Saturday, November 29, 2008

Possible abandonment of F&S Oil biofuel plant

From the NHRs Luther Turmelle:

The court-appointed receiver overseeing the liquidation of assets of a now-defunct Waterbury heating oil company said he will ask a Hartford Superior Court judge next week to allow the abandonment of a biofuels plant the firm was developing in Cheshire.

Carlton Helming said he will make the request of state Superior Court Judge Grant Miller because the plant “is not economically viable to maintain.” The judge will meet with Helming and representatives of Cheshire Investment Corp., which owns the land on Sandbank Road on which the biofuels facility is located, on Wednesday in Hartford.

Helming had sought earlier this month to turn the plant over to Citizens Bank, which is owed more than $9 million by F&S Oil, which abruptly went out of business in March. But Helming said Wednesday that officials from the bank have told him they are not interested in taking control of the property.

Tim White


Anonymous said...

We are going to see scads of poorly thought out "green" businesses set up to glom onto subdidies from DC now that the Obama team thinks this is the silve bullet to the economic turmoil.

"Richard Reilly, 37, of Fairfield County, Conn., has been involved in several biodiesel businesses since first hearing about the fuel years ago while listening to an interview with the actress Daryl Hannah. His newest venture involves a biodiesel production plant in Cheshire, Conn., that will run on recyclable oil and that he predicts will produce three million gallons of biodiesel fuel a year.

“There’s so much money rushing into this industry right now,” Mr. Reilly said this month in a phone interview from San Antonio, where he was attending the National Biodiesel Conference. “But like any industry, there’s going to be growing pains, and we need to make sure we’re doing this the right way, by focusing on sustainability as well as safety.”

Where's Mr. Reilly these days> Where are the Estys, the exemplars of "green business"?

Also, didn;t this project get a wad of state grnats and loans? What happened to our money?

Anonymous said...

Your money is going to the Bowmans. We have a few choices: stand up to these people, help them along, or move.

Anonymous said...

It is truly a shame that all the poor customers of F&S oil will not be able to get any of their prepaid oil money back from the sale of this plant and neither will the state taxpayers that put over $200,000 into this plant.

Instead of helping Carlton Helming sell this plant, the 30 Bowman family members complicated the sale to the extent that the plant can could not be sold. It looks like they will be rewarded by getting the plant through abandonment.

So many people will end up getting screwed.

Anonymous said...

Why did the state invest in this project? Who was responsible for making sure the loan was properly secured and there was a viable business plan in place?

We are going to see a lot more of this in the next few years