This story is as old as the construction industry. Subcontractors and suppliers are the industry's bankers and get played for fools on a regular basis by the general contractors. Throw in the occasional sleazy owner (remember Charlie Keating???) and it's a regular murderer's row, at least in a financial sense.
The most important job of a CFO is to withhold payments to subs for the maximum time possible...preferably for at least a couple of bank cycles. I’ve worked for a couple of companies that did this on a regular basis.