Wait, wait, what?
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are they just straight up copy & pasting stories from the blade? i wonder if they have a media relationship with them now? that's weird
What I find interesting (for the three people reading this thread) is that the Italian Company that holds the start up investment was not allowed to see the books and sued Willard and Kelsey for "creating waste through sham loans and guaranteed payments to company executives"
Remind me again what their sales were?
"Of the $5.5 million you should be aware that when those monies came in, a local bank was paid more than half that sum to repay a bridge loan" Mr. Marvin Robin W&K Attorney. - Toledo Blade Sunday April 29, 2012.
My Question is - What local bank would have given them a bridge loan for over 2.75 million?
What local bank would have given them a bridge loan for over 2.75 million?
I am clueless. Idiocy at its finest?
I'll tell you what. The Moonbats promoted this aptly named 'green energy' fiasco and financed it for the children, then the Right Wingnuts swiped a huge chunk of the bread and had a little offshore party. At least that's what it looks like to me.
Green energy - because burning your money to keep the lights on just makes sense.
Even more "uh-oh" stories today:
State officials attempted to withdraw Willard & Kelsey's loan payment May 10 from a company account using an automatic debit, but the transaction was rejected because the account contained insufficient funds, according to an email from Sandra Bovard, loan operations officer for the department's Office of Strategic Business Investments. The email was obtained through a public records request filed by The Blade.
According to the email, Mr. Murphy told the state Willard & Kelsey changed banks, and that was the reason the account contained insufficient funds. The company was given until Friday to submit its new banking information, and the funds were slated to be withdrawn Monday.
Willard & Kelsey did not submit alternative banking information to the state by the close of business Monday, and the Department of Development was unable to collect its loan payment, Ms. Sabatino said.
The company was making interest-only payments of about $7,673 on the loan, per an agreement reached in fall 2011. Willard & Kelsey's payments were reduced because it was having difficulty paying back the department, Ms. Sabatino said. That agreement ended in April and Willard & Kelsey was expected to make its first full payment this month.
Whoa. Making interest-only payments and (it appears) straight up lying about "changing banks". Not good.
Wow. 10 million in state funds. I would guess if the state has the equipment seized and sold at auction they recover about 10% of that. Who wants to take bets that no one will be going to jail when the smoke clears? It sure pays to be part of the "good old boys" network.
You have a spotlight on you, you are knee deep in crap and still lie? Only one reason...the truth is really bad.
Just adds to the pile of bad news out of the solar industry lately. Unfortunate, too. There has been a lot of positive buzz around Toledo for about the past year or so, but I've really been pulling for the success of the solar tech companies in the area. It's a fantastic opportunity for Toledo to increase it's positioning as a career destination... something it really hasn't been in my lifetime.