Tuesday, February 27, 2018

Greentech files bankrupty petition

Greentech filed for  Chapter 11 bankruptcy in the U.S. Eastern District of Virginia.  Guess who is in the top five creditors? If you guess Mississippi ($2.8 million) and Tunica ($2 million), you would be correct.

MDA lent $3 million to Greentech.   State Auditor Stacey Pickering stated in a report issued last year:

MDA made the first and only loan disbursement to GreenTech on February 12, 2012 in an amount totaling $3 million.  The IIFR loan payments were due semi-annually on June 30th and December 31st of each year, with the first loan payment due six (6) months after the Start of Commercial Production (stated  as  10/5/2015,  per  the  Company’s  website).   On  July  7,  2016,  MDA  officially  notified  the Company they had defaulted on the first loan payment, which was due on June 30, 2016.  In an attempt to rectify the default, GreenTech made its first payment of $150,000 to MDA in November 2016.  Per GreenTech’s Corporate Finance Director, the Company has only made one (1) loan payment to date. Earlier post.
Well, look at the bright side.  At least Mississippi kept the amount of money lost in the single digits.  Progress!


Anonymous said...

Thanks, Haley!!!

Anonymous said...

Hooray for Dixie! We win again!! What's the next move, sue for recovery??

Anonymous said...

Former governor Haley Barbour, take a bow. Former governors Bill Clinton and Terry McAuliffe are good salesmen, but poor investment counselors. Citizens and Tunica County are on the hook for this one.

Anonymous said...

Barbour and all his cronies made their money on this and have moved on to the next project. We are left paying for it. Just keep working, pay your taxes, put a Thad sticker on your car and shut up.

Anonymous said...

Sad to say, but 9:06 is right.

Anonymous said...

Baby beef plant?

Anonymous said...

Bring it to Mississippi! We’ll pull our pants down.

Anonymous said...

"Bring it to Mississippi! Haley will pull our pants down and bend us over. All you have to do is give us the shaft."

Anonymous said...

What about KIOR?

Anonymous said...

If a business venture is a sound one and not extremely risky , that business doesn't need government funds. Investors will be easy to acquire.
And, if a politician thinks a business venture is sound and not extremely risky, he will damn well invest his own money so he will reap the profits.
If a businessman has no personal risk and can personally profit from a business venture whether the venture succeeds or fails, something is wrong with this picture.
This was not the way things worked when our country " was great".
And, we keep buying " a pig in a poke" because we don't follow the money and figure out how it's made or spent but worship those who had a "pig" to sell us and told us that " pig" was fat and healthy and pregnant! All we needed was to hear squealing and imagine how that " pig " would feed us.

Anonymous said...

Look at the history of leadership at MDA (and it's predecessors). Those guys revolve in and out the door in a year, two or three years at the most before we pay for a nationwide search to attract the next 'best candidates available in the US'. And when they leave within three years, Mississippi is just another bullet point on their resume as they move on to another venue.

So, the state establishes a slush fund and we rely on the investment and risk-taking advice of these traveling salesmen? They all wear the T-Shirt that says, "WIN SOME - LOSE SOME".

Anonymous said...

Anybody know why the MDA loan is listed as "disputed"?

Angels on Earth said...

Someone needs to hold MDA (Mississippi Development Authority) accountable. They really suck. Example:

Beef Rendering Plant *** Hugh Failure
Kemper Gasifier Plant *** Super Hugh Failure
KOIR *** Failure
Smart Sync (sold out to Itron for 53 million than fired everyone) Jobs went to North Carolina *** Failure
Contential Tire Plant *** will have negative Tax flow forever
Trustmark Stadium Pearl **** Failure
Where Jim Hood when you need him?

Anonymous said...

11:04, don't forget about Nissan and Toyota. When Tennessee was bidding for an auto plant their governor told the Wall Street Journal. "We will make a good offer but it has to make business sense for the State. We are going to have crazy giveaways like Mississippi."

One of the senior execs at the State Tax Commission told me that even with the ripple benefits the Nissan plant would never make economic sense for Mississippi.

Anonymous said...

I am 1:16, pardon the typo.
The Tennessee gov said "We are NOT going to have crazy giveaways like Mississippi."

Anonymous said...

1:16, a Sr. Exec at the State Tax Commission (actually, the State Department of Revenue) would have no idea as to whether Nissan will make economic sense for Mississippi. Unless, of course, he couldn't get a real job in the profession he has been educated in and had to take a govt job at DOR doing something he is not trained to do.

I heard someone the other day, over at the Department of Agriculture say that the amount of money given to MDOT was plenty to pave the interstates with bricks of gold. But he didn't want to leave his position checking the gas pumps throughout the state so he isn't moving over to MDOT to show them how to do it.

Super Hugh said...

Where Jim Hood when you need him?

Maintaining that 1990s-era Roger Clinton hairdo, probably. Or threatening Google.

Anonymous said...

11:04 Government at all levels should keep their paws off of business dealings, if the people involved in government could do anything, they would not be involved in business. It should not even be a thing for government to give money or favor to any business.

Anonymous said...

I don't comment on the economic knowledge of Sr. Execs at the MS Dept of Revenue. But for 4:56 to compare the top execs at that the MS Dept of Revenue to a gas pump checker deflates his argument.

Anonymous said...

The state Department of Revenue will screw you in the ground over close to nothing and the state just gives crooks huge money.

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Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).

Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.

In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS