CHICAGO (CBS) — The federal government has taken over a company with ties to the son of retired Mayor Richard M. Daley.

As WBBM Newsradio 780’s Debra Dale reports, Cardinal Growth LP borrowed nearly $51 million from the U.S. Small Business Administration over the past decade, but only paid back about $30 million, the Chicago Sun-Times reported.

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The federal government has filed a lawsuit to liquidate the company.

LISTEN: Newsradio 780’s Debra Dale reports

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The Sun-Times reported Monday that the firm was operated by attorney Robert Bobb Jr. and accountant Joseph McInerney, who was a close friend of retired Mayor Daley’s son, Patrick Daley.

The Sun-Times reports Cardinal-owned businesses won some lucrative city contracts, and that Patrick Daley had a stake in some of those businesses. The newspaper reports further that from 2002 to 2009, Daley was paid more than $1.2 million by the firm.

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Some of those payments to Patrick Daley involved transactions with City Hall, including a payout of about $709,000 after Cardinal sold the company Concourse Communications after it won a contract to install wireless service at the city’s airports.