F&S Oil update from Helming
The F&S Oil receiver, Carlton Helming, posted a two page update on the status of the bankruptcy proceedings. It starts:
Due to the tenor of questions recently raised regarding the Estate of The F&S Oil Company and its subsidiaries and affiliates (collectively the “Company”) in Receivership and the accomplishments of the Receiver to date, the Receiver feels it is important to provide an update and to discuss its role in the efforts to generate a recovery for all parties injured by the actions of the Company and/or its management and principals.
And has a very pointed conclusion.
Tim White
4 comments:
I think Carlton could have auctioned off the biofuel plant had the 27 members of the Bowman family cooperaated fully with Carlton.
To 11:25
I am not so sure how easy that would have been.
The winning bidder would have had to dis-mantle it and move it to a new location, which would be very costly.
When you build something like that on land you don't own, you almost haveto forfeit it when you leave or in this case go bankrupt.
we will have hundreds of similar economically useless "green" facilities by the end of the current administration
The saga of the bio fuel plant brings into question the usefulness of government involving itself directly in business development.
The state was so impressed by the plan of a bunch of unknown locals that it forks over hundreds of thousands of dollars.
Meanwhile the regulatory arms of the state must be asleep at their posts and not watching what the group of locals was really inventing - - a financial fiasco with a strong smell of fraud at certain levels. The receiver certainly uncovered a whole list of unbelievable expenses charged off to the likes of F&S and Village Oil customers without their knowledge or permission.
Great investment, State. Money well spent. Your vetting processes were just super.
Oh well, no one wanted to buy the ill-conceived and of course unfinished albatross, Cheshire's premier bio fuel facility.
At a cost of millions to almost construct, it proved itself to have just about no value on the open market. Our state saw fit to spend our tax dollars on it though.
Any wonder why the State budget is in its current mess?
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