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How advanced financiers utilized a Maine investment system they devised to

Exactly just just How financiers that are sophisticated a Maine investment system they devised to wring huge amount of money in without risk returns at taxpayer cost. Relevant Headlines

Sometime this year, their state of Maine will cut two checks well worth a complete of $2.8 million and mail them to out of state investors. Next year, it will deliver two more checks, well worth $3.2 million, into the recipients that are same. It shall duplicate that process for the following 3 years until roughly $16 million of taxpayer cash is withdrawn from Maine’s General Fund This payout of taxpayer bucks through 2019 can certainly make whole a consignment their state built in December 2012 to encourage the thing that was in some recoverable format touted being a $40 million investment when you look at the resurgence associated with Great Northern Paper mill in East Millinocket.

However the resurgence failed. Per year following the investment had been gotten, the mill’s owner, personal equity firm Cate Street Capital of Portsmouth, brand New Hampshire, shuttered the mill and let go significantly more than 200 individuals. Great Northern filed for bankruptcy a month or two later on with an increase of than $20 million in unpaid bills owed to regional organizations, making many to wonder exactly just what happened to this $40 million investment which was supposed to save yourself the mill.

The stark reality is nearly all of that $40 million had been a mirage.

Great Northern ended up being the first to ever make the most of a somewhat brand brand new, and complex, state system called the Maine brand brand New Markets Capital Investment program, which gives taxation credits to investors whom right right back organizations in low earnings communities. Continue reading