Wednesday, July 09, 2008

F&S Oil: possible bid delay of biodiesel plant

From the NHRs Luther Turmelle:

Carlton Helming, who is overseeing the liquidation of F&S Oil’s assets, said Tuesday that he will ask Superior Court Judge Grant Miller to reschedule the bidding deadline from July 23 to Aug. 5.

“There has been so many people calling, I think it’s safe to say that there is world-wide interest,” Helming said.

Very true. I even got a call about the plant sale last week... someone from TX found me on the web.

The article continues explaining some of the complexities in extending the deadline:

Miller must still approve the rescheduling of the bidding process. Helming said the judge will rule on that request on Monday.

In addition to getting the judge’s approval, Helming must also clear the auction with Citizens Bank and the state Department of Economic Development.

The bank placed a $10 million lien on all F&S assets after the oil company closed, and DECD has a lien on equipment in the bio-fuels building because of a $200,000 low-interest loan it gave the now-defunct company last December to develop the facility.

Tim White


Anonymous said...

The Bowman boys are still stonewalling Carlton Helming in not giving a deposition. I guess if they don't tell the truth in a deposition the could be charged with perjury. And, if they tell the truth, we might find that they had some sort of partnership with F&S. Edward and Carr told the NHR they have a business relationship and now Edward says they didn't. Edward was involved with getting a state loan for the biofuel plant. These two just can't be believed. It seems all their efforts are to make any auction of the assets difficult and maybe so difficult that they could be the beneficiaries while the F&S customers get a royal screwing.

It's time for the Attorney General to investigate this Bowmess.

Anonymous said...

If no one bids on this plant, it should be moved or dismantled and sold as scrap.

The Bowmans should not profit from this entangled mess which they make worse by not cooperating with the receiver.

Anonymous said...

The rumors and innuendo associated with F&S Oil, Village Oil and Cheshire Investment are just too incredible to ignore. Stories about refusing to provide a sworn statement of the facts to the receiver lead most honest people to conclude there must be something to hide. And maybe there isn’t anything to hide because just like the crew from F&S/Village, just maybe Cheshire Investment keeps records so poor they are at best almost criminal and at worst in violation of state and federal statutes.

There have been so many incredible stories in print and on the local TV news concerning the future wonderful oil factory on Sandbank Road that maybe the owners of Cheshire Investment have managed to completely confuse even themselves as to what they really accomplished. Time for the state attorney general to do some more investigating on this with, as a minimum, a full public report after the investigation is complete.