Ty Masterson’s Political Ambitions Amid Past Business Bankruptcy
As Ty Masterson embarks on a gubernatorial campaign in Kansas, his past business troubles have come to light. Despite advocating for fiscal prudence, Masterson’s own enterprise faced financial collapse.
Masterson co-founded MasterBuilt Homes, a residential construction firm in Andover, KS, in the early 2000s. While serving in the Kansas House of Representatives, he remained active in the company until it ceased operations in 2006, ultimately filing for Chapter 7 bankruptcy in 2010. This type of bankruptcy, often termed “liquidation bankruptcy,” allows businesses to eliminate insurmountable debts.
At the time of filing, MasterBuilt Homes declared $300,000 in assets against a debt of $1.13 million. Notable debts included $209,000 to Corner Bank, $53,890 to Emprise Bank, and $85,000 to Fisher Lumber of Garden Plain, alongside over $160,000 in credit card liabilities. The bankruptcy case concluded in 2012 without full repayment to most creditors.
Despite Masterson’s business setbacks, he advanced to the Kansas Senate in 2009. By 2012, he was appointed to lead the Senate Ways and Means Committee, tasked with evaluating state budgets and expenditures.
Ed Nazar, representing creditors in the bankruptcy case, expressed hope that Masterson would manage public funds better than his own, as quoted in the Wichita Eagle.
Masterson attributed the bankruptcy to an employee’s actions, noting his limited oversight during his early political engagement.
In June, Masterson selected Jeff Klemp, a state senator and businessman, as his lieutenant governor running mate. Klemp has led Century Van Lines since 2010, a company recently involved in a tax dispute with the Kansas Department of Revenue. The issue, involving $21,429.18 in corporate income tax arrears, was resolved within 42 days.
Facing Masterson in the gubernatorial race is Democratic state Sen. Cindy Holscher. According to a recent Global Strategic Group poll, Holscher holds a slim lead over Masterson, with a one-point advantage. Further details on the poll can be found here.
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