Tuesday, October 6, 2015

Kior alchemy turns $70 million into $600,000

Kior really did engage in alchemy, just not the type promised by the Mississippi Development Authority.    WTVA reported that the state will get less than one million dollars for the sale of the equipment:


 

The equipment of biofuel company KiOR has been sold. Lowndes County officials announced the sale Monday morning. REG Energy of Indiana spent $1.7 million to purchase the hydrostater at the site. The company, which manufactures biofuel from natural fats and grease, will move the equipment to a site in Indiana.

Georgia Renewable Power purchased the remaining equipment for $1.5 million. The owner of the company may locate a wood chip mill at the site or move the equipment. KiOR manufactured crude oil from wood byproducts and refined it into gasoline and diesel. The plant never reached production levels anticipated and filed for Chapter 11 Bankruptcy in November of 2014.

The state, county and city of Columbus invested nearly $74 million on the KiOR project. The state is expected to get $600,000 from the sale with the rest going to local government. As for the land where KiOR was located, it could revert back to the county.

Kior: Turning gold into ________.

25 comments:

Anonymous said...

There has been significant shrinkage.

--George Costanza

Anonymous said...

To quote former Governor Haley Barbour, "It's almost like making gold out of straw"! This quote was in the Commercial Dispatch on May 13, 2011!

Anonymous said...

In Governor Phil Bryant's Neshoba County Fair speech on July 29, 2011, Cowboy Phil said "we were going to create the best business environment in America. We saw the fruits of that with KIOR

Anonymous said...

Thank you Haley.

Anonymous said...

As long as I’m Governor, the rip-offs like the Beef Processing Plant are history. Do you remember that fiasco? You should--it cost you $55 million.

Haley Barbour
- Neshoba County Fair
- July 26, 2007

Anonymous said...

KioR is a Mississippi Republican DEBACLE.

Less than two months before Mississippi Beef Processors halted production in November, Gov. Haley Barbour allowed $1.5 million to be returned to Richard Hall, the owner of the troubled manufacturing plant in Yalobusha County.

The $1.5 million was the only private money that was invested in the venture. The plant was built with a $35 million state-backed loan and with state grants totaling more than $8 million.

[~~ snip ~~]

Barbour, who was not governor when the beef plant concept was developed and approved by the Legislature, has criticized the Democratic leadership of the House for passing the project without requiring substantial private investment.

[~~ snip ~~]

State Auditor Phil Bryant also has recommended requiring substantial private investment before allowing state funds to be committed.

Anonymous said...

"Today I am signing legislation to pay the cost of a bad attempt at economic development. Mississippi Beef Processors, a creation of a legislative process led by the current House leadership, is costing the taxpayers $40 million. The last administration got snookered on Mississippi Beef Processors, and the Legislature ended up buying a pig in a poke. We're not going to have that kind of good ole boy logrolling any more. We're not going to trade beef for pork."

Haley Barbour
- Press Release
- June 2, 2005

Anonymous said...

The Attorney General has sued several of KiOR's officers and directors, as well as Vinod Khosla and parties affiliated with him, for fraud and misrepresentation and is seeking to recoup the State's loan.

Anonymous said...

Will the MSGOP establishment brown nose Alan Laannnggeeeee be putting together a KioR Timeline like this?

Anonymous said...

Haley Barbour's Hit Parade

Twin Creeks (solar equipment)
Stion (solar panels)
View/Soladigm (smart windows)
Silicor Materials/Calisolar (silicon)
Vidia/HCL Cleantech (biofuels)
Kior (biofuels)

Stog said...

Read Donald's Trumps' Art of the Deal and see how someone spending their own money rather than taxpayer's funds does deals.

This is yet another example of having those who have or make their livelihood off government jobs or political cronyism (Haley, his nephews, Phil Bryant and most of our legislators--hint, hint) in charge.

Bring back a Fordice or better yet elect Trump. He may be brash (Fordice was) and he may not say things the polite way but he does get the deals done. Look at how he build New York's skating rink even after city government had wasted dollars.Just think, what if he was in charge of rebuilding our infrastructure, highways, bridges, etc.

It's time to bring in leaders who are not in the position for the money or power.

Johnny Weir said...

Can the attorney general sue Mississippi Development Authority, Haley
Barbour, and Phil Bryant on behalf of the tax payers for losses of that magnitude? It really makes me hate paying taxes to the state with that kind of waste. I live from paycheck to paycheck and manage my money to a point where waste is almost non existence. Why can't the federal, state, county, and city do the same. I guess too many greedy hands are taking from the pot and no one is being held accountable.

Anonymous said...

The specialized equipment Kior can't use profitably sold for $3.2mil. Doubt the purchasers are buying museum pieces here, so why couldn't Kior get this stuff to work if companies in Indiana and Georgia can? What am I missing?

Anonymous said...

Yet another green energy project gone bad.

Anonymous said...

The people would have loved a 70 million tax cut. Why do these fools keep getting elected??

Anonymous said...

As long as I’m Governor, the rip-offs like the Beef Processing Plant are history. Do you remember that fiasco? You should--it cost you $55 million.

We are turning over new leaf, and the new scheme is called KIOR. They taxpayers are investing in a new patented process that turns gold into turds! It will cost a little more than the Beef Plant, but lobbyists and lawmakers do cost money and it all has to be spread around. Everyone and their brothers and cousins need to wet their beaks. Soon we will have turds by the truckload!

Haley Barbour
Neshoba County Fair
- July 26, 2007

Anonymous said...

It almost makes you think politicians from both parties are corrupt and have no fear of being held accountable.

Anonymous said...

I am sure Butler Snow is involved somewhere

All Who Hate Haley Clap Your Hands said...

I have a neat picture of a 'Hate Haley Bandwagon'. It shows a hundred or more colorfully dressed people loaded onto what appears to be a small flat-bed trailer. But we can't post pictures on this blog.

The goobers posting above could be just one disgruntled jackass who hates Barbour. Or there could be two of them playing tag on here as always.

Anonymous said...

If you aren't fed up by now, you never will be. The reason our politicians keep getting elected is that people are mostly uninformed and racial politics is a huge factor on both sides. In Mississippi, Republican mostly means the white vote, and Democrat mostly means the black vote. Both sides know this and use it to their advantage in the conquest of divide and conquer.


Most are concentrated on societal welfare in this State, but never seem to look at corporatism/ crony capitalism. You can even see the Kemper plant on the Google map satellite without zooming in. It's insane.

Anonymous said...

Or it could be that people are tired of trusting the GOP mushpiles blindly while they sell us down the road. (Author's note: the term "mushpile" should not cause images of Haley to flash through your head)

Anonymous said...

Like turnin' gold into straw...or something

Anonymous said...

What's the latest on Junya Barbour's legal difficulties?

Anonymous said...

And the beat goes on....MDA $29.6M for a cultural tourist attracting strip mall. The only people supporting this crony capitalism are those that stand to profit. Mississippians only want everyone else to be honest while they fill their pockets. This is a very corrupt state & the crooks will keep Mississippi last in all economic indicators. There is no white collar crime enforcement in Mississippi.

BenBit said...

Unless you are part of the payola (a political insider), the lesson you have to learn is that politicians of whatever stripe are not in it for you. EVER.

At every turn, you should work to reduce the size of government on all levels, and voting for the right candidate is not the answer. That is a false way of effecting change. In the long run the only thing that changes is the size of government, and it always gets bigger.

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