Chasen Cos. Bankruptcy Highlights Lavish Executive Pay and Questionable Asset Transfers

The recent bankruptcy filing of Chasen Cos. has brought to light startling details about the company's financial mismanagement, including lavish executive pay and questionable asset transfers. Despite facing severe financial difficulties, the company continued to pay its founder, Brandon Chasen, over $21,000 biweekly, totaling more than $500,000 annually, alongside top executives receiving up to $9,600 per week. These payments persisted until November 2024, even as the company faced lawsuits for unpaid bills.

Bankruptcy documents reveal a grim financial picture, with Chasen Construction reporting over $39.5 million in liabilities and no assets, including a bank account with a negative balance. The company's revenue dramatically fell from $77 million in 2023 to zero in 2025, underscoring the depth of its financial collapse. Creditors have raised red flags over the unreported transfer of a $5 million company jet to a privacy trust, TVPX Aircraft Solutions, in March 2025, suspecting an attempt to shield the asset from bankruptcy proceedings.

The situation has escalated legal and creditor pressures, with Chasen Construction being forced into involuntary bankruptcy in April. Major creditors, including Sandy Spring Bank, which is owed $28 million, are now seeking to force Brandon Chasen into personal bankruptcy to recover nearly $30 million. The collapse has also led to abandoned projects and visible construction debris in Baltimore, drawing public scrutiny and scheduled creditor meetings in August to investigate potential financial misconduct and examine the justification for the high executive compensation.

This case highlights critical issues of corporate governance and financial accountability, with potential implications for how companies in distress manage executive pay and asset transfers. The outcome of the creditor meetings and legal proceedings could set precedents for handling similar cases in the future, affecting stakeholders across the construction and financial industries.