Saturday, December 1, 2012

Governor: Twin Creeks "has failed"

The Associated Press reports Governor Bryant said the Twin Creeks project in Senatobia failed and the state is seeking repayment of the $27.7 million loan provided to the company.  AP reporter Jeff Amy writes:

"A California technology company trumped up a single solar panel sale in August in an attempt to hold on to the $27.7 million in state aid the company received to build a solar plant in Senatobia, Mississippi officials say.

The fraud allegation is contained in a lawsuit Mississippi officials filed in an unsuccessful effort to block San Jose, Calif.-based Twin Creeks Technologies from selling its patents to GT Advanced Technologies for $10 million. The state was also unsuccessful in blocking creditor Silicon Valley Bank from reaping $7 million from the sale.

Twin Creeks, which is liquidating, tried to erase its debt before Mississippi sued. The firm proposed to repay $1.25 million or less, and give the state rights worth up to 20 percent of any future royalty payments from its technologies, an amount that could be worth up to $8 million. The state described royalty income in the suit as “highly uncertain.”...

In the suit, filed in Tate County Chancery Court, the state demands not only the loan amount, but damages related to alleged fraud, plus punitive damages against Twin Creeks.

“What I am trying to do now is take a project that has failed and make the people of the state of Mississippi whole by every legal means possible,” Bryant said.

The state agreed to loan Twin Creeks up to $50 million at no interest for 20 years, channeling the money through the city of Senatobia. The city was supposed to collect lease payments and pay off its debt to the state. One provision of the contract called for Twin Creeks to start commercial production before Dec. 31.

The lawsuit says Twin Creeks gave the state an invoice showing it had made a sale of panels in August 2012. However, the state alleges the panels were delivered to the home of a current or former Twin Creeks employee in California, and that the customer got an 85 percent discount, paying less than $500
...." Rest of the article

Nice to see the Governor going to court to salvage what he can out of this wreck. The question is how many more of these desls will blow up.


Anonymous said...

Horse is out of the barn! Dewey Phil Bryant and his merry-band at the MDA snoozed and lost. Of course, the MS taxpayer is really the one that lost...

Anonymous said...

Twin Creeks was Barbour's baby.

ShadowDice said...

How is it that someone is ignorant enough to blame a succeeding governor for a project dreamed up by a former one, that went bad. Not that either is 'to blame' as all of these things are a crapshoot. If anybody is to 'blame', and nobody is, it ain't Feel.

Anonymous said...

If y'all had actually bothered to read the AP story on this from Jeff Amy, you would have concluded, I suppose if you are actually capable of logical, reasonable, rational thought, that the state was recently SNOOKERED by this company and another California company and a California Bank. This all happened since this past August, and last time i checked, Dewey Bryant and HIS VERY OWN state MDA were in charge. Please educate yourselves as to the facts before typing on your Commodore 64 keyboards from now on. Thank you.

The state won a restraining order the day that it filed suit to block the sale to GT Advanced Technologies. But by then, the sale had already gone through. The state tried again Nov. 9 to prevent Twin Creeks from transferring proceeds of the sale or royalty rights to anyone. That was also too late, as the state acknowledged in a Nov. 16 order noting Silicon Valley Bank had taken its share of the money.

-In that later order, the state agreed to let Twin Creeks spend up to another $250,000 to wind down its affairs. It has also agreed not to challenge GT Advanced Techologies' right to two Hyperion machines, highly touted devices that are supposed to make flexible, super-thin solar panels. The purchaser plans to remove the machines.-

Anonymous said...

4:06 is an idiot.

ShadowPanel said...

"-In that later order, the state agreed to let Twin Creeks spend up to another $250,000 to wind down its affairs."

And what would have been your course of action at that point, 4:06?

Are you suggesting that 'The State' failed in its obligation to its citizenz by not discovering California bank deals as they took place? Or that the MDA should have had on site accountants in place, at the business, pouring over financial transactions as they occurred? What business venture would agree to that?

Would it be possible for you (4:06) to consider that all of these Obama-type green/solar/windmill/panel/peace-out pipedreams are doomed from the get go and should never have seen the light of day?

Anonymous said...

what is amazing is how LIBERAL Haley Barbour got while he was Gov. PARDONING as many people as some Presidents do for 50 states, some were even PRE-MEDITATED MURDERERS and RISKY investments in ALTERNATIVE fuel.

Anonymous said...

let me also be a simpleton here, 6:38 is an idiot.

Anonymous said...

The taxpayers are the real people who got "snookered" in the Twin Creeks case. Barbour brought it to the Legislature; almost all of our senators and rep's voted for it.

What exactly did they vote for? Turning taxpayers into venture capitalists in a high-tech, solar experiment.

Venture capital deals are those that can't get loans from banks because they're too risky. That's why they're backed by California billionaires with money to burn.

Investing state tax dollars into a Nissan or Toyota is one thing. Giving tens of millions to companies that have never made a product or a dollar before is unconscionable.

Anonymous said...

And who was Lt. Governor then?

Phil Bryant

He can try to blame this solely on Barbour, but he shares equally in this Boondoggle!

Recent Comments

Search Jackson Jambalaya

Subscribe to JJ's Youtube channel


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