Owners of Hansen & Horn admit company is broke

INDIANAPOLIS (WISH) - Little more than two weeks after an I-Team 8 investigation revealed home builder Hansen and Horn had serious financial problems the company admits it's broke.

Thursday in Marion Superior Court, Ward Horn, President of Hansen and Horn Group Inc. admitted his company can no longer pay its bills.

Judge Heather Welch then ordered that a receiver be appointed.

The receiver will represent those who have filed lawsuits trying to get hundreds of thousands of dollars owed to them by Hansen and Horn.

Best Flooring of Indianapolis is owed $60,000. But Ed Purvis isn't sure this will help his company get its money.

"It's hard to be excited," said Purvis. "They threw in the towel after the lunch recess and admitted they are insolvent. And a receiver will be appointed in a week from today. But it sounds like they are going to try and operate under a slightly different name."

The judge will name the receiver on December 10. While Hansen and Horn Group Inc is insolvent there was no action taken against another company run by Ward Horn, Hansen and Horn Inc. A lawsuit is pending against that company.