Friday, October 24, 2008

Turmelle follows the F&S Oil biofuel plant sale

The NHRs Luther Turmelle did an article before the proposed October 23rd sale and today after the sale had been extended for three weeks.

Tim White


Anonymous said...
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Anonymous said...

It’s beginning to look more and more like this was a fairy tale garbage-to-gold story all along. Imagine trying to sell an almost plant, mostly there but not finished and never ever tested or run. There was enough there to fuel massive amounts of speculation concerning the value of this pipe-dream too. For instance our state gleefully granted a loan which at best is now non-productive and at worst may have headed towards the fraudulent end of the scale long ago.

Local TV and newspapers dutifully hyped it as a great wonder brought to us all by a caring local family with great local roots out to help us all. Local green families were going to sign up for wonderful green oil at a premium to heat there humble homes.

The accountant turned receiver has even allowed himself to be wonderfully bamboozled by an entourage of babbling consultants who have been blinded by their personal visions of a concept which when properly designed and yes built, proved and tested and of course actually operational just might turn a profit with oil at $150/barrel. Of course you’ll be hard pressed right now to find any oil for even ½ that amount.

Well folks and especially our TC and its TM, it’s about time you all put aside the petty brand of politics emanating from these parts and started protecting us all from fraudulent business practices gone crazy. Looking back on this now one question stands out. Just why did town government grant any of the permits necessary to build something they clearly had no understanding of? In the end maybe millions were spent and the net result is something worth about $75,000 when it goes on sale. Sounds like just another Wall Street swindle taking place, doesn’t it? And this one was actually encouraged by local and state government.

Tim White said...

10:50 I'll continue deleting your comments when you include names that have never been mentioned in the MSM... or substantiated by you in some other means.

Anonymous said...

" Margolis angrily denounced Helming’s handling of the sell-off of the plant."

This is crazy, the problem is that the owners, steven and Edward Bowman have been unwilling to set clear terms of a lease and thereby have driven interested parties to retreat.

“We would have expected a process with so much interest to have resulted in some prospective bidders brought in to meet us in advance of the auction,” Margolis said. “Nobody was presented to us.”

If the terms of a lease were clear, there probably would have been interested parties.

"In the filing, Helming accused the principals of Cheshire Investment Corp. of “nefarious intent” by trying to hinder the bidding process, in an effort to take control of the biofuels plant themselves."

I think he has this right and everyone else will lose.