Payday in the mill. Just just How advanced financiers utilized a Maine investment system they devised to wring huge amount of money in risk-free comes back at taxpayer cost

Payday in the mill. Just just How advanced financiers utilized a Maine investment system they devised to wring huge amount of money in risk-free comes back at taxpayer cost

In terms of Great Northern’s promised $9 million investment on the ensuing 12 months?

In the right period of the FAME board’s vote, Great Northern submitted a money investing plan that included approximately $9.2 million in improvements to mill machinery and equipment – including $2.8 million to overhaul the grinding room and $2.7 million in improvements for the paper space. The majority of those improvements had been never ever made.

Following the mill ended up being closed, Roney penned a page to Great Northern searching for evidence it had made the $9 million investment it had guaranteed. A letter dated, detailing the company’s expenditures which he said satisfied its agreement with FAME in response, Robert Desrosiers, Great Northern’s director of finance, sent Roney. Desrosiers can also be Cate Street’s manager of conformity.

Desrosiers placed in their page just $607,779 in money expenses into the mill through the time frame. He reported, nonetheless, that Great Northern came across its dedication to the state since it incurred $9 million in web running losings and invested $13 million on timber for the papermaking procedure. Continue reading