Twin Creeks. Twin Disaster is more like it. Jeff Amy provides more details on the Twin Creeks flop firsts reported on this website several weeks ago. The AP workhorse reports:
"Mississippi taxpayers may have only an empty Senatobia building and solar panel equipment to show for $26 million in loans to Twin Creeks Technologies.
The California-based solar technology firm is liquidating, and a company that bought Twin Creeks’ assets won’t take over its agreement with Mississippi. Twin Creeks had agreed to invest at least $132 million and create at least 500 jobs in exchange for loans, tax breaks and other aid.
The state sued Twin Creeks in Tate County Chancery Court and has had a temporary restraining order against the firm since Nov. 8, said officials in the Tate County chancery clerk’s office. That lawsuit is being handled by Jack Wilson, a lawyer who works directly for Gov. Phil Bryant.
Twin Creeks, like many American solar firms, was swamped by a wave of cheap solar panels imported from China, said Kathy Gelston, chief financial officer for the Mississippi Development Authority.....
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Gelston said the state wants to get money back, beyond what the building and equipment might be worth.
“We are in the process right now, the attorney general, the governor’s office and MDA in trying to come to some type of closure on this project,” Gelston said...
The losses could be the biggest bath the state has taken on an economic development project since the Mississippi Beef Processors plant, 40 miles south in Oakland, collapsed. State local and federal governments lost something more than $50 million, creating a scandal that led to jail time for some people."Article
Word is there is more to come. Much more to come. The phrase used yesterday was "rotten pumpkin exploding."