Tuesday, October 07, 2008

F&S Oil biodiesel plant sale - Oct 23

Reported by the MRJs Mary Ellen Godin:

Superior Court Judge Grant Miller approved the sale of a bio-diesel plant on Sandbank Road for Oct. 23.

The bio-diesel plant is the final assetfrom failed oil company F&S Oil Co. that court-appointed receiver Carlton Helming was ordered in April to liquidate.

Tim White


Anonymous said...

The F&S customers are about to get screwed again.

It seems that good old Steven and Edward Bowman just don't care very much about the F&S customers who lost millions of dollars. They say that these two own the land on which the plant and equipment are on and that's all that they own. It seems like a sweetheart deal they got from F&S. The lease of the land was about $9,000 a month. Who in their right mind would sign a lease at such a crazy rate. I wonder if any of the other Bowmans are silentowners, after all Matt and George seem to operate out of the same address.

Mr. Helming has been trying to get the most money at auction for the plant and equipment, but has not gotten very much, if any, cooperation from the Bowman's. If the plant were sold intact, up to $10,000,000 could be obtained, but it doesn't seem like the Bowman's want to help the sale. It seems from the reports that the Bowmans are not willing to cooperate and are reluctant to define any lease terms that a prospective buyer could expect and that really scares away qualified buyers.

It seems that the Bowmans would like the auction to fail and if that happened then they could possibly own everything, what a good deal that could be.

At this point, it seems that the best course would be to auction everything off piecemeal, including the building that could be sold for scrap or simply demolished and carted away. Although, this would result in a much lower amount, it would at least prevent someone gaining at everyone else's expense.

I remember Edward saying how sorry he was for all his previous customers, shortly after F&S collapsed. It seems he got over the sorrow. It is not clear whether he was still connected with F&S. It does seem he was still a consultant to F&S and is claiming he has a contract with F$S that is worth a lot, a lot of money.

Wouldn't it be nice if people were open and helpful?

Does anyone know how much the land is assessed by the town of Cheshire?

Anonymous said...

If Cheshire Investment gets the plant by default or some ridiculous low bid, the F&S customers should sue anyone and everyone that has benefited at the expense of everyone else.