Intelligent Highway Solutions, Inc. (fka IHSI)

[FullDeck]

"Secured Bids" just protect CLIENTS, not the CONTRACTOR.

Not sure why you'd want to stress "secured bids"...

Instead, the seed money meant to fund the $10.6 million in "secured" (yes, "secured") bids won by Cresent Construction Company, Inc.

When the old Cresent failed to perform, their clients were presumably "made whole" for Cresent's non-performance.

It doesn't mean Cresent was "guaranteed" the $10.5MM. If anything, they just lost the cost of their security bond.

Here's an explanation:
https://www.investopedia.com/terms/b/bid-bond.asp#:~:text=Bid%20bonds%20ensure%20that%20contractors,financial%20protection%20to%20the%20client.

Most public construction contracts require contractors or subcontractors to secure their bids by providing bonds that serve as a means of legal and financial protection to the client.

Without bid bonds, project owners would have no way of guaranteeing that the bidder they select for a project would be able to complete the job properly. For example, an underfunded bidder (e.g. Cresent) might run into cash flow problems along the way.

Those jobs have already defaulted.

There is no chance IHSI will ever receive any benefit from the $10.5 million in defaulted bids.

None.