assets against $1.13 million in liabilities. Debts included $209,000 owed to Corner Bank, $53,890 to Emprise Bank, and $85,000 to Fisher Lumber of Garden Plain, along with over $160,000 in credit card obligations.
The bankruptcy case concluded in 2012, leaving many creditors unpaid in full.
Despite this business setback, Masterson was elected to the Kansas Senate in 2009. In 2012, his legislative peers appointed him to chair the Senate Ways and Means Committee, which evaluates state agency budgets and proposed expenditures.
Ed Nazar, representing creditors in the bankruptcy case, commented to the Wichita Eagle, expressing hope that Masterson “is a better steward of the people’s money than he is his own.”
Masterson attributed the company’s financial troubles to an employee, noting his limited oversight due to increasing political engagement.
On June 1, Masterson announced businessman and state Senator Jeff Klemp as his running mate for lieutenant governor. Klemp has led Century Van Lines since 2010. In 2023, the Kansas Department of Revenue issued a $21,429.18 tax warrant against the company for delinquent corporate income taxes, which was resolved within 42 days.
Masterson’s Democratic challenger, state Senator Cindy Holscher, holds a narrow lead according to a Global Strategic Group poll from last month, leading by just one percentage point.
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