Monday, October 5, 2015

Kior sold but how much money did Mississippi get back for its $75 million?

 Update: MDA provided this statement to JJ: "Until the receivership proceedings in Lowndes County Chancery Court are completed, Mississippi Development Authority is unable to comment."

The Columbus Dispatch scooped everyone and reported that the Kior plant finally sold:

The KiOR plant site in Columbus has been purchased.

Georgia Renewable Power, a company whose work primarily focuses on coal plants and wood chip mills, purchased the struggling biofuel outfit's equipment on The Island on Friday. 

Cal Garland, a founding partner of Georgia Renewable Power, told The Dispatch this morning his company plans to install a wood chip mill at the site and send the chips to Ireland. 

Lowndes County Board of Supervisors President Harry Sanders confirmed the sale this morning. He said the 22 acres that KiOR built a biofuel refinery on was not part of the purchase. The land will revert to the Lowndes County Port Authority. 

The purchase price was not disclosed. 

"I'm not sure what the amount was," Sanders said. "But I do know it's enough to pay what KiOR owes the county, city and the school district, as well as the back taxes and maintenance fees they owed to the Port Authority." 

Lowndes County tax assessor Greg Andrews said KiOR's debt to the county, city and school district was $1,105,000 as of Oct. 1. 

KiOR, a Texas-based business, built a $200 million biofuel plant on The Island that was designed to convert wood chips to fuel. The company struggled to make the facility operational, though, and it has not operated since late 2013. ....

KiOR owes the state of Mississippi approximately $69 million in loans. MDA officials did not respond to messages seeking comment this morning. 

Sanders said that initially, Georgia Renewable Power officials said they planned to clear the site on The Island and sell the equipment that remains on the property. ......

Vinod Khosla sued MDA, the Lowndes County Port Authority, Kior Columbus LLC, and other parties in January.  Bankrupty trustee Derek Henderson was appointed as receiver for the plant.  He obtained permission to sell assets from the court in August.  The order is posted below.

Kingfish note: JJ is attempting to find out how much money MDA will receiver from the transaction.  The Street Committee is saying the state received much much less than what was owed but that is completely unconfirmed. 


Anonymous said...

Another stunning economic development success brought to you by Haley Barbour.

Anonymous said...

Look at the bright side, at least enough money was generated to pay all of the lawyers involved.

Kingfish said...

The actual number for what the state gets back is really low if what I'm hearing is true. Am trying to confirm before I post anything.

Anonymous said...

Watching from afar - reminds me of the cattle rendering plant. Someone is making money at the expense of Mississippians. I'm watching from afar now - until you live in a functioning state, you don't realize how horrendous it is.what a screw up. Haley is a POS

Let's Team Up On The Guv said...

Do we blame the governor (at the time) for every failed economic development venture? And if so, do we give him glowing credit for every successful venture that began or resulted during his watch.

Shit happens, dunces. Not all ventures are successful. Would you socialists rather no efforts be made? That way, there can be no failure. Right?

Boeing Military Airplane Company came to Greenville under William Winter's reign. Millions were spent on developing the old Air Base and its surrounding infrastructure. The plan went to shit and Boeing went back to Seattle. Was that a failed venture or was it a good roll of the dice that created thousands of jobs for three or four years. Little do you know that the whole project hinged on the life and appointments of John Stennis, but, when he retired (and later died), Boeing had no use for Mississippi.

Anonymous said...

Cowboy Phil was a great supporter of KIOR. In fact, in 2012 Phil had KIOR highlighted at his "Energy Summit". He even mentioned KIOR in his Neshoba County Fair speech. By the way, that speech has been taken down from Phil's website. Imagine that!

Anonymous said...

" do we give him glowing credit for every successful venture that began or resulted during his watch. "

That's a valid question, and I'm a fair man. I'll gladly give him credit for every successful venture that began or resulted during his watch.

Now - name one.

PS I won't even insist on defining "successful" as making at least as much profit as Kior lost.

Man, the crickets are deafening tonight :-)

Anonymous said...

That means zero

Anonymous said...

Thank you Haley! And for Kemper!

Anonymous said...

Does anyone think criminal charges against the KIOR CEO's & crew may be in order from the stockholders ?

An honest question, I'm not trying to flame either side of this.

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